Journal of Finance

About Journal of Finance

The Journal of Finance: Overview

The Journal of Finance is the official journal of the American Finance Association (AFA), published by Wiley on behalf of the Association. It is widely regarded as the leading peer-reviewed journal in financial economics and one of the most cited journals in all of economics. The journal's own overview page describes it as publishing leading research across all major fields of financial research, and as "the most widely cited academic journal on finance" and one of the most widely cited journals in economics (source: Wiley journal overview page, accessed October 2026).

The journal is published six times a year (bimonthly) and, according to the publisher, each issue reaches more than 8,000 academics, finance professionals, libraries, government bodies, and financial institutions around the world. It carries two ISSNs: 1540-6261 (online) and 0022-1082 (print), with all rights held by the American Finance Association (source: Wiley journal homepage, accessed October 2026).

In October 2026 the journal's Wiley homepage displayed a Journal Impact Factor of 12.2 and a CiteScore of 16.8. Third-party compilations of Journal Citation Reports data associate the 12.2 figure with the 2024-data release (published in 2025); the journal was listed #2 of 101 in the "Business, Finance" category (Q1) and #7 of 345 in "Economics" (Q1) on a Web of Science-based ranking (sources: journal's Wiley homepage; bioxbio.com and ooir.org compilations of Clarivate data, accessed October 2026). Readers should verify current metrics on the journal's official page, as figures are updated annually.

The Journal of Finance is consistently named among the three top-tier finance journals. New York University's Stern School of Business finance department lists the Journal of Finance, the Review of Financial Studies, and the Journal of Financial Economics as its three top-tier finance journals, noting that these titles consistently carry impact factors near or above five, well clear of second-tier finance journals (source: NYU Stern finance department top-tier journals list).

History of the Journal of Finance

The Journal of Finance's roots go back to the founding of its parent organization. The American Finance Association was planned at a meeting in December 1939 in Philadelphia. The Association's first journal, titled American Finance, appeared in 1942. It was renamed The Journal of Finance and began regular publication in August 1946 — the journal's founding year (source: AFA "About the AFA" page, afajof.org/about/, accessed October 2026).

The first editor was Marshall Ketchum of the University of Chicago, who served from 1946 to 1955. Since then, a succession of prominent financial economists has led the journal, including Harold Fraine, Joel Segall, Lawrence Ritter, Alexander Robichek, Jack Guttentag, Marshall Blume, Michael Brennan, Edwin Elton and Martin Gruber, René Stulz, Richard Green, Robert Stambaugh, Geert Bekaert, Campbell Harvey (2006–2012), Kenneth Singleton (2012–2016), and Stefan Nagel (2016–2022), before the current editorship began (sources: AFA and secondary editor listings; en.wikipedia.org/wiki/The_Journal_of_Finance, accessed October 2026).

In 2026, the AFA launched a second journal, the Journal of Finance: Insights and Perspectives (JF:I&P), with its inaugural issue scheduled for October 2026 — marking the first major expansion of the Association's publishing program in the Journal of Finance's 80-year history (source: AFA "About the AFA" page, accessed October 2026).

Over its eight decades, the journal has published many of the papers that define modern financial economics — work on asset pricing, market efficiency, portfolio theory, corporate finance, banking, derivatives, and behavioral finance. The journal's Wiley homepage highlights collections of Nobel Prize–related JF papers, underscoring the journal's connection to research recognized at the highest level (source: Wiley journal homepage, accessed October 2026).

Editorial Leadership

The journal's editorial board page names Antoinette Schoar of the Massachusetts Institute of Technology as Editor (source: Wiley Journal of Finance editorial board page, accessed October 2026). Schoar, a professor of finance at MIT Sloan, has held the editorship since 2022 (secondary source: en.wikipedia.org/wiki/The_Journal_of_Finance).

She is supported by four Co-Editors: Urban Jermann (University of Pennsylvania), Leonid Kogan (Massachusetts Institute of Technology), Jonathan Lewellen (Dartmouth College), and Thomas Philippon (New York University). The board includes 52 associate editors drawn from leading institutions — including Duke, Harvard, Yale, Stanford, Princeton, Columbia, UCLA, UC Berkeley, the London School of Economics, the London Business School, HEC Paris, the Stockholm School of Economics, and Shanghai Jiao Tong University, among others. Kathleen Weiss Hanley of Lehigh University serves as Business Manager, and Wendy Washburn as Assistant Editor (source: Wiley Journal of Finance editorial board page, accessed October 2026).

Associate editors play an important role beyond handling manuscripts: each year they vote for the journal's best-paper prizes, the Smith Breeden Prize and the Brattle Prize (secondary source: Wikipedia citing AFA practice).

