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

News

January 17, 2012

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

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

August 22, 2011

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 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:

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

Submissions Accepted Starting August 1.


June 30, 2011 - 11:59pm EDT:

A farewell note from Matthew Spiegel.

June 30, 2011:

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:

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: 47.09 days
Median: 45 days
Total Submissions
(since 02/04/11): 1247
Acceptance Rate: 6.74%

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

2013 SFS Finance Cavalcade
BID DEADLINE: September 1, 2011

2012 SFS Finance Cavalcade


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.
Forthcoming in the RFS

The Effect of Risk on the CEO Market
by Alex Edmans and Xavier Gabaix

This article presents a market equilibrium model of CEO assignment, pay, and incentives under risk aversion and moral hazard. Each of the three outcomes can be summarized by a single closed-form equation. In the presence of moral hazard, assignment is distorted from positive assortative matching on firm size as firms with higher risk or disutility choose less talented CEOs. Such firms also pay higher salaries in the cross-section, but economy-wide increases in risk or the disutility of being a CEO do not affect pay. The strength of incentives depends only on the disutility of effort and is independent of risk and risk aversion. If the CEO can affect firm risk, incentives rise and are increasing in risk and risk aversion. We calibrate the losses from various forms of poor corporate governance, such as failures in monitoring and inefficiencies in CEO assignment.

 

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