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Welcome to the website of "Finance" - the academic journal of the French Finance Association

 "Finance" is the academic journal of the French Finance Association.

"Finance" aims at covering all aspects of finance with financial economics, financial management, corporate finance, quantitative finance, financial econometrics, mathematical finance, international finance, banking finance, behavioral finance, entrepreneurial finance (and so) in mind. The list of interesting subjects is extremely large: Asset Pricing, Corporate Governance, Financial Markets, Financial Institutions and Banking (management, intermediation and regulation), Risk Management, Financial Distress and Bankruptcy, Ethics and Sustainability, Derivatives, Insurance, Macrofinance, Market Microstructure, Portfolio & Asset Management, Private Equity, Real Estate Finance, etc.

The AFFI society is pleased to invite you to submit your paper through the link here.

Our editorial team welcomes high quality research across all the fields of finance. The content of the research may be theoretical, empirical or mixed. The journal uses double-blind review meaning that both authors and referees are anonymous. In addition, a desk rejection policy prevents waste of time for all parties. Our acceptance rate is about 15% (incuding the desk rejection policy).

You may consult the last volumes of FINANCE here.

Les adhérents de l'AFFI pourront consulter les anciens numéros de la revue en se connectant sur leur espace personnel.

Authors of accepted papers may find below informations about their articles. Accepted papers are published along a FIFO policy.

'Finance ' is referenced

  • in various ranking/quality lists of academic journals such as CNRS, HCERES, FNEGE, ECONLIT, HARZING, ABDC Australie, etc and
  • on various platforms such as Econpapers IDEAS/REPEC (here) and ECONPAPERS (here).

It is considered by google.scholar and consequently by the Harzing "Publish or Perish" software. According to the Harzing's PoP software (and by using the ISSN number of 'Finance'), the h-index of 'Finance' is 15 (over the largest period) and 7 (when restricted to the 2012-2014 period). Similarly, the g-index is respectively 24 and 12. 

ISSN : 0752-6180
ISSN on-line : 2101-0145
Former title: Revue FInance, Revue de l'Association Française de Finance.
Publisher: Presses Universitaires de Grenoble

Accepted for publication and forthcoming in "Finance"


Assigned to the next issue of "Finance"

Paula Margaretic (Central Bank of Chile)
"Emerging Market Risk Premia Fluctuations: A micro founded decomposition"

Published in 2015

Ilham Riachi (Louvain School of Management, Belgium), Armin Schwienbacher (Univ. Lille & SKEMA, France)
"Overcollateralization in Corporate Securitization.", Finance, 36(3)

Jamil Jaballah (IAE, Univ. Toulouse 1, France)
"Impact of the Subprime crisis on the reputation of rating agencies", Finance, 36(3)

Sami Attaoui (Neoma Business School, France), Pierre Six (Neoma Business School, France)
"The Bond-Stock Mix ", Finance, 36(3)

Paolo Mazza (IESEG, France)
"Rethinking Zero Returns in the Liquidity Puzzle of a Limit Order Market ", Finance, 36(2)

Timothy C. G. Fischer (University of Sydney, Australia), Jocelyn Martel (ESSEC Business School, France)
"Too Much of a Good Thing? The Impact of a New Bankruptcy Law in Canada ", Finance, 36(2)

Philippe Bertrand (Aix-Marseille Université, France), Jean-Luc Prigent (Université de Cergy-Pontoise, France)
"On Path-Dependent Structured Funds: Complexity Does Not Always Pay (Asian versus Average Performance Funds)", Finance, 36(2)

Patrick Kouontchou (Univ. Lorraine, France), Benjamin Hamidi (ABN AMRO, France), Christophe Hurlin (Univ. Orléans, France), Bertrand Maillet (Univ. Orléans, France)
"Towards a well-diversified risk measure: A DARE approach", Finance, 36(1).

Laura Ballotta (Cass Business School, City University London, UK) Gianluca Fusai (Cass Business School, City University London, UK)
"Counterparty credit risk in a multivariate structural model with jumps", Finance, 36(1).