Aims & Scope

The Journal of Finance publishes leading research across all the major fields of financial research, and it is ranked among the most widely cited journals in both finance and economics as a whole. Its readership spans academics, finance professionals, libraries, government agencies, and financial institutions in more than 8,000 locations worldwide per issue (source: Wiley journal overview page, accessed October 2026).

In practice, the journal's scope covers the full breadth of financial economics, including asset pricing, portfolio choice, market microstructure and trading, corporate finance and corporate governance, banking and financial intermediation, international finance and exchange rates, derivatives, household finance, behavioral finance, and the intersection of finance with macroeconomics and public policy. The journal's own subject keywords list includes finance, financial economics, theory, markets, international exchange, derivatives, trading, macroeconomic policy, and modelling (source: Wiley journal overview page, accessed October 2026).

The journal is indexed and abstracted in the Social Sciences Citation Index, Journal Citation Reports/Social Science Edition, EconLit, RePEc, and Current Contents: Social & Behavioral Sciences, among other databases (source: Wiley journal overview page, accessed October 2026).

Editorial Process and Peer Review

Refereeing at the Journal of Finance is single-blind: the first page of a submission must be a title page that includes the names of the authors, the manuscript title, and an abstract of no more than 100 words (source: AFA submission page, afajof.org/submissions/, accessed October 2026).

To keep the process moving, the journal insists that all submission requirements be met before the manuscript reaches the editor — the AFA states plainly that "the editor will not see your paper until all these requirements are met." Submissions lacking the mandatory conflict-of-interest disclosure statement, for example, are returned to the submitting author immediately. Manuscripts that exceed the 60-page length limit are desk-rejected (source: AFA submission page, accessed October 2026).

The Journal of Finance also publishes detailed policies on conflicts of interest between authors, editors, associate editors, and referees, and on data and code sharing. The journal's replications and corrigenda section invites short papers (20 pages or fewer) documenting material sensitivities of central results in previously published JF papers — including empirical design choices to which an original study is not robust — as well as corrigenda in which authors report material errors in their own published papers (source: AFA submission page, accessed October 2026).

Recent policy updates: As of February 1, 2024, authors have twelve months to resubmit after a revise-and-resubmit decision (extensions possible at the editor's discretion). As of April 1, 2026, the journal introduced a new referee credit policy: reviewers must select their preferred compensation at the time they accept a review invitation — either a cash payout via PayPal or a philanthropic donation to the AFA APC Support Fund or the Rick Green Prize Fund (source: AFA submission page, accessed October 2026).

The journal has also adopted artificial intelligence disclosure policies for both authors and referees. Authors may use AI tools to help draft or edit text or improve code, but they remain fully accountable for and must fact-check AI-assisted outputs; AI tools may not be listed as co-authors. When AI tools are used to create new datasets, data classifications, or analyses, the journal asks authors to use open-source models or clearly time-stamped versions of proprietary models and to document the prompts used, to support replicability. Referees may similarly use AI to assist with drafting, editing, or looking up references in their reports, subject to the same accountability requirement (source: AFA submission page, accessed October 2026).

Metrics & Impact

The journal's Wiley homepage displays the following citation metrics (as shown in October 2026):

Historical impact factors (third-party compilations of Clarivate Journal Citation Reports data, accessed October 2026): 2021: 7.870; 2022: 8.0; 2023: 7.6; 2024: 9.5; 2025 (2026 update): 12.2 (source: bioxbio.com journal page for J FINANC). These figures are secondary compilations; authors and readers should consult the current Journal Citation Reports for the authoritative current figure.

Acceptance rate: The Journal of Finance does not publicly disclose an acceptance rate. It is widely understood to be one of the most selective journals in economics and finance, but no official figure is published, and any number cited elsewhere should be treated as unofficial.

Submission Guidelines

All papers must be submitted electronically in PDF format through the journal's submission site (the Wiley author guidelines page points authors to the AFA's submission portal at afajof.org/submissions/). The following are the journal's mandatory requirements; the AFA emphasizes that papers not meeting them will be returned before editorial review (source: AFA submission page, afajof.org/submissions/, accessed October 2026).

