Letter from the Editor
Christie, Bill, Financial Management
As you likely noticed, this issue of Financial Management is a weightier tome than you have received in the past! One of the many parameters FM monitors is the time to publication for articles that have been unconditionally accepted. This backlog has grown over the past year to approximately 18 months, which we believe is unacceptably long. In order to reduce this backlog, each issue in 2010 will contain 15 articles rather than the customary eight, allowing us to reduce the time to publication to less than one year for articles accepted today. This strategy also allows us to collect articles with similar research topics in the same issue, thereby allowing our readers to reduce their search costs for related articles in FM. Accomplishing this second objective will also be made easier as we are now including a listing of forthcoming articles at the back of each issue. These articles have been available at the FM website http://www.fma.org/Publications/FM/ForthcomingFM.htm, but the new listing in the print version of FM will provide easier one-stop shopping.
The turnaround time for FM continues to be very competitive in relation to other top-ranked finance journals. The following table summarizes the disposition of manuscripts received between October 1, 2008 and September 30, 2009 (the past fiscal year) and between October 1,2005 and September 30, 2009 (since the beginning of my editorship).
December 31, 2008 marked the conclusion of the terms for a number of our Associate Editors, who are now officially "Emeritus." The Associate Editors whose terms concluded in December 2008 are Ravi Jagannathan (Northwestern), Steward Myers (MIT), Mitch Peterson (Northwestern), Laura Starks (Texas), Hans Stoll (Vanderbilt), and Michael Weisbach (Illinois). I am very grateful to their service these past few years.
Joining the Associate Editor line-up are seven outstanding colleagues whose suggestions and input will be greatly valued: Audra Boone (Kansas), Mara Faccio (Purdue), Laura Field (Penn State), David Ikenberry (Illinois), Erik Lie (Iowa), Robert Whaley (Vanderbilt), and Lu Zhang (Michigan).
The second annual FM/UC-Davis conference was held at the Cakebread Winery in Napa Valley from April 3 to 5, 2009. A committee consisting of 37 members evaluated the 126 submissions, selecting six papers for presentation (a 5% acceptance rate). All nonpresenting participants were polled regarding the impact of the paper based on the presentation and subsequent discussion. The winner was Professor Enrichetta Ravina from Columbia University for her paper "Love and Loans: The Effect of Beauty and Personal Characteristics in Credit Markets." Our previous winner (for the 2008 conference) was Michael Cliff of Virginia Tech for his paper "Return Differences between Trading and Non-trading Hours: Like Night and Day." The conference will be held again this year at the Cakebread Winery on April 30 to May 1, 2010.
I have had the privilege of working with a wonderful group of Associate Editors and referees during this past year whose names are listed below. I am grateful to them for helping FM provide timely and constructive feedback to those submitting their work for possible publication. Finally, I wish to acknowledge that it has, yet again, been a joy to work with all the staff at the FMA and its various boards and committees.
October 1, 2008- October 1, 2005 September 30, 2009 September 30, 2009 Manuscripts received 270 1,065 Decisions made 221 1,016 Papers accepted (rate) 28(10%) 132(12%) Revision solicited 49(18%) 261(25%) Papers rejected by referee 101 (38%) 480(45%) Papers rejected by editor 43(16%) 143(13%) Papers outstanding 49(18%) 49(5%) Turnaround time (as % of decisions rendered for refereed papers, excluding desk rejects) 0 < weeks [less than or equal to] 5 36. …