Nihat Aktas (WHU Otto Beisheim School of Management, Vallendar, Germany), Marion Dupire-Declerck (Vlerick Business School, KU Leuven, Belgium)
"Increased entry threat and merger activity ", Finance, 36(1).

Published in 2014

Eric De Bodt (Univ. Lille Nord de France, France), Jean-Gabriel Cousin (Univ. Lille Nord de France, France) and Irina Demidova (Univ. Lille Nord de France, France)
"M&A Outcomes and Willingness to Sell ", Finance, 35(1)

Christophe Trowski (Univ. Caen Basse Normandie, France)
"Acquisitions and Bidder Stock Valuations : Empirical Evidence from the French Market", Finance, 35(1)

Laurent Germain (Univ. Toulouse, TBS, France), Fabrice Rousseau (NUI Maynooth, Irland) and Anne Vanhems (Univ. Toulouse, TBS & TSE, France)
"Irrational Market Makers ", Finance, 35(1)

Carole Bernard (Univ. Waterloo, Canada), Phelim P. Boyle (Wilfrid Laurier Univ., Canada) and Steven Vanduffel (Vrije Univ. Brussels, Belgium)
"Explicit Representation of Cost-Efficient Strategies ", Finance, 35 (2)

Julien Fouquau (Neoma Business School), Philippe Karl Spieser (ESCP Europe, France)

"Stock Returns Memories: a "Stardust" Memory? ", Finance, 35 (2)

Olivier Le Courtois (EM Lyon, France), Christian Walter (ICP, France)
"The Computation of Risk Budgets under the Lévy Process Assumption ", Finance, 35 (2)

Hubert Tchakoute Tchuigoua (KEDGE Business School, France)
"Performance of Microfinance Institutions: Do Board Activity and Governance Ratings Matter?", Finance, 35(3).

Patrick Roger (Univ. Strasbourg, France)
"The 99% Market Sentiment Index", Finance, 35(3).

Hubert De La Bruslerie (Univ. Dauphine, France), Jessica Fouilloux (Univ. Rennes 1, France)
"Interest Term Premiums and C-CAPM : A Test of a Parsimonious Model", Finance, 35(3).

Published in 2013

Marie Brière (Univ. Libre de Bruxelles, Belgium), Bastien Drut (Univ. Paris Ouest, France), Valérie Mignon (Univ. Paris Ouest, France), Kim Oosterlinck (Univ. Libre de Bruxelles, Belgium), Ariane Szafarz (Univ. Libre de Bruxelles, Belgium)
"Is the Market Portfolio Efficient? A New Test of Mean-Variance Efficiency when All Assets Are Risky", Finance, 34 (1).

Olivier Le Courtois (EM Lyon, France), Rivo Randrianarivony (Univ. Rennes 1, France)
"On the Bankruptcy Risk of Insurance Companies ", Finance, 34 (1).

Philippe Bertrand (Univ. Aix-Marseille, France), Jean-Luc prigent (Univ. Cergy-Pontoise, France)
"Analysis and Comparison of Leveraged ETFs and CPPI-type Leveraged Strategies ", Finance, 34 (1).

Achraf Bernoussi (Univ. Lille Nord de France, France), Sébastien Dereeper (Univ. Lille Nord de France, France), Armin Schwienbacher (Univ. Lille Nord de France, France)
"Underwriting Syndicate Structure and Lead Manager Reputation : An Empirical Study on European Stock Markets", Finance, 34 (2).

Alexis Direr (Univ. Orléans, France), Michael Visser (CNRS, CREST, France)
"Portfolio choice and financial advice ", Finance, 34 (2).

Sami Attaoui (Rouen Business School, France), Vincent Lacoste (Rouen Business School, France)
"A scenario-based description of optimal American capital guaranteed strategies ", Finance, 34 (2).

