AUTHOR INFORMATION PACK 8 Mar 2014 www.elsevier.com/locate/jcorpfin 1 JOURNAL OF CORPORATE FINANCE AUTHOR INFORMATION PACK TABLE OF CONTENTS . XXX . ? Description ? Audience ? Abstracting and Indexing ? Editorial Board ? Guide for Authors p.1 p.2 p.2 p.2 p.4 ISSN: 0929-1199 DESCRIPTION . The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome. Submission Policy Statement The editors of the Journal of Corporate Finance are committed to publishing papers that advance our knowledge of corporate finance through both theoretical and empirical work. We hope to publish papers that are useful to readers and that are innovative. We will publish papers with "non results" if they contribute to our general understanding of corporate finance. In today's world, there are vast amounts of data from many different countries available readily. Thus, there are great opportunities to do work that expand our knowledge. However, there are also unprecedented opportunities to find correlations among variables with weak theoretical justification. Papers that do so will not be published. Our goal is to publish research that impacts our understanding of corporate finance. The Journal of Corporate Finance has a two-stage review process. In the first stage, at least one editor must decide that a paper should go to a reviewer. The number of submissions to the JCF has increased dramatically and we do not have the resources in terms of the editor's and, most importantly, reviewer's time to review all papers. If a paper passes the first stage, the paper is sent to at least one reviewer for detailed comments. We would like to help authors improve their papers, even if they will not be published, but we are severely limited in that role by resource constraints. The editor's final decisions are based on the potential contribution of the paper, the fit with the mission of the Journal of Corporate Finance, and the quality of the work. Each submission must be accompanied by a submission fee of US$200.00. The submission fee applies to every round, unless forgiven by the Editors. Submissions will only be considered after payment of the submission fee via SubmissionStart. Submission fee is non-refundable and a paper may be rejected by the Editors without being sent for review, should a paper be inconsistent with the Aims and Scope of the Journal as set out on the Journal website, or not adhere to the style requirements as outlined in the Guide for Authors. The submission fees are used to support journal related activities. Authors considering a submission should make sure the paper is as polished as possible, fits with the mission of the Journal of Corporate Finance (a guiding question is whether there are related AUTHOR INFORMATION PACK 8 Mar 2014 www.elsevier.com/locate/jcorpfin 2 publications already in the Journal of Corporate Finance) and is of interest to our readers. Our letter to reviewers contains this paragraph and should further guide authors: The Journal of Corporate Finance is a leading corporate finance journal that publishes both theoretical and empirical papers. The Journal of Corporate Finance is receiving a large number of submissions and we have many high quality submissions. Thus, our rejection rate is now over 95% and we, and you, do not have the resources to work with any paper that while at some point may be publishable, would need significant work from the authors (and you). Empirical work that replicates earlier work for a new sample (or new international data) is generally not publishable unless the sample allows important new insights. Theoretical work needs important empirical implications, regardless of the quality of the technique, to be considered. We can not publish theoretical work where the contribution is the technique. Further, it is not a referee's job to work with a paper that is poorly executed or does not recognize the literature or in general is submitted too early. Of course, sometimes it is beneficial to work with a diamond in the rough but only if you recognize there could be a valuable diamond there, not some vague potential of a diamond. If you believe the paper is not publishable for any of the above reasons even a short note explaining your reasoning would be helpful. AUDIENCE . For Economists, Legal Practitioners, Financial Economists. ABSTRACTING AND INDEXING . Current Contents/Social & Behavioral Sciences Journal of Economic Literature IBZ RePEc Social Sciences Citation Index Scopus Gale Infotrac Custom Gale Infotrac Custom Journal Citation Reports - Social Sciences Edition Current Abstracts (EBSCO) EDITORIAL BOARD . Editors: J.M. Netter, Dept. of Finance, Terry College of Business,University of Georgia, 310 Herty Drive, Athens, GA 30602, USA Co-Editors: S. Gillan, Dept. of Finance, Terry College of Business,University of Georgia, 310 Herty Drive, Athens, GA 30602, USA H. Mulherin, Dept. of Finance, Terry College of Business,University of Georgia, 310 Herty Drive, Athens, GA 30602, USA A. Poulsen, Dept. of Finance, Terry College of Business,University of Georgia, 310 Herty Drive, Athens, GA 30602, USA Founding Editor: K. Lehn, Joseph M. Katz Graduate School of Business, University of Pittsburgh, Roberto Clemente Drive, Pittsburgh, PA 15260, USA Associate Editors: S. Bhagat, University of Colorado Boulder, Boulder, USA A. Boone, University of Kansas, Lawrence, USA M. Bradley, Duke University, Durham, USA J.A. Brickley, University of Rochester, Rochester, USA M. Campello, Cornell University, Ithaca, USA D.J. Denis, University of Pittsburgh, Pittsburgh, USA E. Eckbo, Dartmouth College, Hanover, USA J.P.H. Fan, Chinese University of Hong Kong, Shatin, N.T., Hong Kong AUTHOR INFORMATION PACK 8 Mar 2014 www.elsevier.com/locate/jcorpfin 3 S. Gilson, Harvard Business School, Boston, USA M. Goergen, Cardiff University, Cardiff, UK