Society for Financial Studies


April 8, 2014: Last Days to Book Your Cavalcade Hotel!

There are only a few days left to book your hotel room within the SFS room blocks for the Finance Cavalcade. If you have not booked your room, please make sure you book before the blocks run out. Hotel information is available here.


April 2, 2014: Dual Submission Opportunity

The RFS is please to announce a dual submission opportunity with the 2014 Wharton Conference on Liquidity and Financial Crises, which will take place October 10-11, 2014, at the University of Pennsylvania. The submission deadline is June 1, 2014. The Call for Papers may be viewed here.

March 25, 2014: Final Week for Early Registration!

Register for the Cavalcade by April 1 to pay the early registration fee of $100 for SFS members or $140 for nonmembers. Registration fees increase on April 2! Register here.

March 14, 2014: Cavalcade Program Now Available

Have you checked out this year’s Cavalcade program? Visit the 2014 SFS Finance Cavalcade web site to view the papers that will be presented in May! If you haven’t registered for the Cavalcade, you can also register and book your hotel on the Cavalcade site. Register by April 1 to pay the early registration fee.

March 11, 2014: Email Communication

We updated our email server last week. While efforts were made to capture every email sent during the transition, we know complications are possible. If you sent any emails to Jaclyn Einstein last week that have not received responses, please re-send.

March 6, 2014: Executive Editor Change for RFS

The Executive Editor of the RFS, Prof. David Hirshleifer, is completing his term on June 30. We wish him all the best in his future endeavors.

We are delighted to announce that Prof. Andrew Karolyi will be the new Executive Editor of the RFS beginning July 1. Prof. Karolyi joined the RFS editorial team in August 2010, and is the Alumni Professor in Asset Management and Professor of Finance at Cornell University, as well as the Faculty Director of the Emerging Markets Institute at Cornell. Please join us in welcoming Dr. Karolyi to his new role.

February 6, 2014: RFS Post-Doctoral Position

The RFS post-doctoral position is available for the next academic year. The position will begin July 1. Job responsibilities include recommending referees and ensuring all formatting guidelines are met prior to processing submissions. If you are interested in the position or know somebody who is, please have them contact Jaclyn Einstein for additional details. Deadline to apply is May 31, 2014, but the position will only remain open until a candidate is identified.

February 6, 2014: Register for the 2014 Cavalcade

Registration is now available on the Cavalcade site. Register by April 1 to pay the early registration fee of $100 for SFS members or $140 for nonmembers. Registration fees increase on April 2!

January 28, 2014: Special Issue: Entrepreneurial Finance and Innovation

Be sure to check out RFS Special Issue 27(1): Entrepreneurial Finance and Innovation with special issue editor Paolo Fulghieri. The special issue is free to read online!

January 23, 2014: Color Figure Charge

Effective January 1, 2014, the charge per figure for including a color figure in the The Review of Financial Studies has been dropped in half to $300!

Forthcoming in the RFS

Why Did Holdings of Highly Rated Securitization Tranches Differ So Much across Banks?

by Isil Erel, Taylor Nadauld, René M. Stulz
We provide estimates of holdings of highly rated securitization tranches of U.S. bank holding companies before the credit crisis and evaluate hypotheses that have been advanced to explain them. Whereas holdings exceeded Tier 1 capital for some large banks, they were economically trivial for the typical bank. Banks with high holdings were not riskier before the crisis using conventional measures, but they performed poorly during the crisis. We find that holdings of highly rated tranches were correlated with a bank's securitization activity. Theories unrelated to the securitization activity, such as “bad incentives” or “bad risk management,” are not supported in the data.