2026

We are pleased to announce that Issue 2 of Volume 30 of the Review of Finance is now available.

  1. Firm-level green innovation beyond patents (Summary here)
    By Markus Leippold and Tingyu Yu
  2. Retail limit orders (Summary here)
    By Amber Anand, Mehrdad Samadi, Jonathan Sokobin, and Kumar Venkataraman
  3. Losing is optional: retail option trading and expected announcement volatility
    By Tim de Silva, Eric C So, and Kevin Smith
  4. Biodiversity co-benefits in carbon markets?
… Read more...

Issue 2 of Volume 30 of the Review of Finance is now available! Read More »

Alexander Tuft and Emmanuel Yimfor
Review of Finance, Volume 30, Issue 2, March 2026, Pages 717–756, https://doi.org/10.1093/rof/rfaf057

We provide the first causal evidence that relationships between venture capital firms and investment banks matter enormously for accessing public markets. When VCs lose an established underwriter relationship through bank mergers or closures, their IPO exits fall by 9.5% and fund returns drop by 7.8%.… Read more...

Financial Intermediary Relationships and Public Market Access Read More »

I-Hsuan Ethan Chiang and Xi Nancy Mo
Review of Finance, Volume 30, Issue 2, March 2026, Pages 681–715, https://doi.org/10.1093/rof/rfaf047

This paper introduces a novel two-beta currency pricing model and uses it to analyze currency trading strategies. Literature on currency risk premiums has identified the predominant common factor in currency returns as the “dollar factor,” an equally weighted portfolio of floating exchange rate currencies.… Read more...

A “Bad Beta, Good Beta” Anatomy of Currency Risk Premiums and Trading Strategies Read More »

Stefano Lovo and Jacques Olivier
Review of Finance, Volume 30, Issue 2, March 2026, Pages 597–637, https://doi.org/10.1093/rof/rfaf060

We model the decision of a Rating Agency (RA) whether to adopt an “issuer pays” or “investors pay” business model, with the aims to explain why Environmental, Social, and Governance (ESG) ratings are predominantly paid by investors while credit ratings are paid by firms, and to analyze the implications of the choice for firms’ expected stock price and ESG performance.… Read more...

Who should pay for ESG ratings? Read More »

Amber Anand, Mehrdad Samadi, Jonathan Sokobin, and Kumar Venkataraman
Review of Finance, Volume 30, Issue 2, March 2026, Pages 459–488, https://doi.org/10.1093/rof/rfaf049

Since the onset of the COVID-19 pandemic, retail trading in U.S. equity markets has grown substantially, prompting renewed academic interest in the trading practices and execution quality experienced by individual investors.… Read more...

Retail Limit Orders Read More »

Manuscript submissions to the Review of Finance are now operating normally again.

The technical issue affecting our payment processor has been resolved, and submission fees can once again be paid during the submission process as usual.

Thank you for your patience while we worked to resolve this issue.… Read more...

Submissions Now Fully Operational Read More »

Due to a technical issue affecting incoming payments, we are temporarily suspending new manuscript submissions to the Review of Finance.

Submissions will remain closed until at least Friday 6 March at 12:00 CET. We will reopen the system as soon as the issue has been resolved.… Read more...

Temporary suspension of new submissions Read More »

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