Nihat Aktas (SKEMA Business School & WHU Otto Beisheim School of Management, France), Jean-Gabriel Cousin (Univ. Lille Nord de France, France), Jun Yao (Chris) Zhang (SKEMA Business School, France)
"The value effect of operational hedging : Evidence from foreign takeovers ", Finance, 34 (3).

Douglas Cumming (York University, Schulich School of Business, UK), Gael Imad'Eddine (Univ. Lille Nord de France, SKEMA, France), Armin Schwienbacher (Univ. Lille Nord de France, SKEMA, France)
"Legality and the Spread of Voluntary Investor Protection ", Finance, 34 (3).

Maxime Merli (Univ. Strasbourg, France), Tristan Roger (Univ. Grenoble, France)
"What drives the herding behavior of individual investors? ", Finance, 34 (3).

Published in 2012

Jose Miguel Gaspar (ESSEC Business School, France)
"The Performance of French LBO Firms : New data and new results", Finance, 33(2)

Edith Ginglinger (Univ. Dauphine, France), Jacques Hamon (Univ. Dauphine, France)
"Ownership, control and market liquidity ", Finance, 33(2)

Emmanuelle Gabillon (Univ. Bordeaux, France), Jean Claude Gabillon (Toulouse Business School, France)
"Corporate Risk Management and Information Disclosure ", Finance, 33(2)

Shaneera Boolell-Gunesh (Univ. Strasbourg, France), Marie-Hélène Broihanne (Univ. Strasbourg, France), Maxime Merli (Univ. Strasbourg, France)
"Sophistication of Individual Investors and Disposition Effect Dynamics ", Finance, 33(1)

Marie Lambert (Univ. de Liège, Belgium)
"Hedge Fund Market Risk Exposures: A Survey ", Finance, 33(1)

Elena-Ivona Dumitrescu (Univ. Orléans, France), Christophe Hurlin (Univ. Orléans, France), Vinson Pham (UC Santa Cruz, Etats-Unis)
"Backtesting Value-at-Risk: From Dynamic Quantile to Dynamic Binary Tests ", Finance, 33(1)


Thierry Ané, Carole Métais,
"Are Jumps Contagious? An Empirical Investigation of Jumps Transmission Mechanisms in the Nasdaq Sector Indexes", Finance, 32(1)

Nihat Aktas, Ingrid Bellettre, Jean-Gabriel Cousin,
"Capital Structure Decisions of French Very Small Businesses", Finance, 32(1)

Charles H. J. Reuter,
A survey of ‘culture and finance'”, Finance, 32(1)

Isabelle Girerd-Potin, Sonia Jimenez-Garces, Pascal Louvet,
The Link between Social Rating and Financial Capital Structure ”, Finance, 32(2)

Bang Dang Nguyen,
Ownership Structure and Board Characteristics as Determinants of CEO Turnover in French-Listed Companies”, Finance, 32(2)

Abraham Lioui, Patrice Poncet,
Misunderstanding risk and return?”, Finance, 32(2)

Pascal François, Georges Hübner, Jean-Roch Sibille,
A Structural Balance Sheet Model of Sovereign Credit Risk”, Finance, 32(2)


Nicolas Aubert, Thomas Rapp,
"Employee's investment behaviors in a company based savings plan", Finance, 31(1)

François Quittard-Pinon, Rivo Randrianarivony,
"Exchange Options when One Underlying Price Can Jump ", Finance, 31(1) 

Renaud Beaupain, Pierre Giot, Mikael Petitjean,
"Volatility regimes and liquidity co-movements in cap-based portfolios ", Finance, 31(1) 

 Jeanblanc Monique, Yor Marc, Chesney Marc,
"Mathematical Methods for Financial Markets ", Finance, 31(1)

Abraham Lioui, Patrice Poncet,
"Money and Asset Prices in a Production Economy ", Finance, 31(2) 

 Christophe J. Godlewski,
"How to get a syndicated loan fast? The role of syndicate composition and organization", Finance, 31(2)

 Pierre Six,
"Dynamic strategies when consumption and wealth risk aversions differ ", Finance, 31(2)