Society for Financial Studies


July 8, 2014: RFS Top-Ranked Journals by Google Scholar

Google released its 2014 Scholar Metrics, which provide citation information based on the h5-index. RFS received the top ranking with an h5-index of 116, which means that out of all articles published from 2009-2013, there were 116 RFS articles that obtained at least 116 Google Scholar citations. You can view the complete list at Google Scholar Finance.

July 1, 2014: Farewell, and Bon Voyage!

Letter from Executive Editor David Hirshleifer
Having completed my term as Executive Editor of the Review of Financial Studies, I’m glancing up and taking a deep breath, but trying not to break the rhythm of the sprint until things really start winding down. Still, I want to take a moment to thank those who have served the profession so generously by contributing to the RFS. Continues here.

June 30, 2014: 5th Miami Behavioral Finance Conference

The 5th Miami Behavioral Finance Conference will feature a dual submission option with RFS. The RFS sponsoring editors are Robin Greenwood and Stefan Nagel. The paper submission deadline is August 31, 2014. The conference will take place December 14-16, 2014, and will feature Matthew Rabin (UC-Berkeley) as keynote speaker.

June 3, 2014: Converting the Archive to HTML with MathJax

The SFS Council voted to pay Oxford University Press to convert the entire archive of RFSRAPS, and RCFS articles into state-of-the-art full text HTML files including equations rendered using the Java-based “MathJax” web standard. The new file format will allow equations (and the rest of the article) to scale from 4-inch screens to 30-inch screens, which will facilitate their use on smartphones, tablets, etc.

May 30, 2014: Award Winners

The following awards were announced at the 2014 Cavalcade:

Michael J. Brennan Best Paper, sponsored by Research Affiliates
“Managers with and without Style: Evidence Using Exogenous Variation”
Charles J. Hadlock, Joshua R. Pierce, and C. Edward Fee
Prize: $20,000

Michael J. Brennan Best Paper Runner Up, sponsored by Research Affiliates
“Short Selling and the Price Discovery Process”
Juan (Julie) Wu and Ekkehart Boehmer 
Prize: $5000

RFS Rising Scholar Award, sponsored by Research Affiliates
“The Growth and Limits of Arbitrage: Evidence from Short Interest”
Samuel G. Hanson and Adi Sunderam 
Prize: $5000

RFS Referee of the Year, sponsored by Cornerstone Research
Gerard Hoberg
Prize: $1000

RFS Distinguished Referee Awards, sponsored by Cornerstone Research
Laurent Fresard
Todd Gormley
Wei Jiang
Justin Murfin
Allan Timmermann
Heather Tookes
Mark Westerfield

May 29, 2014: Upcoming Changes

The RFS announces the appointment of our new Associate Editors, who will begin their terms on July 1: Joao Cocco, Robert Dittmar, Thierry Foucault, Ron Kaniel, Ralph Koijen, Hanno Lustig, Richard Sias, and Toni Whited.

We thank the outgoing Associate Editors: Ekkehart Boehmer, Bruce Carlin, Craig Doidge, Alex Edmans, Darren Kisgen, and Philip Strahan.

May 5, 2014: Thank You to RFS Editors

We want to thank outgoing RFS Executive Editor David Hirshleifer and outgoing Editors Geert Bekaert, Alexander Ljungqvist, and Laura Starks, for their outstanding service to the Review.  We also thank Andrew Karolyi for his outstanding service as RFS Editor, as he moves from this position to take the helm as Executive Editor. We all wish them great success in their next endeavors.

May 1, 2014: Incoming RFS Editors

We are pleased to announce the appointment of four new Editors for The Review of Financial Studies who will begin their terms on July 1, 2014. They are Francesca Cornelli (London Business School), Robin Greenwood (Harvard Business School), Stefan Nagel (University of Michigan), and Philip Strahan (Boston College). They will join incoming Executive Editor, Andrew Karolyi (Cornell University), and continuing Editors David Denis (University of Pittsburgh), Itay Goldstein (Wharton School), and Leonid Kogan (MIT).

April 21, 2014: Sign Up for RFS Alerts

Did you know you can sign up to receive email notifications every time an issue of RFS publishes online or an RFS article publishes on Advance Access? It’s easy! Create a free account at our publisher’s web site and select the items you’d like to be notified about.

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.

Forthcoming in the RFS

The Economics of Solicited and Unsolicited Credit Ratings

by Paolo Fulghieri, Günter Strobl, Han Xia
This paper develops a dynamic rational expectations model of the credit rating process, incorporating three critical elements of this industry: (1) the rating agencies' ability to misreport the issuer's credit quality, (2) their ability to issue unsolicited ratings, and (3) their reputational concerns. We analyze the incentives of credit rating agencies to issue unsolicited credit ratings and the effects of this practice on the agencies' rating strategies. We find that issuance of unfavorable unsolicited credit ratings enables rating agencies to extract higher fees from issuers by credibly threatening to punish those that refuse to acquire a rating. Also, issuing unfavorable unsolicited ratings increases the rating agencies' reputation by demonstrating to investors that they resist the temptation to issue inflated ratings. In equilibrium, unsolicited credit ratings are lower than solicited ratings, because all favorable ratings are solicited; however, they do not have a downward bias. We show that, under certain conditions, a credit rating system that incorporates unsolicited ratings leads to more stringent rating standards.