Instructions for Authors

1. Papers must be in English, preferably written in the present tense (e.g., “Black and Scholes find . . .”, not “Black and Scholes found . . .”). Use of the active voice greatly improves the readability of a paper (e.g., “the tests show” or “we show,” not “it is shown”), but avoid excessive use of “we” or “I”. Italics, quotation marks, and capital letters should be kept to a minimum (a priori, etc., i.e., e.g., et al., ex ante, and ex post are not italicized). Acronyms are spelled out at the first occurrence with the acronym in capital letters in parentheses immediately following, as in “Center for Research in Security Prices (CRSP).” Some exceptions are NYSE, Nasdaq, and Amex.

2. Manuscripts should be typewritten on A4 or US Letter bond paper, one side only, double-spaced, with wide margins, and printed on one side of the paper only. All pages should be numbered consecutively. The first page of the manuscript should contain the following information:
(i) the title;
(ii) the name(s) and institutional affiliation(s) of the author(s);
(iii) an abstract of not more than 150 words;
(iv) at least one classification code according to the Classification System for Journal Abstracts as used by the Journal of Economic Literature,
(v) up to five keywords.
A footnote on the same sheet should give the names and affiliations of the authors, and any acknowledgements or information on grants received, etc.

3. To ensure anonymity in refereeing, the title page of submitted papers should contain only title and abstract of the paper. In addition, authors should submit a separate file containing the title page with full information about their names and affiliations.

4. Section headings should be identified by Arabic numbers followed by a dot. All main words should be capitalized. Subheadings should be identified by Arabic numbers followed by a dot, e.g. 2.1, 2.2, etc., and written in capital letters only. Subsubheadings should be identified by Arabic numbers followed by a dot, should be italicized and the main words capitalized.

5. Footnotes should be kept to a minimum and indicated by consecutive superscript numbers. They should be double-spaced and if at all possible not include displayed formulae or tables.

6. Displayed formulae should be numbered consecutively throughout the manuscript as (1), (2), etc. against the right-hand margin of the page. In cases where the derivation of formula has been abbreviated, it is of great help to the referees if the full derivation can be presented on a separate sheet (not to be published). When referring to an equation with its number in text please use “Equation (1)”, with a capital “E”.

7. Please use the cross-referencing features of your software package. Do not cross-reference page numbers. Cross-references should refer to section numbers of headings, numbers of displayed equations, or numbers of tables and figures.

8. Supplementary technical material (e.g. mathematical proofs) should be collected in an Appendix which comes before the References section.

9. References to publications should be as follows: “Brennan (1992) finds that . . .” or “This issue has been analyzed previously (e.g., Brennan et al., 1989; Stulz, 1990)”. All publications by more than two authors are to be referred to by the surname of the first author followed by “et al. “: “Brennan et al. (1989)”. Instead, publications with two authors should be referred to by the surnames of both authors: “Morris and Shin (2004)”. There must be a strict one-to-one correspondence between the names and years in the text and those in the list of references. The list of references should appear at the end of the main text (after any appendices, but before tables and legends for figures). It should be double-spaced and listed in alphabetical order by author’s name. References should appear as follows:

For monographs

Allen, F. and Gale, D. (2000) Comparing Financial Systems, The MIT Press, Cambridge, Massachusetts.

For contributions to collective works

Daniel, K. and Titman, S. (1995). Financing investment under asymmetric information, in: R. A. Jarrow, V. Maksimovic and W.T. Ziemba (eds.), Handbooks in Operations Research and Management Science, Finance, Vol. 9. North-Holland, Amsterdam, pp. 721-766.

For periodicals

Bertrand, M. and Mullainathan, S. (2003) Pyramids, Journal of the European Economic Association 1, 478-483.

For unpublished working papers

Basak, S., Pavlova, A. and Shapiro, A. (2003), Offsetting the incentives: risk shifting and benefits of benchmarking in money management, unpublished working paper, London Business School, Massachusetts Institute of Technology, New York University.

Note that journal titles should not be abbreviated.

10. The publisher accepts electronic submissions of figures. Preferred file formats are TIFF and EPS (resolution between 300 and 600 dpi), but figures in other electronic formats may also be used. File names should not be longer than 8 characters. A printout of all figures should be supplied with the hardcopy manuscript.

Illustrations will be reproduced photographically from originals supplied by the author; the typesetter or publisher will not redraw them. Please provide all illustrations in quadruplicate (one high-contrast original and three photocopies). Care should be taken that lettering and symbols are of a comparable size. The illustrations should not be inserted in the text, and should be marked on the back with figure number, title of paper, and author’s name. All graphs and diagrams should be mentioned in the text, referred to as figures (e.g., Figure 1), numbered consecutively in Arabic numerals.

11. Tables should be numbered consecutively in the text in Roman numerals and printed on separate sheets. Tables must be self-contained, in the sense that the reader must be able to understand them without going back to the text of the paper. Each table must have a title followed by a descriptive legend. Authors must check tables to be sure that the title, column headings, captions, etc. are clear and to the point. Groupings in tables should be indicated with single horizontal lines and vertical spacing (no vertical lines). No colors should be used.

The legends and captions for tables or figures should be complete enough that the table or figure can stand on its own. However, authors should consider the size of a journal page (which is approximately four and one-half inches by seven inches) and how a table or figure will look when it is reproduced in the Review of Finance before packing in too much information.

12. Style for Theorems, Lemmas, and the like:

THEOREM 1. Text from Theorem 1.

Equation for Theorem 1. (1)

Remainder of text from Theorem 1.
Proof. Proof of Theorem.

Any manuscript that does not conform to the above instructions may be returned for necessary revision before publication.

Page proofs will be sent to the corresponding author. Proofs should be corrected carefully. The responsibility for detecting errors lies with the author.

Corrections should be restricted to instances in which the proof is at variance with the manuscript. No deviations from the version accepted by the Editors are permissible without the prior and explicit approval by the Editors; these alterations will be charged.

Click here to see examples of appropriately formatted tables, figure descriptions and references.