V. Goyal, Hong Kong University of Science & Technology, Kowloon, Hong Kong D. Hackbarth, Boston University, Boston, USA C.J. Hadlock, Michigan State University, East Lansing, USA J.V.T. Harford, University of Washington, Seattle, USA D.A. Hirshleifer, University of California at Irvine, Irvine, USA K. John, Leonard Stern School of Business, New York, USA S.N. Kaplan, University of Chicago, Chicago, USA A. Klein, New York University, New York, USA C. Lewis, Vanderbilt University, Nashville, USA J.S. Linck, University of Georgia, Athens, USA T. Loughran, University of Notre Dame, Notre Dame, USA M. Maloney, Clemson University, Clemson, USA J.J. McConnell, Purdue University, West Lafayette, USA R.E. McCormick, Clemson University, Clemson, USA K.J. Murphy, USC Marshall School of Business, Los Angeles, USA R. Nash, Wake Forest University, Winston-Salem, USA E. Ofek, Harvard Business School, Boston, USA B. Parrino, University of Texas at Austin, Austin, USA G. Phillips, University of Southern California, Los Angeles, USA L. Renneboog, Tilburg University, Tilburg, Netherlands H. Servaes, London Business School, London, UK L.T. Starks, University of Texas at Austin, Austin, USA M. Stegemoller, Baylor University, Waco, USA K.S. Thorburn, Norwegian School of Economics (NHH), Bergen, Norway S. Titman, University of Texas at Austin, Austin, USA R.A. Walkling, Drexel University, Philadelphia, USA M.S. Weisbach, Ohio State University, Columbus, USA K.H. Wruck-Hopper, Ohio State University, Columbus, USA X. Xu, Peking University, Beijing, China D. Yermack, New York University, New York, USA AUTHOR INFORMATION PACK 8 Mar 2014 www.elsevier.com/locate/jcorpfin 4 GUIDE FOR AUTHORS . Your Paper Your Way ypyw-gfa-banner.gifyour paper your way Submission Fees Each submission must be accompanied by a submission fee of US$ 250.00. The submission fee applies to every round, unless forgiven by the Editors. Submissions will only be considered after payment of the submission fee via SubmissionStart. Submission fee is non-refundable and a paper may be rejected by the Editors without being sent for review, should a paper be inconsistent with the Aims and Scope of the Journal as set out on the Journal website, or not adhere to the style requirements as outlined in the Guide for Authors. The submission fees are used to support journal related activities. Journal Policy Statement The editors of the Journal of Corporate Finance are committed to publishing papers that advance our knowledge of corporate finance through both theoretical and empirical work. We hope to publish papers that are useful to readers and that are innovative. We will publish papers with "non results" if they contribute to our general understanding of corporate finance. In today's world, there are vast amounts of data from many different countries available readily. Thus, there are great opportunities to do work that expand our knowledge. However, there are also unprecedented opportunities to find correlations among variables with weak theoretical justification. Papers that do so will not be published. Our goal is to publish research that impacts our understanding of corporate finance. The Journal of Corporate Finance has a two-stage review process. In the first stage, at least one editor must decide that a paper should go to a reviewer. The number of submissions to the JCF has increased dramatically and we do not have the resources in terms of the editor's and, most importantly, reviewer's time to review all papers. If a paper passes the first stage, the paper is sent to at least one reviewer for detailed comments. We would like to help authors improve their papers, even if they will not be published, but we are severely limited in that role by resource constraints. The editor's final decisions are based on the potential contribution of the paper, the fit with the mission of the Journal of Corporate Finance, and the quality of the work. If a paper is rejected in the first stage without a review, the author will be charged. We will pay our reviewers $50 for each review. Authors considering a submission should make sure the paper is as polished as possible, fits with the mission of the Journal of Corporate Finance (a guiding question is whether there are related publications already in the Journal of Corporate Finance) and is of interest to our readers. Our letter to reviewers contains this paragraph and should further guide authors: The Journal of Corporate Finance is a leading corporate finance journal that publishes both theoretical and empirical papers. The Journal of Corporate Finance is receiving a large number of submissions and we have many high quality submissions. Thus, our rejection rate is now over 95% and we, and you, do not have the resources to work with any paper that while at some point may be publishable, would need significant work from the authors (and you). Empirical work that replicates earlier work for a new sample (or new international data) is generally not publishable unless the sample allows important new insights. Theoretical work needs important empirical implications, regardless of the quality of the technique, to be considered. We can not publish theoretical work where the contribution is the technique. Further, it is not a referee's job to work with a paper that is poorly executed or does not recognize the literature or in general is submitted too early. Of course, sometimes it is beneficial to work with a diamond in the rough but only if you recognize there could be a valuable diamond there, not some vague potential of a diamond. If you believe the paper is not publishable for any of the above reasons even a short note explaining your reasoning would be helpful. BEFORE YOU BEGIN Ethics in publishing For information on Ethics in publishing and Ethical guidelines for journal publication see http://www.elsevier.com/publishingethics and http://www.elsevier.com/journal-authors/ethics. AUTHOR INFORMATION PACK 8 Mar 2014 www.elsevier.com/locate/jcorpfin 5 Human and animal rights If the work involves the use of animal or human subjects, the author should ensure that the work described has been carried out in accordance with The Code of Ethics of the World Medical Association (Declaration of Helsinki) for experiments involving humans http://www.wma.net/en/30publications/10policies/b3/index.html; EU Directive 2010/63/EU for animal experiments http://ec.europa.eu/environment/chemicals/lab_animals/legislation_en.htm; Uniform Requirements for manuscripts submitted to Biomedical journals http://www.icmje.org. 