• File format: PDF only, submitted electronically.
• Title page: The first page must include the authors' names (refereeing is single-blind), the manuscript title, and an abstract of not more than 100 words. Designation of a corresponding author is not required at initial submission but will be required in the final version if the paper is accepted.
• Disclosure statements: A conflict-of-interest disclosure statement — with a separate disclosure for each author by name — must be placed on the page following the title page (not in a separate file, and not in the acknowledgments footnote). Resubmissions must include a disclosure statement too, even if the authors have nothing to disclose (that fact should then be stated explicitly, e.g., "I have nothing to disclose"). The statement is available to referees and does not count toward the page limit. Submissions without disclosure statements are returned to the submitting author immediately.
• Length: The manuscript must not exceed 60 pages (at least 1.5 line spacing, 12-point font, 1-inch side margins, 1.5-inch top/bottom margins). The limit includes internal appendices, reference lists, figures, and tables — papers exceeding it are immediately desk-rejected — and applies to resubmissions as well.
• Internet Appendix: Additional material may go in an Internet Appendix, which must be placed at the end of the manuscript as part of the same PDF file, not as a separate upload, with the title "Internet Appendix" at the top of its first page. It does not count toward the 60-page limit, but the paper must be self-contained enough for readers to understand the study without relying on any separate material.
• Code sharing policy: If the paper is accepted, the code used to produce the paper's results must be submitted with the final version and will be made available in the Supplementary Information section of the online article. By submitting, authors agree to comply; exemption requests must be made in the cover letter at the time of first submission.
• Cover letter: In most cases a cover letter is not necessary. Authors should use one only for specific information for the editors — such as a code-sharing exemption request or information about potential conflicts of interest for the reviewing team.

Replications and Corrigenda: Submissions for this periodic section must be short — no longer than 20 pages, all-inclusive — and follow all other submission guidelines. Acceptance is at the editors' discretion, taking into account whether the results are still relevant for the profession (source: AFA submission page, accessed October 2026).

Questions about the submission process can be directed to the Assistant Editor, Wendy Washburn, at JFeditor@afajof.org (source: AFA submission page, accessed October 2026).

Submission Fees, Refunds, and Appeals

The Journal of Finance charges submission fees that vary by the submitting authors' country income level and AFA membership status. Fees are paid by credit card (Visa, MasterCard, or American Express) as part of the submission procedure (source: AFA submission page, afajof.org/submissions/, accessed October 2026):

• High-income economies: AFA members $400; non-members $525.
• Middle-income economies: AFA members $100; non-members $150.
• Low-income economies: no submission fee.

To qualify for a fee waiver or reduced fee, all authors of the submission must currently reside in a low- or middle-income-economy country. AFA membership brings discounted member pricing (source: AFA submission page, accessed October 2026).

Refund policy: For desk rejections (except resubmissions of previously rejected papers), the journal returns a flat $200 for submissions from high-income economies; refunds for middle-income economies remain the same. If an editorial decision is rendered more than 100 days after receipt of the submission, the entire submission fee is refunded — though this applies only to a manuscript's first submission (source: AFA submission page, accessed October 2026).

Appeals: Authors may appeal a rejection for a fee of $600. An appeal can trigger a fresh review only if the author provides a solid argument that the referees, associate editor, or editors made a factual error in evaluating the original submission — arguments that issues could be fixed in a revision are not valid grounds, and appeals based on subjective judgments about the paper's contribution are not considered (source: AFA submission page, accessed October 2026).

Open Access and APC

The Journal of Finance is a subscription journal that offers an open access option: authors can have their article made freely available to everyone, including non-subscribers. The AFA points authors to Wiley's Journal of Finance open access page for details, including fees (source: AFA submission page, afajof.org/submissions/, accessed October 2026).

APC figure: A specific article publication charge for the Journal of Finance's open access option was not verified on an official page during this research. Authors considering the open access route should check Wiley's Journal of Finance open access page for the current fee before submitting.

The journal also allows authors to self-archive pre-publication versions of their accepted papers in online repositories such as SSRN or on authors' own websites (source: AFA submission page, accessed October 2026). The AFA maintains an APC Support Fund to subsidize open access costs — the journal's referee credit policy lets reviewers donate their honoraria to this fund (or to the Rick Green Prize Fund) instead of taking a cash payout (source: AFA submission page, accessed October 2026).

Separately, effective with the 2024 volume, members and individual subscribers began migrating to online access, described by the publisher as a move to reduce the environmental impact of producing and distributing printed journal copies and to invest in digital development and sustainability. Published articles continue to appear on Wiley Online Library and to be disseminated through the journal's broad network of indexing services (source: Wiley journal author guidelines page, accessed October 2026).

