Style Guide for Accepted and Conditionally Accepted Papers

For new submissions and resubmissions, refer to the Submissions page for style requirements. 

Cover Page, Abstract, and Headings

Manuscripts must be double-spaced (2.5 line-spacing for TeX papers) and single-sided on 8.5″ × 11″ paper. The title page must show the title, author name(s), affiliation(s), and e-mail address(es). The first page of text should begin with the one-paragraph abstract of no more than 100 words. All sections of the paper, beginning with the Introduction and ending with a conclusion or summary, must be numbered with Roman numerals. Subsection headings must be lettered A, B, C, etc. Subsubsection headings must be lettered 1, 2, 3, etc. Capitalize the first, last, and any important words in all headings. Please ensure that the section numbers cited in the text are also updated.

TeX formatting commands for section headings


The periods following section numbers will be automated during typesetting; you do not need to include them in TeX files for copyediting.

Add comment tags at the end of each heading to signify heading number:
Heading:             \section{This Is an Example of Heading I}%I
Subheading:        \subsection{This Is an Example of Heading A}%A
Subsubheading:  \subsubsection{This Is an Example of Heading 1}%1


Text portions of the paper, including acknowledgments, abstract, text (12 point font), footnotes, appendix, references, and table and figure descriptions should be:

  • double-spaced (\setstretch{2.5} for TeX),
  • ragged right (hyphenation canceled), and
  • 0.5-inch paragraph indent

If the tables or figures run across multiple pages, break pages after the description or between panels or graphs. Avoid breaking in the middle of a panel if possible.


(longnamesfirst option for TeX)
References with three authors or more should have all authors listed when first cited (e.g., Titman, Wei, and Xie (2004)), and abbreviate to the “et al.” format for subsequent citations (e.g., Titman et al. (2004)).

  • Each citation year is enclosed within parentheses (e.g., Jones (2001), (2009)).
  • Citations within parentheses are separated by commas (Titman et al. (2004), Smith and Jones (1988), and Green (1988a)).
  • When a particular page, section, or equation is referred to, the reference also should be placed within parentheses: (Smith and Jones (1988), p. 222), (Green (1988a), eq. 3).

Check the manuscript for clarity, grammar, spelling, and punctuation to minimize editorial changes and the necessity of extensive corrections at the proof stage. All abbreviations must be defined the first time they are used. Please ensure that citations and references for working and forthcoming papers are up to date.


All but very short mathematical expressions should be displayed on a separate line and centered. Important displayed equations must be identified by consecutive Arabic numerals in parentheses on the left. Expressions should be aligned, and subscripts and superscripts clearly formatted to avoid confusion.

TeX formatting preferences

For consistent spacing around the equality symbols, use the eqnarray and eqnarray* environments for numbered and unnumbered equations, respectively. Equation numbers should appear on the top row of multi-line equations.

Z & = & a + n,\\
Y & = & c + m.\nonumber

C & = & \frac{a}{b}


Appendix equations:



Variable names that are 2 or more letters should be formatted in all caps, non-italic, with inner spaces replaced with underscores (e.g., TOTAL_ASSETS)
(TeX codes: \mbox{TOTAL\_ASSETS}, sub/superscript: {\rm TOTAL\_ASSETS})

Function names should be lowercased and non-italic (\mbox{}): var, cov, log, ln, min, max, etc.

Numbers and punctuation within math expressions should be non-italic.

Add comment tags signifying the start and end of each equation (e.g., %(1)).


Each table (preferably in portrait mode) must be titled and numbered consecutively with Arabic numerals. Please check the text to make sure there is a reference to each table. General footnotes should be marked as a, b, c, etc., for specific footnotes. *, **, and *** indicate significance at the 10%, 5%, and 1% levels, respectively. Check that totals are correct and that the title, column headings, and footnotes clearly explain the content of the table. Descriptions should be double-spaced (2.5 for TeX) in a single paragraph below the title. Place tables and figures on separate pages at the end of the article and indicate approximate placement within the text. Ensure that numbers in parentheses and square brackets have been defined. Panel headings should be underlined and in italics (e.g., Panel A. This Is a Panel Heading).

Tables cannot be accepted as Excel files, as this will produce too many typesetting errors.

For papers written in TeX: Add comment tags signifying the start and end of each table (e.g., %Tab1).



