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Executive Editor: David Hirshleifer ♦ Editors: Geert Bekaert, Andrew Karolyi, Alexander Ljungqvist, Laura Starks, Pietro Veronesi, Michael Weisbach
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News

April 30, 2012: Editors’ Joint Policy Statement Regarding “Coercive Citations”

Please see the Editors' Joint Policy statement, which has been posted to our website here.

April 9, 2012: SFS Finance Cavalcade in 2013 & 2014

The Society for Financial Studies is pleased to announce that the 2013 SFS Finance Cavalcade will be held at The University of Miami. The society will begin accepting bids on July 1, 2012 for the 2014 SFS Finance Cavalcade.

March 7, 2012: Register for The Cavalcade!

The registration website for the 2012 Finance Cavalcade is now available here. Reserve your stay as early as possible to ensure a room at the conference hotel. Rooms are refundable if canceled at least 48 hours before the arrival date; call the Inn at Darden directly for cancellations. Complete your conference registration before May 9th to avoid the late transaction fee. Registration is non-refundable.

Thursday evening's reception at Monticello is available only to the first 60 people who sign up. The cut-off date for sign up will be May 9th for this reception. Those who have signed up within the first 60 people will receive an email on May 10th confirming their reservations for the event.

February 24, 2012: Cavalcade Program Now Available

The 2012 SFS Finance Cavalcade program is now available on the Cavalcade webpage.

February 22, 2012: Payment Policy

Editorial Express will soon provide a new feature that will allow authors to use any balances they have accumulated through reviewing or submission fee refunds to pay for new submission fees. We look forward to being able to offer this functionality to our authors and reviewers. In support of this, and to reduce the transactions costs to reviewers, authors, and RFS staff of check-cutting, signing, mailing, and depositing, as of 3/1/2012 we are instituting a system where we will automatically issue checks for referee reports and submission fee refunds only when the individual's balance crosses $700. If a payment is due to you and you would like to receive a check before your balance reaches $700, just email Jaclyn Einstein to have your check processed.

January 17, 2012: Treasurer's Position Available

The SFS is seeking someone to fill the Treasurer's position as of July 1, 2012.  The position's responsibilities include:

1.  Maintain the central SFS investment account.
2.  Maintain the central SFS checking account.
3.  File annual tax returns and other corporate documents demanded by government authorities.
4.  Pay SFS vendors.
5.  Hire an accounting firm to prepare taxes, government forms and produce annual financial statements.
6.  Oversee the creation and changes to checking accounts associated with SFS journals and back office.
7.  Oversee SFS journal and back office checking accounts to insure they do not accumulate excess cash.
8.  Produce annual reports for the SFS board and membership meetings.
9.  Choose and work with outside counsel any time by-laws or publishing contracts are revised.

If you are interested please contact either Ken Singleton at kenneths@stanford.edu or Matthew Spiegel at matthew.spiegel@yale.edu .

January 12, 2012: Texas Finance Festival

Conference Announcement and Call for Papers: 14th Annual Texas Finance Festival, April 26-28, 2012

August 22, 2011: New York Fed/NYU Stern Conference

Conference Announcement and Call for Papers: The Seventh New York Fed/NYU Stern Conference on Financial Intermediation, May 4-5, 2012

August 16, 2011: Suggest Your Editor

Suggest an editor for your submission! To take into account author preferences and make the best possible editorial assignments, the RFS now has authors suggest a possible editor for their submissions as a routine part of the process for new submissions. Please bear in mind that we cannot always accommodate author preferences. Assignments of submissions to editors depends on several additional important factors, including editorial workloads, expertise, and conflicts of interest.

July 18, 2011: Cavalcade Call for Papers

The 2012 SFS Finance Cavalcade Call For Papers
Submission Deadline September 15, 2011

Submissions Accepted Starting August 1.


June 30, 2011 - 11:59pm EDT: Farewell Note

A farewell note from Matthew Spiegel.

June 30, 2011: Awards and Editor Changes

Photos from the 2011 SFS Finance Cavalcade are now available.

As of July 1, David Hirshleifer will replace Matthew Spiegel as the Executive Editor of RFS.

The RFS wants to extend its wholehearted thanks to our retiring Associate Editors Andres Almazan, Heitor Almeida, Allen Berger, Mara Faccio, Charlie Hadlock, and Gideon Saar for their dedicated service over the past three years. At the same time we would like to welcome our new Associate Editors Philip Strahan, Darren Kisgen, Ekkehart Boehmer, Alex Edmans, Craig Doidge, and Bruce Carlin to the board. We look forward to working with them.