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AUTHOR INFORMATION PACK 8 Mar 2014 www.elsevier.com/locate/jcorpfin 9 Classification codes Please provide up to 6 standard JEL codes. The available codes may be accessed at JEL: http://www.aeaweb.org/jel/guide/jel.php. Abbreviations Define abbreviations that are not standard in this field in a footnote to be placed on the first page of the article. Such abbreviations that are unavoidable in the abstract must be defined at their first mention there, as well as in the footnote. Ensure consistency of abbreviations throughout the article. Acknowledgements Collate acknowledgements in a separate section at the end of the article before the references and do not, therefore, include them on the title page, as a footnote to the title or otherwise. List here those individuals who provided help during the research (e.g., providing language help, writing assistance or proof reading the article, etc.). 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Color artwork Please make sure that artwork files are in an acceptable format (TIFF (or JPEG), EPS (or PDF), or MS Office files) and with the correct resolution. If, together with your accepted article, you submit usable color figures then Elsevier will ensure, at no additional charge, that these figures will appear in color on the Web (e.g., ScienceDirect and other sites) regardless of whether or not these illustrations are reproduced in color in the printed version. For color reproduction in print, you will receive AUTHOR INFORMATION PACK 8 Mar 2014 www.elsevier.com/locate/jcorpfin 10 information regarding the costs from Elsevier after receipt of your accepted article. Please indicate your preference for color: in print or on the Web only. For further information on the preparation of electronic artwork, please see http://www.elsevier.com/artworkinstructions. 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Reference management software This journal has standard templates available in key reference management packages EndNote (http://www.endnote.com/support/enstyles.asp) and Reference Manager (http://refman.com/support/rmstyles.asp). Using plug-ins to wordprocessing packages, authors only need to select the appropriate journal template when preparing their article and the list of references and citations to these will be formatted according to the journal style which is described below. Reference formatting There are no strict requirements on reference formatting at submission. References can be in any style or format as long as the style is consistent. Where applicable, author(s) name(s), journal title/book title, chapter title/article title, year of publication, volume number/book chapter and the pagination must be present. Use of DOI is highly encouraged. The reference style used by the journal will be applied to the accepted article by Elsevier at the proof stage. Note that missing data will be highlighted at proof stage for the author to correct. If you do wish to format the references yourself they should be arranged according to the following examples: Journal abbreviations source Journal names should be abbreviated according to the List of Title Word Abbreviations: http://www.issn.org/services/online-services/access-to-the-ltwa/. Video data Elsevier accepts video material and animation sequences to support and enhance your scientific research. Authors who have video or animation files that they wish to submit with their article are strongly encouraged to include links to these within the body of the article. This can be done in the same way as a figure or table by referring to the video or animation content and noting in the body text where it should be placed. All submitted files should be properly labeled so that they directly relate to the video file's content. 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AUTHOR INFORMATION PACK 8 Mar 2014 www.elsevier.com/locate/jcorpfin 1 JOURNAL OF CORPORATE FINANCE AUTHOR INFORMATION PACK TABLE OF CONTENTS . XXX . ? Description ? Audience ? Abstracting and Indexing ? Editorial Board ? Guide for Authors p.1 p.2 p.2 p.2 p.4 ISSN: 0929-1199 DESCRIPTION . The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome. Submission Policy Statement The editors of the Journal of Corporate Finance are committed to publishing papers that advance our knowledge of corporate finance through both theoretical and empirical work. We hope to publish papers that are useful to readers and that are innovative. We will publish papers with "non results" if they contribute to our general understanding of corporate finance. In today's world, there are vast amounts of data from many different countries available readily. Thus, there are great opportunities to do work that expand our knowledge. However, there are also unprecedented opportunities to find correlations among variables with weak theoretical justification. Papers that do so will not be published. Our goal is to publish research that impacts our understanding of corporate finance. The Journal of