Society for Financial Studies


October 29, 2014: Associate Editor Keynote Speaker at International Conference on Credit Risk Evaluation


RAPS Associate Editor Thierry Foucault was recently a keynote speaker at the 13th International Conference on Credit Risk Evaluation held in Venice, Italy on the 25th and 26th of September 2014. For more, click here

October 24, 2014: A Message from Wayne Ferson, Executive Editor, RAPS


I am honored to have been appointed to a second three-year term as the Executive Editor of theReview of Asset Pricing Studies (RAPS).  The past three years have been rewarding and exciting, and your new journal is doing well. The Society of Financial Studies (SFS) has been very supportive.  You, our authors and referees, are submitting high-quality papers and writing high-quality reviews.  Some of the world’s leading scholars serve on our editorial board.  Oxford University Press, our publisher, is producing great-looking volumes and managing various web-based forums for our journal’s dissemination.

We are still seeing a tiny fraction of the paper flow that the Big Three journals manage, and the fraction of submissions from established scholars with excellent reputations continues to be high.  Our biggest challenge remains the “chicken and the egg” problem.  Younger and untenured scholars are the chickens, holding back their submissions for fear that they might not get full credit for publishing outside of the Big Three when tenure decisions are made.  Our journal’s reputation is the egg, and it is trying to hatch.

While we are not part of the ISI citations club yet, recently Oxford University Press calculated the index for us as if we were. The calculation was based on what the impact factor would have been if the journal had been indexed by ISI in 2013. This index is the number of citations from published papers per paper that we publish.  It came in at 2.417, above the JFQA but below the Big Three.  In our December 2013 issue I reported on a similar calculation using Google Scholar, which showed us above even the Big Three.  As you know, Google Scholar catches citations from unpublished papers. As these get published, it suggests that our ISI citation index will rise.  Stay tuned.  And think of us as the outlet that can give you the visibility that your best paper in asset pricing deserves.

October 24, 2014: Re-introducing RAPS Executive Editor Wayne Ferson

Dear Members and Friends of the Society for Financial Studies,

We are honored Professor Wayne Ferson accepted his second term as the Executive Editor of the Review of Asset Pricing Studies. Below you will find a letter from Professor Ferson, with updates about the progress of RAPS.

Professor Ferson is the first Executive Editor of RAPS, which debuted in December 2011. Since 2007, he has held the title of Ivadelle and Theodore Johnson Chair of Banking and Finance at the Marshall School of Business at the University of Southern California. He has served as an Editor or Associate Editor for more than 10 journals, including the Review of Financial Studies. From 2005-2008, he served as President of the Society for Financial Studies, after serving as Vice President from 2002-2005. We invite you to read the history of RAPS here, and to read more about Professor Ferson’s accomplished background here.

The Society is grateful to Professor Ferson for his efforts launching our new journal, and we look forward to a successful second term for his editorship!

With regards,
The SFS Team

October 9, 2014: Editorial Office Change

Ashy Kooliyat recently left her position as Assistant Editor of RAPS, a position she has held since 2011. We thank Ashy for her service and wish her the best of luck with her move to a new city!

We’re pleased to welcome Ardhra Ashokan as the new Assistant Editor. Any communication you would previously have had with Ashy should now be sent to Ardhra at

September 22, 2014: Sign Up for RAPS Alerts

Did you know you can sign up to receive email notifications every time an issue of RAPS publishes online or a RAPS article publishes on Advance Access? It’s easy! Create a free account at our publisher’s web site and select the items you’d like to be notified about.

September 17, 2014: Bid Deadline for 2016 Cavalcade Approaching

The bid deadline for the 2016 Cavalcade is approaching. For details on how to bid, please visit 2016 Cavalcade. Bids should be received by October 1, 2014.

September 15, 2014: Do You Want to Receive the SFS Newsletter?

Are you interested in receiving the Society for Financial Studies newsletter, with news about The Review of Financial Studies, The Review of Asset Pricing Studies,  The Review of Corporate Finance Studies, and the SFS Finance Cavalcade conference? If so, find out how to become a member of the SFS at Membership.

September 8, 2014: Keep in Touch with RAPS on Twitter

Our publisher tweets news from RAPS and the Society for Financial Studies. To see more, follow @OxfordJournals and @OUPEconomics on Twitter.

September 4, 2014: Cavalcade Bid Deadline for Approaching

The bid deadline for the 2016 Cavalcade is October 1, 2014. For details on how to bid, please visit 2016 Cavalcade.

August 5, 2014: Citation Impact Factor for RAPS

Our publisher, Oxford University Press, has computed the 2013 Citation Impact Factor for RAPS. Had the new journal been indexed by ISI in 2013, RAPS would have an Impact Factor of 2.417.

  • For Papers Currently Under Review
  • Turnaround:
    Mean: 27 days
    Median: 13 days
    Acceptance Rate:
    (since 10/30/13): 10.34%
  • Citation Impact Factor: 2.417
    Note: This figure was computed by Oxford University Press based on what the impact factor would be if the journal had been indexed by ISI in 2013.
  • Conference Announcements


    2016 SFS Finance Cavalcade

    2015 SFS Finance Cavalcade
    Paper submission period: November 10-December 8, 2014

  • Color Pages

    The RAPS 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 RAPS papers? Visit the RSS information on our publisher's website.

Forthcoming in the RAPS

Internationally Correlated Jumps

Kuntara Pukthuanthong, University of Missouri and Richard Roll, California Institute of Technology

Detecting Superior Mutual Fund Managers: Evidence from Copycats

Blake Phillips, University of Waterloo, Kuntara Pukthuanthong, University of Missouri and Raghavendra Rau, University of Cambridge  

Hybrid Tail Risk and Expected Stock Returns: When Does the Tail Wag the Dog?

Robert Whitelaw, NYU Stern School of Business , Turan G Bali, Georgetown University and Nusret Cakici, Fordham University      

Rating-Based Investment Practices and Bond Market Segmentation

Zhihua Chen, Shanghai University of Finance and Economics Aziz Lookman, Chartis Insurance Norman Schurhoff, University of Lausanne and Duane J. Seppi, Carnegie Mellon University        

Incomplete Continuous-time Securities Markets with Stochastic Income Volatility

Kasper Larsen, Carnegie Mellon University and Peter Ove Christensen, Aarhus University