JOURNAL OF FI NANCI AL ECONOMI CS

Aims and Scope:

The Journal of Financial Economics provides a specialized forumfor the publication of research in the area of nancial
economics and thetheoryof the rm, placingprimary emphasis onthehighest qualityanalytical, empirical, and clinical
contributions in the following major areas: capital markets, nancial institutions, corporate nance, corporate
governance, and the economics of organizations.
Managing Editor:
G. WILLIAM SCHWERT, William E. Simon Graduate School of Business Administration, University of Rochester,
Rochester, NY14627 (email: schwert@jfe.rochester.edu)
Founding Editor:
MICHAEL C. JENSEN, Graduate School of Business Administration, Harvard University, Boston, MA 02163 email:
MJensen@hbs.edu)
Advisory Editors:
MICHAEL J. BARCLAY, William E. Simon Graduate School of Business Administration, University of Rochester, Roche-
ster, NY14627; EUGENE F. FAMA, Graduate School of Business, University of Chicago, Chicago, IL 60637; KENNETH R.
FRENCH,Tuck School of Business, Dartmouth College, Hanover, NH 03755-1798; WAYNEMIKKELSON, Charles H. Lund-
quist College of Business, University of Oregon, Eugene, OR 97403; JAY SHANKEN, Goizueta Business School, Emory
University, Atlanta,GA30332; ANDREI SHLEIFER, Department of Economics, Harvard University, Cambridge, MA02138;
CLIFFORD W. SMITH, JR., William E. Simon Graduate School of Business Administration, University of Rochester, Ro-
chester, NY14627; RENE M. STULZ, Ohio State University, Columbus, OH 43210.
Editorial Assistant:
JANEMUELLNER,WilliamE. Simon Graduate School of Business Administration, Universityof Rochester, Rochester, NY
14627.
Associate Editors:
HENDRIKBESSEMBINDER,Universityof Utah; JOHNCAMPBELL,Harvard University; HARRYDeANGELO,Universityof South-
ern California; DARRELLDUFFIE, Stanford University, San Francisco, CA; BENJAMINESTY, Harvard University; JARRAD
V.T. HARFORD, UIniversityof Oregon; CAMPBELLHARVEY, Duke University; PAULHEALY, Harvard University; LUDGER
HENTSCHEL, Universityof Rochester; CHRISTOPHERJAMES, Universityof Florida; STEVENKAPLAN, Universityof Chi-
cago; KEVINMURPHY, Universityof Southern California; NEILPEARSON, Universityof Illinois; JAYRITTER, Universityof
Florida; JEREMY C. STEIN, Massachusetts Institute of Technology; HANS STOLL, Vanderbilt University; JERRY
WARNER, University of Rochester, MICHAEL S. WEISBACH, University of Illinois; KARENWRUCK, Ohio State University.
Submission Fee:
Unsolicited manuscripts must be accompanied by a submission fee of $400 for authors who are current Journal of Fi-
nancial Economics subscribers and $450 for non-subscribers. This submission fee will be refunded for all accepted
manuscripts. To encourage quicker response, referees are paid an honorarium out of the submission fee. There are no
page charges. Checks should be made payable to the Journal of Financial Economics, and must be in U.S. dollar.
Publication information:
Journal of Financial Economics (ISSN0304^405X). For 2002, volumes 63^66 arescheduledfor publication. Subscriptionprices
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1
The paper used in this publication meets the requirements of ANSI/NISOZ39.48-1992 (Permanence of Paper).
Printed inThe Netherlands.
I NSTRUCTI ONS TO AUTHORS
(1) Papers must be in English.
(2) Papers for publication should be sent in quadruplicate to:
Professor G. William Schwert
Managing Editor
William E. Simon Graduate School of Business Administration
University of Rochester
ROCHESTER, NY14627, USA
Submission of a paper will be held to imply that it contains original unpublished work. The Editor does not accept
responsibility for damage or loss of papers submitted. Upon acceptance of an article, author(s) will be asked to transfer
copyright of thearticle to thepublisher.Thistransfer will ensure thewidest possible disseminationof information.
(3) Submission of accepted papers as electronic manuscripts, i.e., on disk with accompanyingmanuscript, is encour-
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(7) Acknowledgements and information on grants received can be given in a rst footnote, which should not be in-
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spaced and listed in alphabetical order by authors name. References should appear as follows:
For monographs
Hawawini, G., Swary, I., 1990. Mergers and Acquisitions in the U.S. Banking Industry: Evidence from the Capital
Markets. North-Holland, Amsterdam.
For contributions to collective works
Brunner, K., Meltzer, A.,1990. Money supply. In: Friedman, B.M., Hahn, F. (Eds.), Handbook of Monetary Economics,
Vol.1. North-Holland, Amsterdam, pp. 357^396.
For periodicals
Griffiths, W., Judge, G.,1992. Testingand estimatinglocationvectors whenthe error covariance matrix is unknown.
Journal of Econometrics 54,121^138.
For unpublished material
Hermalin, B.,Weisbach, M.,1995. Endogenouslychosenboardsandtheir monitoringof the CEO. Unpublished work-
ing paper. University of California, Berkeley.
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