Figures must be titled and numbered consecutively with Arabic numerals. Captions should present sufficient information to describe the purpose of the figure. The captions should be double-spaced (2.5 for TeX) and placed below the title. The figures must be of professional quality and ready for reproduction. Ensure that the graphs will render well in black and white print and adjust language accordingly. Figures in .eps format are preferred, with each subfigure in a separate file. Each subfigure should be titled and referred to as graphs. The graph titles should be formatted in italics (e.g., Graph A. Title of the Graph).

Editable source files for figures (e.g., Excel-compatible) are appreciated.

For papers written in TeX: Add comment tags signifying the start and end of each figure (e.g., %Fig1) .




Footnotes must be double-spaced. Footnotes must not be used for the purpose of citation. Footnotes with extensive content should be avoided.


All works cited in the text must be alphabetically arranged in a double-spaced (2.5 for TeX) list at the end of the manuscript. Examples:

Brown, S., and J. Warner. “Using Daily Stock Returns: The Case of Event Studies.” Journal of Financial Economics, 14 (1985), 1–31.

Huson, M. “Does Governance Matter? Evidence from CalPERS Interventions.” Working Paper, University of Alberta (1997).

Ross, S. A. “Return, Risk and Arbitrage.” In Risk and Return in Finance, Vol. I, I. Friend and J. L. Bicksler, eds. Cambridge, MA: Ballinger (1977).

Titman, S.; K. C. Wei; and F. Xie. “Capital Investments and Stock Returns.” Journal of Financial and Quantitative Analysis, 39 (2004), 677–700.

Appendix Tables

If applicable, Appendix tables are placed in the Appendix section in the order that they are cited in the Appendix section. For an example, see Appendix B of Becker et al. (Aug. 2011), JFQA, pp 907–942, doi:10.1017/S0022109011000159.

Style Preferences

• We adhere to Merriam-Webster and the Chicago Manual of Style.

• This table reports   ⇒   Table 1 reports

• Panel A reports  ⇒   Panel A of Table 1 reports (when first mentioned in a paragraph)

• available upon request   ⇒   available from the authors

• When used within parentheses, abbreviate: e.g., i.e., vs.

• Internet Appendix reference should read “Internet Appendix (available at”

• Sole-authored papers should avoid the use of “we”

• Dashes. En-dash (–): Fama–French (0000), etc. Date/page ranges are connected by en-dashes. Avoid the use of em-dashes.

• Use log (common log or base 10) or ln (natural log or base e)

• Add an equation label each time an equation number is cited, for example: see equation (1), expression (2), and inequality (3)

• All abbreviations must be defined when first mentioned and used consistently thereafter; for example, CAPM, CRSP, SIC, BM, IBES (minimal punctuation is preferred), etc.

• would like to thank   ⇒   thank

• Use \times (x) in place of “*” or “·” for multiplication

• Abbreviate months when used within dates (Jan., Feb., Mar., Apr., Aug., Sept., Oct., Nov., Dec.)

• Web site (capitalization per dictionary) (provide URL)

• Provide the URL for each referenced Web site

• Capitalize the first, last, and any important words in all headings: text headings, article titles in references, table and panel titles, figure and graph titles, column headings, figure legends, and figure axis labels

• \usepackage{indentfirst}%indents the first line of paragraphs below headings

• U.K., U.S.: abbreviate when used as an adjective, spell out when used as a noun

• data is plural

• data set (2 words)

• equally-weighted X   ⇒   equal-weighted X

• co, non, sub are not hyphenated [also follow dictionary spelling]

• cross section (n, not hyphenated)

• Use symbol when following a number (e.g., 5% instead of 5 percent)

• 1-standard-deviation increase

• 3-factor model, 2-digit SIC, 4 lags

• Lowercase model X, column X

• Avoid contractions

• References order: last name, year, article title

• References by the same author are ordered by date, then alphabetically by title (e.g., Smith (2005a), (2005b))

• equal to 1, and 0 otherwise (numeric format when used as values)

• serial comma: placed before “and” when there are 3 or more names or items

• enumeration:  i), ii)

• Use \displaystyle\frac for nested fractions in display equations

• TeX authors: double-check that there are no “(??)” and that the paper has been fully processed

• TeX authors: remove all text that has been commented out to ensure that they do not accidentally appear in the published version

• If applicable, ensure that all table columns have headings

• If applicable, add labels to the x- and y-axis

• If applicable, remove borders from figure legends

• If applicable, remove background shading from figure graphics