The Journal of Financial Research is a quarterly academic journal devoted to publication of original scholarly research in the following areas: investments, portfolio management, capital markets and institutions, corporate finance, corporate governance, capital investment, financial accounting, experimental finance, and international 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-Black Publishing, and is available in print and electronic format. Manuscripts submitted for publication are double-blind-refereed to insure fairness to the extent possible.