# Instructions to Authors

### Submission policy

The Review of Finance welcomes submissions of high-quality papers in all areas of financial economics. In addition to the normal review process, the Review of Finance offers a special review process to authors seeking a very fast editorial decision at a considerably higher submission fee. This “Fast-Track” process guarantees an editorial decision in 14 days, starting from the business day on which valid payment information is received from the submitting author. Unless otherwise indicated, the following instructions apply to all submitted manuscripts, whether submitted via the normal or the Fast-Track process.

To start the submission process, please go to https://editorialexpress.com/rof. Please ensure that you follow these guidelines. Failure to do so may lead to the manuscript being returned to you, thus delaying the review process:

• The font size is at least 12 points
• The abstract does not exceed 150 words
• The first (title page) of the manuscript is numbered page 1. This ensures that the numbers on the printed and electronic versions coincide, making it easier for the review team to provide comments
• The document is in PDF without any reference to the authors
• No cover letter is typically necessary
• After uploading your files and completing the payment form, your submission is not yet complete . You are redirected from the payment form to the submission system and need to complete a final confirmation step. If this redirection fails, the submission can be completed by following the provided link to the electronic submission session and selection the option "Previously Interrupted Submission (Paid submission fee but the submission was interrupted)" as payment type and entering the "Credit Card Transaction ID", which is provided during the online payment.

If the web submission process does not work for some reason, please email the technical support team at support@editorialexpress.com. As a last report, please email your anonymous manuscript and a separate title page (containing the authors' details) to reviewfin@wharton.upenn.edu.

The fee for a submission or a resubmission is €300, which is reduced to €250 if the submitting author is a member of the European Finance Association (the membership application form is available at http://www.efa-online.org). The submission fee is refunded if the editorial decision is rendered after more than 100 days. Submission fees are waived for solicited papers.

If you choose "Fast-Track" for your manuscript for the first time, the submission fee is €900. For a resubmitted "Fast-Track"-manuscript the submission fee is €500 (the authors have the option of switching to the regular track upon a resubmission). Each paper may be reviewed by a single referee or multiple referees. The referee payment is €700 for a first submission and €300 for a resubmission for a report within one week. If the response deadline is not met, all but €300 of the submission fee (€250 for EFA members) is refunded so the net cost is the same as a regular submission. The editors can refuse Fast Track submission if the journal has already received many such submissions within a short period. In such cases, they will be converted to regular submissions and the difference in fees refunded.

Effective January 17 2013, all submission fees must now be paid online by credit card (Visa, Mastercard, American Express) during the paper submission process using the Editorial Express system. We are no longer accepting Paypal payments or payment information sent via fax.

If you would like to submit your paper as a LaTeX file, you can use the journal's template as a guide. This can be accessed here.

If your first language is not English, you may wish to have your paper professionally edited. This will ensure that the academic content of your paper is fully understood by journal editors and reviewers. Language editing is optional and does not guarantee that your manuscript will be accepted for publication. For further information on this service, please click here. Several specialist language editing companies offer similar services and you can also use any of these. Authors are liable for all costs associated with such services.

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: (i) the title; (ii) an abstract of not more than 100 words; (iii) at least one classification code according to the Classification System for Journal Abstracts as used by the Journal of Economic Literature, (iv) up to five keywords.

3. 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 letters followed by a dot e.g. 2.1.a, 2.1.b, and they should be italicized and the main words capitalized.

4. 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.

5. 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".

6. 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.

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

8. 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.

9. Oxford University Press 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.

10. 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.

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

THEOREM 1. Text of Theorem 1.

Equation for Theorem 1. (1)

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

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

13. 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.

14. Oxford University Press will provide to the authors of each article free access to the electronic version of the published article. If you would like to order offprints of your article, or copies of the issue, you can do so using the Author Services website. A link to this will be sent out when the paper is sent to Production.

15. Funding: Details of all funding sources for the work in question should be given in a separate section entitled 'Funding'. This should appear before the 'Acknowledgements' section.

The following rules should be followed:

• The sentence should begin: ‘This work was supported by …’
• The full official funding agency name should be given, i.e. ‘National Institutes of Health’, not ‘NIH’ (full RIN-approved list of UK funding agencies) Grant numbers should be given in brackets as follows: ‘[grant number xxxx]’
• Multiple grant numbers should be separated by a comma as follows: ‘[grant numbers xxxx, yyyy]’
• Agencies should be separated by a semi-colon (plus ‘and’ before the last funding agency)
• Where individuals need to be specified for certain sources of funding the following text should be added after the relevant agency or grant number 'to [author initials]'.

An example is given here: ‘This work was supported by the National Institutes of Health [AA123456 to C.S., BB765432 to M.H.]; and the Alcohol & Education Research Council [hfygr667789].

Crossref Funding Data Registry
In order to meet your funding requirements authors are required to name their funding sources, or state if there are none, during the submission process. For further information on this process or to find out more about the CHORUS initiative please click here.

### Open Access Option for Authors

Oxford Open articles are published under Creative Commons licences. Authors publishing in Review of Finance can use the following Creative Commons licences for their articles:
• Creative Commons Attribution licence (CC BY)
• Creative Commons Non-Commercial licence (CC BY-NC)
• Creative Commons Non-Commercial No Derivatives licence (CC BY-NC-ND)

You can pay Open Access charges using our Author Services site. This will enable you to pay online with a credit/debit card, or request an invoice by email or post. The open access charges applicable are:

• Regular charge - £2150 / $3400 / €2800 • Reduced Rate Developing country charge* - £1075 /$1700 / €1400

• List A Developing country charge* - £0 / \$0 / €0