The Review of Financial Studies

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

For Papers Currently Under Review

New to the profession? See if you are eligible for the RFS's Young Researcher Prize!

News

April 1, 2013

The criteria for the Young Researcher Prize has changed from 18 months post-Ph.D. to 3 years. For full details, please visit the Young Researcher Prize page.

March 21, 2013

The program for the The Sixth Biennial McGill Global Asset Management Conference, co-sponsored by RFS, is available here.

March 4, 2013: 2013 Cavalcade Program

The Cavalcade program is now available on the Cavalcade page.

February 15 , 2013: Register for the 2013 Cavalcade!

The registration webpage for the 2013 Cavalcade is now online. To register, please visit the Cavalade page.

November 30, 2012: 15th Annual Texas Finance Festival

Submission deadline for the Texas Finance Festival is February 1, 2013. See the Call for Papers here.

November 9, 2012: How to Submit to the 2013 Cavalcade

Submissions to the 2013 Cavalcade will be accepted beginning tomorrow, November 10th, through December 15, 2012. To submit, please visit the Cavalcade webpage.

September 20, 2012: Sixth Biennial McGill Global Asset Management Conference

Submission deadline for the McGill Global Asset Management Conference is December 1, 2012. See the Call for Papers here.

July 3, 2012: 3rd Miami Behavioral Finance Conference

Submission deadline for the Miami Behavioral Finance Conference is August 31, 2012. See the Call for Papers here.

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.

Turnaround:
Mean: 45.15 days
Median: 43 days
Total Submissions
(since 05/25/12): 1252
Acceptance Rate: 7.27%

Conference Announcements

2013 SFS Finance Cavalcade
Register now! May 13-16, 2013

The Sixth Biennial McGill Global Asset Management Conference
June 6-7, 2013

15th Annual Texas Finance Festival
April 25-27, 2013

2014 SFS Finance Cavalcade
May 2014

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

We are pleased to announce that our submission system, Editorial Express, now allows authors to use any balances they have accumulated through reviewing or submission fee refunds to pay for new submission fees. 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 instituted a system in which 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

Bank Corporate Loan Pricing Following the Subprime Crisis
by João A. C. Santos

The massive losses that banks incurred with the meltdown of the subprime mortgage market have raised concerns about their ability to continue lending to corporations. We investigate these concerns. We find that firms paid higher loan spreads during the subprime crisis. Importantly, the increase in loan spreads was higher for firms that borrowed from banks that incurred larger losses. These results hold after we control for firm-, bank-, and loan-specific factors, and account for endogeneity of bank losses. These findings, together with our evidence that borrowers took out smaller loans during the crisis when they borrowed from banks that incurred larger losses, lend support to the concerns about bank lending following their subprime losses.

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