EFM Special Issue “Corporate Policies and Asset Prices”

AuthorLu Zhang
Date01 September 2018
Published date01 September 2018
DOI: 10.1111/eufm.12195
EFM Special Issue Corporate Policies and
Asset Prices
In response to the invitation from Prof. John Doukas, I have served as the guest editor for the EFM's
special issue on Corporate Policies and Asset Prices.In total, out of more than 150 submitted
manuscripts, only seven have been accepted for the special issue.
I am a big fan of Prof. Matthew Spiegel's philosophy of Reviewing LessProgressing More
(Spiegel, 2012). Matt argues that we can accomplish a lot more as a profession if we all do less as
referees and editors,”“editors can help by routinely paring down referee demands,and by being
bold, editors greatly increase the odds they accept the very few submissions that ultimately impact the
profession (p. 1338).
I tried to follow Matt's advice closely. Among the seven accepted articles, I gave conditional
acceptance to one article, and told the authors that they can do whatever they see fit to incorporate the
referee comments. I accepted three articles in the second round outright, without sending them out for a
second review. One article was accepted after a second review, in which the referee simply said: Please
accept. Two other articles went to the third round, but no referees were involved since the first round
review. In one case, I needed a more balanced interpretation of the evidence, and in another, a more
updated sample. The authors of both articles responded within one week, and their manuscripts
accepted right afterward. Three articles were accepted, despite one negative report in the first round. In
these cases, I made the call based on a myriad of factors, such as the author(s)reputation (credibility)
and my sense of the importance of the economic questions addressed in the manuscripts. Finally, the
topic of the special issue reflects my own area that connects corporate policies with asset prices. While
my own work emphasizes the neoclassical approach, I have attempted to adopt a pluralistic approach in
editing the special issue. Two months before his passing, a dear friend, Rick Green, advised me: Let a
thousand flowers bloom.I shall follow his advice for the rest of my career.
Guest Editor: Professor Lu Zhang
The Ohio State University
Email: zhanglu@fisher.osu.edu
Spiegel, Matthew, 2012, Reviewing lessProgressing more, Review of Financial Studies 25 (5), 13311338.
Eur Financ Manag. 2018;24:487. wileyonlinelibrary.com/journal/eufm © 2018 John Wiley & Sons, Ltd.

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