Initial Submissions

IMPORTANT: Manuscripts are evaluated by The Review of Financial Studies on the understanding that they have been submitted solely to it and that they have not been previously published or previously accepted for publication either in whole or in part. This includes prior publication, in whole or in part, in practitioner-oriented outlets. If you need clarification of this policy, please contact the Executive Editor.

DO NOT submit a paper as new that nontrivially incorporates material from a paper of yours that was rejected by the RFS, accepted by the RFS, or is at any stage of review at the RFS, without first obtaining permission to do so from one of the journal’s editors or the Executive Editor! We systematically check new submissions against older ones to enforce this policy. Failure to obtain permission prior to doing so may result in sanctions for you and your co-authors. If in doubt, ASK!

You will need to prepare two files: one with the paper’s cover page and one with the abstract and body. The second file must be an anonymous copy, which does not contain author information or acknowledgments.

The cover page should include the paper’s title, as well as the name, affiliation, and contact information for each author. Please make sure to include each author’s e-mail address as this is the journal’s primary means of communication. If an author does not have an e-mail address, please make a note on the cover page.

The anonymous manuscript should have the paper’s title at the top, followed by the abstract. The body of the paper should begin on the second page.

Initial submission should ignore the “INSTRUCTIONS TO AUTHORS” listed on the Oxford University Press web site!

Papers that do not adhere to all of the initial submission guidelines will not be reviewed until they do. The process of detecting style errors, notifying the authors, and updating the computer files at the RFS can lead to delays of a month or more!

  • Abstracts MUST be 100 words or less.
  • The text in the body of the paper must be in an 11 point or larger typeface and double-spaced. Here is how we determine your paper’s:
    • Font size for the abstract and the manuscript
      • Open your PDF file in Adobe Acrobat Professional.
      • Next go to Tools>Advance Editing>TouchUp Text Tool.
      • Highlight some text, right click and then click on Properties. The font size should now display. It may differ from what you originally used if Acrobat substituted fonts. If the listed font size is under 11 pt then the RFS is likely to ask for a new version of the PDF file with a font size that appears as 11 pt or larger.
  • Font: Please note that we have noticed resolutions issues when papers using the “latex latin9 package” are uploaded into Editorial Express.
    • Spacing
      1. By inspection. Do the lines “appear” to be double-spaced?
      2. If upon inspection the lines do not appear to be double-spaced, the next step is to count the lines per page. If a paper has 28 or fewer lines per page it is presumed to be double-spaced. This is a “safe harbor” provision. Any paper that meets this criteria is considered to be double-spaced by the RFS. If you use an 11 point Times Roman typeface and have 1″ margins on the top and bottom you will be able to fit 28 lines per page.
  • Ensure paragraphs are indented throughout the manuscript.
  • Please ensure your paper is high resolution.
  • Please do not use scans of printed documents for your manuscript pdf. Instead, please convert your source files to pdf for uploading in the submission system.
  • Please ensure the font size and style in the abstract matches the font size and style in the manuscript.
  • Do not use endnotes! Use footnotes instead.
  • Tables and figures may be imbedded in the main text or appear at the end of the paper.
  • Do not worry about the style guidelines for tables and figures. If your paper is accepted, you will be able to make the necessary changes.
  • Please do not include any boilerplate “table of contents” paragraphs at the end of the paper’s introduction.
  • Make sure the text is written in clear, grammatically-acceptable English. The grammar does not have to be perfect, but it cannot be so poor that it causes the reader pause at frequent intervals. Articles will be desk rejected if the editor believes the writing is so poor that reviewing the paper will put an unfair burden on the system. If you are unsure about the English, hire somebody to look over your paper. Our publisher offers language editing services at
  • If your paper is successfully published by the RFS and if you have any supplementary materials, including sample code, data, or regression results that will not be featured in the final version of the paper, they can be shared on the Oxford University Press website next to the link to the final published paper online. This will also be the place where your conflict of interest disclosure statements will be available to readers. We, as editors, encourage you to make good use of this opportunity.

If you submit a paper that does not conform to these guidelines, you will be asked to update the manuscript. This will cause delay in the consideration of your submission!

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