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The Review of Corporate Finance Studies (RCFS) is now accepting manuscripts for consideration for publication. Under the auspices of the Society of Financial Studies, the RCFS aims to become the premier journal in Corporate Finance, broadly defined by publishing theoretical, empirical, and experimental research of the highest quality. INAUGURAL ISSUE: FALL 2012 News April 30, 2012: Please see the Editors' Joint Policy Statement Regarding "Coercive Citations," which has been posted to our website here. April 9, 2012: The Society for Financial Studies is pleased to announce that the 2013 SFS Finance Cavalcade will be held at The University of Miami. The society will begin accepting bids on July 1, 2012 for the 2014 SFS Finance Cavalcade. March 7, 2012: The registration website for the 2012 Finance Cavalcade is now available here. Reserve your stay as early as possible to ensure a room at the conference hotel. Rooms are refundable if canceled at least 48 hours before the arrival date; call the Inn at Darden directly for cancellations. Complete your registration before May 9th to avoid the late transaction fee. Registration is non-refundable. Thursday evening's reception at Monticello is available only to the first 60 people who sign up. The cut-off date for sign up will be May 9th for this reception. Those who have signed up within the first 60 people will receive an email on May 10th confirming their reservations for the event. February 24, 2012: The 2012 SFS Finance Cavalcade program is now available on the Cavalcade webpage. January 17, 2012: The SFS is seeking someone to fill the Treasurer's position as of July 1, 2012. The position's responsibilities include: 1. Maintain the central SFS investment account. If you are interested please contact either Ken Singleton at kenneths@stanford.edu or Matthew Spiegel at matthew.spiegel@yale.edu. October 6, 2011: Michael Roberts will step down as editor at the end of 2011 since he is taking up an editorial position at the Journal of Finance. All our thanks go to Michael for his invaluable help in starting the Review. We will miss him. At the same time, we are very pleased to announce that Effi Benmelech joins the editorial board as editor. Welcome aboard! June 30, 2011: Photos from the 2011 SFS Finance Cavalcade are now available here.
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Forthcoming in the RCFS |
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Negotiating With Labor Under Financial Distress by Ricardo Enriquez, Nittai K. Bergman, and Efraim Benmelech We analyze how firms renegotiate labor contracts to extract concessions from labor. While anecdotal evidence suggests that firms tend to renegotiate wages downward in times of financial distress, there is no empirical evidence that documents such renegotiation, its determinants, and its magnitude. This article attempts to fill this gap. Using a unique data set of airlines, which includes detailed information on wages and pension plans, we document an empirical link between airline financial distress, pension underfunding, and wage concessions. Corporate Fraud, Governance and Auditing by Giovanni Immordino (University of Salerno and CSEF) and Marco Pagano (Università di Napoli Federico II) We analyze corporate fraud in a setting in which managers have superior information but are biased against liquidation, because of their private benefits from empire building. This may induce them to misreport information and even bribe auditors when liquidation would be value-increasing. To curb fraud, shareholders optimally design corporate governance, by jointly choosing audit quality and managerial compensation. We analyze how country-level rules affect these firm-level choices. Our analysis underscores that different country-level governance provisions have different effects on firm-level governance: some act as substitutes of internal governance mechanisms, while others enhance their effectiveness, and therefore complement them. |
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Contact | The University of North Carolina | UNC Kenan-Flagler
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