Corporate Finance has a two-stage review process. In the first stage, at least one editor must decide that a paper should go to a reviewer. The number of submissions to the JCF has increased dramatically and we do not have the resources in terms of the editor's and, most importantly, reviewer's time to review all papers. If a paper passes the first stage, the paper is sent to at least one reviewer for detailed comments. We would like to help authors improve their papers, even if they will not be published, but we are severely limited in that role by resource constraints. The editor's final decisions are based on the potential contribution of the paper, the fit with the mission of the Journal of Corporate Finance, and the quality of the work. Each submission must be accompanied by a submission fee of US$200.00. The submission fee applies to every round, unless forgiven by the Editors. Submissions will only be considered after payment of the submission fee via SubmissionStart. Submission fee is non-refundable and a paper may be rejected by the Editors without being sent for review, should a paper be inconsistent with the Aims and Scope of the Journal as set out on the Journal website, or not adhere to the style requirements as outlined in the Guide for Authors. The submission fees are used to support journal related activities. Authors considering a submission should make sure the paper is as polished as possible, fits with the mission of the Journal of Corporate Finance (a guiding question is whether there are related AUTHOR INFORMATION PACK 8 Mar 2014 www.elsevier.com/locate/jcorpfin 2 publications already in the Journal of Corporate Finance) and is of interest to our readers. Our letter to reviewers contains this paragraph and should further guide authors: The Journal of Corporate Finance is a leading corporate finance journal that publishes both theoretical and empirical papers. The Journal of Corporate Finance is receiving a large number of submissions and we have many high quality submissions. Thus, our rejection rate is now over 95% and we, and you, do not have the resources to work with any paper that while at some point may be publishable, would need significant work from the authors (and you). Empirical work that replicates earlier work for a new sample (or new international data) is generally not publishable unless the sample allows important new insights. Theoretical work needs important empirical implications, regardless of the quality of the technique, to be considered. We can not publish theoretical work where the contribution is the technique. Further, it is not a referee's job to work with a paper that is poorly executed or does not recognize the literature or in general is submitted too early. Of course, sometimes it is beneficial to work with a diamond in the rough but only if you recognize there could be a valuable diamond there, not some vague potential of a diamond. If you believe the paper is not publishable for any of the above reasons even a short note explaining your reasoning would be helpful. AUDIENCE . For Economists, Legal Practitioners, Financial Economists. ABSTRACTING AND INDEXING . Current Contents/Social & Behavioral Sciences Journal of Economic Literature IBZ RePEc Social Sciences Citation Index Scopus Gale Infotrac Custom Gale Infotrac Custom Journal Citation Reports - Social Sciences Edition Current Abstracts (EBSCO) EDITORIAL BOARD . Editors: J.M. Netter, Dept. of Finance, Terry College of Business,University of Georgia, 310 Herty Drive, Athens, GA 30602, USA Co-Editors: S. Gillan, Dept. of Finance, Terry College of Business,University of Georgia, 310 Herty Drive, Athens, GA 30602, USA H. Mulherin, Dept. of Finance, Terry College of Business,University of Georgia, 310 Herty Drive, Athens, GA 30602, USA A. Poulsen, Dept. of Finance, Terry College of Business,University of Georgia, 310 Herty Drive, Athens, GA 30602, USA Founding Editor: K. Lehn, Joseph M. Katz Graduate School of Business, University of Pittsburgh, Roberto Clemente Drive, Pittsburgh, PA 15260, USA Associate Editors: S. Bhagat, University of Colorado Boulder, Boulder, USA A. Boone, University of Kansas, Lawrence, USA M. Bradley, Duke University, Durham, USA J.A. Brickley, University of Rochester, Rochester, USA M. Campello, Cornell University, Ithaca, USA D.J. Denis, University of Pittsburgh, Pittsburgh, USA E. Eckbo, Dartmouth College, Hanover, USA J.P.H. Fan, Chinese University of Hong Kong, Shatin, N.T., Hong Kong AUTHOR INFORMATION PACK 8 Mar 2014 www.elsevier.com/locate/jcorpfin 3 S. Gilson, Harvard Business School, Boston, USA M. Goergen, Cardiff University, Cardiff, UK V. Goyal, Hong Kong University of Science & Technology, Kowloon, Hong Kong D. Hackbarth, Boston University, Boston, USA C.J. Hadlock, Michigan State University, East Lansing, USA J.V.T. Harford, University of Washington, Seattle, USA D.A. Hirshleifer, University of California at Irvine, Irvine, USA K. John, Leonard Stern School of Business, New York, USA S.N. Kaplan, University of Chicago, Chicago, USA A. Klein, New York University, New York, USA C. Lewis, Vanderbilt University, Nashville, USA J.S. Linck, University of Georgia, Athens, USA T. Loughran, University of Notre Dame, Notre Dame, USA M. Maloney, Clemson University, Clemson, USA J.J. McConnell, Purdue University, West Lafayette, USA R.E. McCormick, Clemson University, Clemson, USA K.J. Murphy, USC Marshall School of Business, Los Angeles, USA R. Nash, Wake Forest University, Winston-Salem, USA E. Ofek, Harvard Business School, Boston, USA B. Parrino, University of Texas at Austin, Austin, USA G. Phillips, University of Southern California, Los Angeles, USA L. Renneboog, Tilburg University, Tilburg, Netherlands H. Servaes, London Business School, London, UK L.T. Starks, University of Texas at