Congratulations to this year's RFS award winners:

  • Michael Brennan Best Paper Prize
    • First Prize: Charles J. Hadlock and Joshua R. Pierce for their article, "New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index."
    • Second Prize: Jie Gan for her article, "Housing Wealth and Consumption Growth: Evidence from a Large Panel of Households."
  • Young Researcher Prize: Ashwini K. Agrawal for his article, "Corporate Governance Objectives of Labor Union Shareholders: Evidence from Proxy Voting."
  • Outstanding Referee Award goes to Philip Strahan for his tireless work on behalf of the RFS. A single award to honor those who contribute their time far above and beyond the call of duty to the RFS misses the many individuals deserving recognition for their efforts. The RFS is thus also pleased to announce that this year's Distinguished Referee Awards have been awarded to: Darren Kisgen, Luca Benzoni, Lubos Pastor, Eitan Goldman, Ekkehart Boehmer, Malcolm Baker, Murillo Campello, Peter Christoffersen, and Tarun Chordia.

June 16, 2011: Cavalcade Bids for 2013

A Call for Bids for the 2013 SFS Finance Cavalcade

Bids should be sent by September 1, 2011.

The Society for Financial Studies is seeking bids to cohost the 2013 Finance Cavalcade. This conference is a joint project of the Review of Financial Studies, the Review of Corporate Finance Studies, and the Review of Asset Pricing Studies.

The SFS Finance Cavalcade is a five day conference covering all areas of finance. This year's format featured an hour per paper and two parallel sessions. Our goal is to provide a setting that produces the kind of in-depth participation of a smaller conference while accommodating the variety of papers of a larger one. We currently expect the 2013 Cavalcade to take place in the late spring or early summer.

At a minimum, bids must include information about
•  Available classroom facilities
•  Available hotel facilities
•  Ability to sponsor some or all meals, including breakfasts, lunches and dinners
•  Ability to sponsor printing and other participant handouts
•  Local logistical support

If you are interested in either submitting a proposal or obtaining additional information contact Wayne Ferson, Paolo Fulghieri, or David Hirshleifer.


Turnaround:
Mean: 46.64 days
Median: 44 days
Total Submissions
(since 05/18/11): 1176
Acceptance Rate: 7.31%

Conference Announcements

14th Annual Texas Finance Festival
April 26-28, 2012

The Seventh New York Fed/NYU Stern Conference on Financial Intermediation
May 4-5, 2012

2012 SFS Finance Cavalcade
May 21-25, 2012

2013 SFS Finance Cavalcade

2014 SFS Finance Cavalcade
BIDS ACCEPTED BEGINNING JULY 1, 2012.


COLOR Pages!
The RFS publishes pages in color! You can include figures for free in the PDF files posted at Oxford University's Advanced Access web page. If you want some or all of the figures to appear in color in the printed version as well, there is a service fee of $600 per figure. This just covers the journal's costs.

RFS Check Policy

Editorial Express will soon provide a new feature that will allow authors to use any balances they have accumulated through reviewing or submission fee refunds to pay for new submission fees. We look forward to being able to offer this functionality to our authors and reviewers. In support of this, and to reduce the transactions costs to reviewers, authors, and RFS staff of check-cutting, signing, mailing, and depositing, as of 3/1/2012 we are instituting a system where we will automatically issue checks for referee reports and submission fee refunds only when the individual's balance crosses $700. If a payment is due to you and you would like to receive a check before your balance reaches $700, just email Jaclyn Einstein to have your check processed.

Forthcoming in the RFS

Understanding the Subprime Mortgage Crisis
by Yuliya Demyanyk and Otto Van Hemert

Using loan-level data, we analyze the quality of subprime mortgage loans by adjusting their performance for differences in borrower characteristics, loan characteristics, and macroeconomic conditions. We find that the quality of loans deteriorated for six consecutive years before the crisis and that securitizers were, to some extent, aware of it. We provide evidence that the rise and fall of the subprime mortgage market follows a classic lending boom-bust scenario, in which unsustainable growth leads to the collapse of the market. Problems could have been detected long before the crisis, but they were masked by high house price appreciation between 2003 and 2005.

 

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