Society for Financial Studies


May 11, 2015: LaTeX Style Files Now Available

We are happy to announce that our publisher has made LaTeX style files available to help authors format their papers according to RFS style. You can reach the files on our publisher’s web site or on our web site under Accepted Papers. Please note: these files are for formatting your accepted paper. When submitting a paper, you will still need to follow the guidelines for submissions.

Please contact Jaclyn with any feedback regarding the new files.

May 7, 2015: Executive Editor Blog: Non-Marketable Assets and Capital Market Equilibrium – Redux

The newest installment on Andrew Karolyi’s Executive Editor blog is now available. This month’s feature, “Non-Marketable Assets and Capital Market Equilibrium – Redux” examines “Human Capital as an Asset Class Implications from a General Equilibrium Model” by Miguel Palacios. Visit the RFS Executive Editor Blog to read the post.

May 4, 2015: Editor’s Choice: May & June

The Editor’s Choice article for May 2015 (issue 28/5) is “New Evidence on the Financialization of Commodity Markets” by Brian J. HendersonNeil D. Pearsonand Li Wang. You can read the article free online here.

The Editor’s Choice article for June 2015 (issue 28/6) is “Capital Account Opening and Wage Inequality” by Mauricio Larrain. You can read the article free online here.

May 1, 2015: “Cracking the Emerging Markets Enigma” Official Launch Date

Executive Editor Andrew Karolyi’s new book, “Cracking the Emerging Markets Enigma,” will launch May 15, 2015, at a special event at the Brookings Institution in Washington, DC. For more, visit

April 30, 2015: RFS Awards to be Announced May 19th

We’ll be announcing the winners of this year’s RFS awards at the Awards Reception held on May 19th at Cavalcade 2015. The RFS Awards include the Michael J. Brennan Best Paper Award Winner & Runner Up, the Rising Scholar Award, the RFS Referee of the Year Award, and RFS Distinguished Referee Awards. To see winners from previous years, visit RFS Awards.

April 21, 2015: 2015 Wharton Conference on Liquidity and Financial Crises

The 2015 Wharton Conference on Liquidity and Financial Crises will feature a dual submission option with RFS. The RFS sponsoring editor is Itay Goldstein. The deadline for paper submission is June 15, 2015. The conference will take place October 9-10, 2015. The Call for Papers may be viewed here.

April 13, 2015: Upcoming Keynote Speech

RFS Executive Editor Andrew Karolyi will be the keynote speaker at the Conference on Culture and Finance at Wake Forest University on April 16, 2015. For more, visit the conference web site.

April 10, 2015: Upcoming Keynote Speech

RFS Editor Itay Goldstein will be the keynote speaker at the conference on The Intended and Unintended Consequences of Financial Reform hosted jointly by the Center for Financial Policy at the Robert H. Smith School of Business at the University of Maryland and The Clearing House. The conference will be held May 11, 2015. For more, click here.

April 1, 2015: Editor’s Choice: April

The Editor’s Choice article for April 2015 (issue 28/4) is “Human Capital as an Asset Class Implications from a General Equilibrium Model” by Miguel Palacios. You can read the article free online here.

March 30, 2015: Cornerstone Research and the RFS

We are pleased to announce that Cornerstone Research has pledged to continue their support for the Referee of the Year and Distinguished Referee Awards for 2015.  The Review of Financial Studies is grateful to Cornerstone Research, who have been supporting these awards since 2010. The awards will be presented at Cavalcade 2015.

To see past award winners, visit RFS Awards.

Forthcoming in the RFS

Trading for Status

by Harrison Hong, Wenxi Jiang, Na Wang, Bin Zhao
We show that Keeping-Up-with-the-Joneses preferences can explain several puzzling retail investor behaviors, including the excessive trading of small local stocks. Status concerns lead households, especially those living in affluent areas, to demand these stocks to track their neighbors' wealth. This demand varies procyclically with the stock market's value and generates household trading. Using Chinese data on local stock turnover, stock message boards, and brokerage account trading, we test and confirm this hypothesis by exploiting the uneven rise of affluence across Chinese cities between 1998 and 2012.