Austin, Austin, USA M. Stegemoller, Baylor University, Waco, USA K.S. Thorburn, Norwegian School of Economics (NHH), Bergen, Norway S. Titman, University of Texas at Austin, Austin, USA R.A. Walkling, Drexel University, Philadelphia, USA M.S. Weisbach, Ohio State University, Columbus, USA K.H. Wruck-Hopper, Ohio State University, Columbus, USA X. Xu, Peking University, Beijing, China D. Yermack, New York University, New York, USA AUTHOR INFORMATION PACK 8 Mar 2014 www.elsevier.com/locate/jcorpfin 4 GUIDE FOR AUTHORS . Your Paper Your Way ypyw-gfa-banner.gifyour paper your way Submission Fees Each submission must be accompanied by a submission fee of US$ 250.00. The submission fee applies to every round, unless forgiven by the Editors. Submissions will only be considered after payment of the submission fee via SubmissionStart. Submission fee is non-refundable and a paper may be rejected by the Editors without being sent for review, should a paper be inconsistent with the Aims and Scope of the Journal as set out on the Journal website, or not adhere to the style requirements as outlined in the Guide for Authors. The submission fees are used to support journal related activities. Journal Policy Statement The editors of the Journal of Corporate Finance are committed to publishing papers that advance our knowledge of corporate finance through both theoretical and empirical work. We hope to publish papers that are useful to readers and that are innovative. We will publish papers with "non results" if they contribute to our general understanding of corporate finance. In today's world, there are vast amounts of data from many different countries available readily. Thus, there are great opportunities to do work that expand our knowledge. However, there are also unprecedented opportunities to find correlations among variables with weak theoretical justification. Papers that do so will not be published. Our goal is to publish research that impacts our understanding of corporate finance. The Journal of Corporate Finance has a two-stage review process. In the first stage, at least one editor must decide that a paper should go to a reviewer. The number of submissions to the JCF has increased dramatically and we do not have the resources in terms of the editor's and, most importantly, reviewer's time to review all papers. If a paper passes the first stage, the paper is sent to at least one reviewer for detailed comments. We would like to help authors improve their papers, even if they will not be published, but we are severely limited in that role by resource constraints. The editor's final decisions are based on the potential contribution of the paper, the fit with the mission of the Journal of Corporate Finance, and the quality of the work. If a paper is rejected in the first stage without a review, the author will be charged. We will pay our reviewers $50 for each review. Authors considering a submission should make sure the paper is as polished as possible, fits with the mission of the Journal of Corporate Finance (a guiding question is whether there are related publications already in the Journal of Corporate Finance) and is of interest to our readers. Our letter to reviewers contains this paragraph and should further guide authors: The Journal of Corporate Finance is a leading corporate finance journal that publishes both theoretical and empirical papers. The Journal of Corporate Finance is receiving a large number of submissions and we have many high quality submissions. Thus, our rejection rate is now over 95% and we, and you, do not have the resources to work with any paper that while at some point may be publishable, would need significant work from the authors (and you). Empirical work that replicates earlier work for a new sample (or new international data) is generally not publishable unless the sample allows important new insights. Theoretical work needs important empirical implications, regardless of the quality of the technique, to be considered. We can not publish theoretical work where the contribution is the technique. Further, it is not a referee's job to work with a paper that is poorly executed or does not recognize the literature or in general is submitted too early. Of course, sometimes it is beneficial to work with a diamond in the rough but only if you recognize there could be a valuable diamond there, not some vague potential of a diamond. If you believe the paper is not publishable for any of the above reasons even a short note explaining your reasoning would be helpful. BEFORE YOU BEGIN Ethics in publishing For information on Ethics in publishing and Ethical guidelines for journal publication see http://www.elsevier.com/publishingethics and http://www.elsevier.com/journal-authors/ethics. AUTHOR INFORMATION PACK 8 Mar 2014 www.elsevier.com/locate/jcorpfin 5 Human and animal rights If the work involves the use of animal or human subjects, the author should ensure that the work described has been carried out in accordance with The Code of Ethics of the World Medical Association (Declaration of Helsinki) for experiments involving humans http://www.wma.net/en/30publications/10policies/b3/index.html; EU Directive 2010/63/EU for animal experiments http://ec.europa.eu/environment/chemicals/lab_animals/legislation_en.htm; Uniform Requirements for manuscripts submitted to Biomedical journals http://www.icmje.org. Authors should include a statement in the manuscript that informed consent was obtained for experimentation with human subjects. The privacy rights of human subjects must always be observed. Conflict of interest All authors are requested to disclose any actual or potential conflict of interest including any financial, personal or other relationships with other people or organizations within three years of beginning the submitted work that could inappropriately influence, or be perceived to influence, their work. See also http://www.elsevier.com/conflictsofinterest. Further information and an example of a Conflict of Interest form can be found at: http://help.elsevier.com/app/answers/detail/a_id/286/p/7923. 