Society for Financial Studies


December 19, 2014: Editor Keynote Speaker at International Conference on Finance in Bali


RAPS Editor Maureen O’Hara delivered the keynote address at the Second Annual IFMA (the Indonesian Financial Management Association) International Conference on Finance in Bali, Indonesia held on 16-17 of December , 2014.   For more, click here

December 1, 2014: Cavalcade 2015 Submission Deadline Approaching

There is only one week left to submit your paper to Cavalcade 2015! The deadline for submissions is midnight PST December 8, 2014. To submit, visit Cavalcade 2015.

November 24, 2014: Dual Submission to Cavalcade 2015

Did you know that Cavalcade 2015 features a dual submission option with The Review of Asset Pricing Studies? The submission deadline is December 8, 2014. For details, visit Cavalcade 2015.

November 19, 2014: December 2014 Issue of RAPS

The December issue of RAPS has now published online. View the issue here and check out the Editor’s Choice article, “Rating-Based Investment Practices and Bond Market Segmentation,” by Zhihua Chen, Aziz A. Lookman, Norman Schürhoff, and Duane J. Seppi here for free!

November 10, 2014: Submission Period is Now Open for Cavalcade 2015

The Cavalcade 2015 submission period is now open. To submit, please visit Cavalcade 2015. The deadline for submissions is midnight PST December 8, 2014.

Reminder for doctoral students: For papers in which ALL co-authors are doctoral students, the submission fee is waived.

Cavalcade 2015 features dual submission with RAPS! To be considered for dual submission, be sure to select the dual submission with RAPS option while submitting in the online system.

November 5, 2014: Upcoming Keynote Speeches


Associate Editor Allan Timmermann will be the keynote speaker at the Ninth Imperial Conference on Advances in the Analysis of Hedge Fund Strategies in London, December 2014. He will also be the keynote speaker at the Finance Down Under Conference in Melbourne, March 5-7 2015. For more, click here.

He is also to give the lecture at the  EC^2 meetings in Barcelona, December 2014. For more, click here.

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


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

  • 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

  • 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.

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Forthcoming in the RAPS

Inferring Correlations of Asset Values and Distances-to-Default from CDS Spreads: A Structural Model Approach

Chanatip Kitwiwattanachai University of Connecticut and Neil D. Pearson University of Illinois

Internationally Correlated Jumps

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