The Journal of Financial Research is a quarterly academic journal devoted to publication of original scholarly research across all major areas of finance. The JFR, as it is popularly known, has been in continuous publication since 1978 and is sponsored by the Southern Finance Association (SFA) and the Southwestern Finance Association (SWFA). The Journal is published and distributed by Wiley InterScience, and is available in print and electronic format. Manuscripts submitted for publication are double-blind-refereed to insure fairness to the extent possible.