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The statement that all authors have approved the final article should be true and included in the disclosure. Changes to authorship This policy concerns the addition, deletion, or rearrangement of author names in the authorship of accepted manuscripts: Before the accepted manuscript is published in an online issue: Requests to add or remove an author, or to rearrange the author names, must be sent to the Journal Manager from the corresponding author of the accepted manuscript and must include: (a) the reason the name should be added or removed, or the author names rearranged and (b) written confirmation (e-mail, fax, letter) from all authors that they agree with the addition, removal or rearrangement. In the case of addition or removal of authors, this includes confirmation from the author being added or removed. Requests that are not sent by the corresponding author will be forwarded by the Journal Manager to the corresponding author, who must follow the procedure as described above. Note that: (1) Journal Managers will inform the Journal Editors of any such requests and (2) publication of the accepted manuscript in an online issue is suspended until authorship has been agreed. After the accepted manuscript is published in an online issue: Any requests to add, delete, or rearrange author names in an article published in an online issue will follow the same policies as noted above and result in a corrigendum. Copyright This journal offers authors a choice in publishing their research: Open Access and Subscription. For Subscription articles Upon acceptance of an article, authors will be asked to complete a 'Journal Publishing Agreement' (for more information on this and copyright, see http://www.elsevier.com/copyright). An e-mail will be sent to the corresponding author confirming receipt of the manuscript together with a 'Journal Publishing Agreement' form or a link to the online version of this agreement. 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AUTHOR INFORMATION PACK 8 Mar 2014 www.elsevier.com/locate/jcorpfin 9 Classification codes Please provide up to 6 standard JEL codes. The available codes may be accessed at JEL: http://www.aeaweb.org/jel/guide/jel.php. Abbreviations Define abbreviations that are not standard in this field in a footnote to be placed on the first page of the article. Such abbreviations that are unavoidable in the abstract must be defined at their first mention there, as well as in the footnote. Ensure consistency of abbreviations throughout the article. Acknowledgements Collate acknowledgements in a separate section at the end of the article before the references and do not, therefore, include them on the title page, as a footnote to the title or otherwise. List here those individuals who provided help during the research (e.g., providing language help, writing assistance or proof reading the article, etc.). Math formulae Present simple formulae in the line of normal text where possible and use the solidus (/) instead of a horizontal line for small fractional terms, e.g., X/Y. In principle, variables are to be presented in italics. Powers of e are often more conveniently denoted by exp. Number consecutively any equations that have to be displayed separately from the text (if referred to explicitly in the text). Footnotes Footnotes should be used sparingly. Number them consecutively throughout the article. Many wordprocessors build footnotes into the text, and this feature may be used. Should this not be the case, indicate the position of footnotes in the text and present the footnotes themselves separately at the end of the article. Do not include footnotes in the Reference list. Table footnotes Indicate each footnote in a table with a superscript lowercase letter. Artwork Electronic artwork General points ? Make sure you use uniform lettering and sizing of your original artwork. ? Preferred fonts: Arial (or Helvetica), Times New Roman (or Times), Symbol, Courier. ? Number the illustrations according to their sequence in the text. ? Use a logical naming convention for your artwork files. ? Indicate per figure if it is a single, 1.5 or 2-column fitting image. ? For Word submissions only, you may still provide figures and their captions, and tables within a single file at the revision stage. ? Please note that individual figure files larger than 10 MB must be provided in separate source files. A detailed guide on electronic artwork is available on our website: http://www.elsevier.com/artworkinstructions. You are urged to visit this site; some excerpts from the detailed information are given here. Formats Regardless of the application used, when your electronic artwork is finalized, please 'save as' or convert the images to one of the following formats (note the resolution requirements for line drawings, halftones, and line/halftone combinations given below): EPS (or PDF): Vector drawings. Embed the font or save the text as 'graphics'. TIFF (or JPG): Color or grayscale photographs (halftones): always use a minimum of 300 dpi. TIFF (or JPG): Bitmapped line drawings: use a minimum of 1000 dpi. TIFF (or JPG): Combinations bitmapped line/half-tone (color or grayscale): a minimum of 500 dpi is required. Please do not: ? Supply files that are optimized for screen use (e.g., GIF, BMP, PICT, WPG); the resolution is too low. ? Supply files that are too low in resolution. ? Submit graphics that are disproportionately large for the content. Color artwork Please make