Society for Financial Studies


April 8, 2014: Last Days to Book Your Cavalcade Hotel!

There are only a few days left to book your hotel room within the SFS room blocks for the Finance Cavalcade. If you have not booked your room, please make sure you book before the blocks run out. Hotel information is available here.

April 3, 2014: Latest Forthcoming Paper

Forthcoming in Volume 3: “Long-term debt and hidden borrowing” by Heski Bar-Isaac and Vicente Cuñat.

April 2, 2014: Latest Forthcoming Paper

Forthcoming in Volume 3: “Is the Stock Market Just a Side Show? Evidence from a Structural Reform” by Murillo Campello, Rafael P. Ribas, and Albert Wang.

March 25, 2014: Final Week for Early Registration!

Register for the Cavalcade by April 1 to pay the early registration fee of $100 for SFS members or $140 for nonmembers. Registration fees increase on April 2! Register here.

March 18, 2014: Latest Issue of RCFS Has Published Online

Issue 2(2) of RCFS has now published! Subscribers can view the issue online here.

March 14, 2014: Cavalcade Program Now Available

Have you checked out this year’s Cavalcade program? Visit the 2014 SFS Finance Cavalcade web site to view the papers that will be presented in May! If you haven’t registered for the Cavalcade, you can also register and book your hotel on the Cavalcade site. Register by April 1 to pay the early registration fee.

March 11, 2014: Email Communnication

We updated our email server last week. While efforts were made to capture every email sent during the transition, we know complications are possible. If you sent any emails to Jaclyn Einstein last week that have not received responses, please re-send.

February 6, 2014: Register for the 2014 Cavalcade

Registration is now available on the Cavalcade site. Register by April 1 to pay the early registration fee of $100 for SFS members or $140 for nonmembers. Registration fees increase on April 2!

January 28, 2014: Special Issue

RCFS‘s Executive Editor, Paolo Fulghieri, recently served as the special issue editor for The Review of Financial Studies. The special issue, “Entrepreneurial Finance and Innovation,” is free to read online!

January 23, 2014: Color Figure Charge

Effective January 1, 2014, the charge per figure for including a color figure in the The Review of Corporate Finance Studies has been dropped in half to $300!

  • For Papers Currently Under Review
  • Turnaround:
    Mean: 44.81 days
    Median: 43 days
    Acceptance Rate:
    (since 4/21/12): 9.87%
  • Conference Announcements

  • Color Pages

    The RCFS publishes pages in color! You can include figures for free in the online publication on Oxford University's 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 $300 per figure to cover the journal's costs.

  • RSS Feed

    Want to be notified by RSS about new RCFS papers? Visit the RSS information on our publisher's website.

Forthcoming in the RCFS

Long-term debt and hidden borrowing

by Heski Bar-Isaac, Vicente Cuñat
We consider borrowers with the opportunity to raise funds from both a competitive banking sector, in which information is shared, and an opaque system of hidden lenders, in which information is private. The presence of hidden lenders allows borrowers to conceal poor results from their banks and thus restricts the set of contracts that can be obtained from the banking sector. In equilibrium, borrowers obtain funds from both the banking sector and the inefficient hidden sector simultaneously such that different types of borrowers cannot be distinguished by banks. This lack of transparency generates cross-subsidies between different, observationally equivalent borrowers. We demonstrate that the variety of funding arrangements offered by the banking sector is smaller when the cost of borrowing in the hidden sector is lower. In particular, whereas high costs of hidden borrowing allow each different (viable) type of borrower to access unique terms from the banking sector, as the cost of hidden borrowing falls, an increasing number of borrowers face identical terms up to the point at which all borrowers accessing the banking sector (which may include inefficient borrowers) face identical terms.

Is the Stock Market Just a Side Show? Evidence from a Structural Reform

by Murillo Campello, Rafael P. Ribas, Albert Wang  
The 2005 split-share reform in China mandated the conversion of nontradable stocks into tradable status. This paper examines the effects of stock markets on corporate outcomes exploiting multiple institutional features of the Chinese conversion program. Using a generalized propensity score matching approach, we identify increases in corporate pro…fitability, investment, value, and productivity as a result of the reform. We also identify changes in …firms’ likelihood to issue shares and engage in mergers, as well as changes in dividend and capital structure policies. Our …findings provide insights on the role of stock markets in shaping corporate activity and on the impact of regulation on economic growth.