Society for Financial Studies


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.

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.

March 27, 2015: Research Affiliates and the RFS

The Review of Financial Studies is pleased to announce the continued support of Research Affiliates for the Michael J. Brennan Best Paper Award and the Rising Researcher Prize. We are grateful to Research Affiliates for their continued support. The awards will be presented at Cavalcade 2015.

To see past award winners, visit RFS Awards.

March 24, 2015: Final Week for Early Registration

Register for the Cavalcade by March 31 to pay the early registration fee of $100 for SFS members or $140 for nonmembers. Registration fees increase on April 1! Register online at Cavalcade 2015.

March 6, 2015: Cavalcade 2015 Program Now Available

The program for Cavalcade 2015 is now available. Check it out on the Cavalcade 2015 web site!

March 2, 2015: Editor’s Choice: March

The March 2015 issue of RFS (28/3) features two Editor’s Choice papers:

Editorial: Cosmetic Surgery in the Academic Review Process” by David Hirshleifer


Digesting Anomalies: An Investment Approach” by Kewei HouChen Xueand Lu Zhang. “Digesting Anomalies” is also featured in a corresponding post on the OUP Blog.

You can read both papers for free online by clicking on their titles in this post, or by visiting RFS Editor’s Choice.

February 18, 2015: Registration is Now Open for Cavalcade 2015

You can now register online for the 2015 SFS Finance Cavalcade, which will take place May 17-20, 2015, at the Scheller College of Business at Georgia Tech. Early registration will be $100 for members and $140 for nonmembers. Beginning April 1, the registration rate will increase to $125 for members and $165 for nonmembers. The registration fee will be waived for doctoral students and Georgia Tech faculty. To register, visit the Cavalcade 2015 web site.

February 13, 2015: Forthcoming Book by Andrew Karolyi

Congratulations to RFS Executive Editor Andrew Karolyi on the publication of his book, “Cracking the Emerging Markets Enigma.” The book will be available in May. For more, visit the publisher’s web site here.

Forthcoming in the RFS

Opacity in Financial Markets*

by Yuki Sato
This paper studies the implications of opacity in financial markets for investor behavior, asset prices, and welfare. Transparent funds (e.g., mutual funds) and opaque funds (e.g., hedge funds) trade transparent assets (e.g., plain-vanilla products) and opaque assets (e.g., structured products). Investors observe neither opaque funds' portfolios nor opaque assets' payoffs. Consistent with empirical observations, an “opacity price premium” arises: opaque assets trade at a premium over transparent ones despite identical payoffs. This accompanies endogenous market segmentation: transparent (opaque) funds trade only transparent (opaque) assets. The opacity price premium incentivizes financial engineers to render transparent assets opaque deliberately.