sure that artwork files are in an acceptable format (TIFF (or JPEG), EPS (or PDF), or MS Office files) and with the correct resolution. If, together with your accepted article, you submit usable color figures then Elsevier will ensure, at no additional charge, that these figures will appear in color on the Web (e.g., ScienceDirect and other sites) regardless of whether or not these illustrations are reproduced in color in the printed version. For color reproduction in print, you will receive AUTHOR INFORMATION PACK 8 Mar 2014 www.elsevier.com/locate/jcorpfin 10 information regarding the costs from Elsevier after receipt of your accepted article. Please indicate your preference for color: in print or on the Web only. For further information on the preparation of electronic artwork, please see http://www.elsevier.com/artworkinstructions. Please note: Because of technical complications which can arise by converting color figures to 'gray scale' (for the printed version should you not opt for color in print) please submit in addition usable black and white versions of all the color illustrations. Figure captions Ensure that each illustration has a caption. A caption should comprise a brief title (not on the figure itself) and a description of the illustration. Keep text in the illustrations themselves to a minimum but explain all symbols and abbreviations used. References Citation in text Please ensure that every reference cited in the text is also present in the reference list (and vice versa). Any references cited in the abstract must be given in full. Unpublished results and personal communications are not recommended in the reference list, but may be mentioned in the text. If these references are included in the reference list they should follow the standard reference style of the journal and should include a substitution of the publication date with either 'Unpublished results' or 'Personal communication'. Citation of a reference as 'in press' implies that the item has been accepted for publication. Web references As a minimum, the full URL should be given and the date when the reference was last accessed. Any further information, if known (DOI, author names, dates, reference to a source publication, etc.), should also be given. Web references can be listed separately (e.g., after the reference list) under a different heading if desired, or can be included in the reference list. References in a special issue Please ensure that the words 'this issue' are added to any references in the list (and any citations in the text) to other articles in the same Special Issue. Reference management software This journal has standard templates available in key reference management packages EndNote (http://www.endnote.com/support/enstyles.asp) and Reference Manager (http://refman.com/support/rmstyles.asp). Using plug-ins to wordprocessing packages, authors only need to select the appropriate journal template when preparing their article and the list of references and citations to these will be formatted according to the journal style which is described below. Reference formatting There are no strict requirements on reference formatting at submission. References can be in any style or format as long as the style is consistent. Where applicable, author(s) name(s), journal title/book title, chapter title/article title, year of publication, volume number/book chapter and the pagination must be present. Use of DOI is highly encouraged. The reference style used by the journal will be applied to the accepted article by Elsevier at the proof stage. Note that missing data will be highlighted at proof stage for the author to correct. If you do wish to format the references yourself they should be arranged according to the following examples: Journal abbreviations source Journal names should be abbreviated according to the List of Title Word Abbreviations: http://www.issn.org/services/online-services/access-to-the-ltwa/. Video data Elsevier accepts video material and animation sequences to support and enhance your scientific research. Authors who have video or animation files that they wish to submit with their article are strongly encouraged to include links to these within the body of the article. This can be done in the same way as a figure or table by referring to the video or animation content and noting in the body text where it should be placed. All submitted files should be properly labeled so that they directly relate to the video file's content. In order to ensure that your video or animation material is directly usable, please provide the files in one of our recommended file formats with a preferred maximum size of 50 MB. Video and animation files supplied will be published online in the electronic version of your article in Elsevier Web products, including ScienceDirect: http://www.sciencedirect.com. Please supply 'stills' with your files: you can choose any frame from the video or animation or make a separate image. These will be used instead of standard icons and will personalize the AUTHOR INFORMATION PACK 8 Mar 2014 www.elsevier.com/locate/jcorpfin 11 link to your video data. For more detailed instructions please visit our video instruction pages at http://www.elsevier.com/artworkinstructions. Note: since video and animation cannot be embedded in the print version of the journal, please provide text for both the electronic and the print version for the portions of the article that refer to this content. AudioSlides The journal encourages authors to create an AudioSlides presentation with their published article. AudioSlides are brief, webinar-style presentations that are shown next to the online article on ScienceDirect. This gives authors the opportunity to summarize their research in their own words and to help readers understand what the paper is about. More information and examples are available at http://www.elsevier.com/audioslides. Authors of this journal will automatically receive an invitation e-mail to create an AudioSlides presentation after acceptance of their paper. Supplementary data Elsevier accepts electronic supplementary material to support and enhance your scientific research. Supplementary files offer the author additional possibilities to publish supporting applications, high- resolution images, background datasets, sound clips and more. Supplementary files supplied will be published online alongside the electronic version of your article in Elsevier Web products, including ScienceDirect: http://www.sciencedirect.com. In order to ensure that your submitted material is directly usable, please provide the data in one of our recommended file formats. Authors should submit the material in electronic format together with the article and supply a concise and descriptive caption for each file. For more detailed instructions please visit our artwork instruction pages at http://www.elsevier.com/artworkinstructions. Submission checklist The following list will be useful during the final checking of an article prior to sending it to the journal for review. Please consult this Guide for Authors for further details of any item. Ensure that the following items are present: One author has been designated as the corresponding author with contact details: ? E-mail address ? Full postal address ? Telephone All necessary files have been uploaded, and contain: ? Keywords ? All figure captions ? All tables (including title, description, footnotes) Further considerations ? Manuscript has been 'spell-checked' and 'grammar-checked' ? All references mentioned in the Reference list are cited in the text, and vice versa ? Permission has been obtained for use of copyrighted material from other sources (including the Web) ? Color figures are clearly marked as being intended for color reproduction on the Web (free of charge) and in print, or to be reproduced in color on the Web (free of charge) and in black-and-white in print ? If only color on the Web is required, black-and-white versions of the figures are also supplied for printing purposes For any further information please visit our customer support site at http://support.elsevier.com. AFTER ACCEPTANCE Use of the Digital Object Identifier The Digital Object Identifier (DOI) may be used to cite and link to electronic documents. The DOI consists of a unique alpha-numeric character string which is assigned to a document by the publisher upon the initial electronic publication. The assigned DOI never changes. Therefore, it is an ideal medium for citing a document, particularly 'Articles in press' because they have not yet received their full bibliographic information. Example of a correctly given DOI (in URL format; here an article in the journal Physics Letters B): http://dx.doi.org/10.1016/j.physletb.2010.09.059 When you use a DOI to create links to documents on the web, the DOIs are guaranteed never to change. AUTHOR INFORMATION PACK 8 Mar 2014 www.elsevier.com/locate/jcorpfin 12 Online proof correction Corresponding authors will receive an e-mail with a link to our online proofing system, allowing annotation and correction of proofs online. The environment is similar to MS Word: in addition to editing text, you can also comment on figures/tables and answer questions from the Copy Editor. Web-based proofing provides a faster and less error-prone process by allowing you to directly type your corrections, eliminating the potential introduction of errors. If preferred, you can still choose to annotate and upload your edits on the PDF version. All instructions for proofing will be given in the e-mail we send to authors, including alternative methods to the online version and PDF. We will do everything possible to get your article published quickly and accurately - please upload all of your corrections within 48 hours. It is important to ensure that all corrections are sent back to us in one communication. Please check carefully before replying, as inclusion of any subsequent corrections cannot be guaranteed. Proofreading is solely your responsibility. Note that Elsevier may proceed with the publication of your article if no response is received. Offprints The corresponding author, at no cost, will be provided with a PDF file of the article via e- mail (the PDF file is a watermarked version of the published article and includes a cover sheet with the journal cover image and a disclaimer outlining the terms and conditions of use). For an extra charge, paper offprints can be ordered via the offprint order form which is sent once the article is accepted for publication. Both corresponding and co-authors may order offprints at any time via Elsevier's WebShop (http://webshop.elsevier.com/myarticleservices/offprints). Authors requiring printed copies of multiple articles may use Elsevier WebShop's 'Create Your Own Book' service to collate multiple articles within a single cover (http://webshop.elsevier.com/myarticleservices/offprints/myarticlesservices/booklets). AUTHOR INQUIRIES For inquiries relating to the submission of articles (including electronic submission) please visit this journal's homepage. For detailed instructions on the preparation of electronic artwork, please visit http://www.elsevier.com/artworkinstructions. Contact details for questions arising after acceptance of an article, especially those relating to proofs, will be provided by the publisher. You can track accepted articles at http://www.elsevier.com/trackarticle. You can also check our Author FAQs at http://www.elsevier.com/authorFAQ and/or contact Customer Support via http://support.elsevier.com. ? Copyright 2012 Elsevier | http://www.elsevier.com