Prizes and Recognition

The Journal of Finance sponsors several prizes recognizing outstanding papers published in its pages:

• Smith Breeden Prize: awarded annually for the best finance papers published in the journal, as voted by the associate editors (secondary source: Wikipedia).
• Brattle Prize: awarded for the best corporate finance research papers, also voted by the associate editors (secondary source: Wikipedia).
• Dimensional Fund Advisors (DFA) Prize: a newer prize; the 2025 First Prize-winning paper was "Social Security and Trends in Wealth Inequality" by Sylvain Catherine, Max Miller, and Natasha Sarin, featured in a Journal of Finance webinar hosted by editor Antoinette Schoar (source: AFA news, afajof.org, July 2026).
• Rick Green Prize Fund: an early-career researcher prize fund supported by the AFA, which referees can choose to support through donated honoraria (source: AFA submission page, accessed October 2026).

The journal's homepage also maintains a collection of Nobel Prize–related JF papers, reflecting how frequently research first published in the Journal of Finance has gone on to receive the Nobel Memorial Prize in Economic Sciences (source: Wiley journal homepage, accessed October 2026).

The American Finance Association and the Journal Family

The Journal of Finance is the official publication of the American Finance Association, described by the publisher as the premier academic organization devoted to the study and promotion of knowledge about financial economics. The AFA's stated purposes include providing for the mutual association of persons interested in finance, improving public understanding of financial problems, exchanging financial ideas through its periodical, and encouraging the study of finance in colleges and universities (source: AFA "About the AFA" page, accessed October 2026).

Each January, the AFA holds its Annual Meeting, bringing together researchers from around the world to present and discuss new research across finance; the meeting also features the Presidential Address delivered by the Association's current president. Association membership has grown steadily since its founding, reflecting the AFA's broad community of scholars and professionals in financial economics (source: AFA "About the AFA" page, accessed October 2026).

In 2026 the AFA expanded its publishing program with the launch of the Journal of Finance: Insights and Perspectives (JF:I&P), a second journal whose inaugural issue was scheduled for October 2026 (source: AFA "About the AFA" page, accessed October 2026).

Key Facts

Frequently Asked Questions

What is the Journal of Finance?

The Journal of Finance is the official journal of the American Finance Association, published by Wiley. It is widely regarded as the leading peer-reviewed journal in financial economics and is consistently ranked among the three top-tier finance journals alongside the Review of Financial Studies and the Journal of Financial Economics.

When was the Journal of Finance founded?

The Journal of Finance began regular publication in August 1946. It grew out of the American Finance Association's first journal, American Finance, which was published in 1942 after the Association was planned at a meeting in Philadelphia in December 1939 (source: AFA "About the AFA" page).

Who publishes the Journal of Finance?

The journal is published by Wiley on behalf of the American Finance Association, the premier academic organization devoted to the study and promotion of knowledge about financial economics. All rights in the journal are held by the Association (sources: Wiley journal homepage and overview page).

Who is the current editor of the Journal of Finance?

The current Editor is Antoinette Schoar of the Massachusetts Institute of Technology, in office since 2022. She is supported by four Co-Editors: Urban Jermann (University of Pennsylvania), Leonid Kogan (MIT), Jonathan Lewellen (Dartmouth College), and Thomas Philippon (New York University), plus 52 associate editors (source: Wiley Journal of Finance editorial board page).

What is the Journal of Finance's impact factor?

The journal's Wiley homepage displays a Journal Impact Factor of 12.2 and a CiteScore of 16.8 (as shown October 2026; third-party JCR compilations associate the 12.2 figure with the 2024-data release). The journal is ranked #2 of 101 in "Business, Finance" (Q1) and #7 of 345 in "Economics" (Q1). Metrics are updated annually — verify current figures on the official journal page.

What is the acceptance rate of the Journal of Finance?

The Journal of Finance does not publicly disclose an acceptance rate, so no official figure can be quoted. It is known as one of the most selective journals in economics and finance.

How often is the Journal of Finance published?

The journal is published six times a year (bimonthly). Effective with the 2024 volume, members and individual subscribers began migrating to online access for environmental and sustainability reasons.

What are the ISSNs of the Journal of Finance?

Online ISSN: 1540-6261; Print ISSN: 0022-1082 (source: Wiley journal homepage).

How do I submit a paper to the Journal of Finance?

Submissions are electronic, in PDF format, through the journal's submission site (reached via afajof.org/submissions/). Key requirements: a title page with author names and a ≤100-word abstract (review is single-blind), a per-author conflict-of-interest disclosure statement immediately after the title page, a 60-page maximum with specified formatting, and an Internet Appendix (if any) as part of the same PDF. Papers exceeding 60 pages are desk-rejected. Questions can be sent to Assistant Editor Wendy Washburn at JFeditor@afajof.org.

What are the submission fees?

For high-income economies: $400 for AFA members, $525 for non-members. For middle-income economies: $100/$150. Submissions from authors all residing in low-income economies carry no fee. Desk rejections (high-income) receive a flat $200 refund; the full fee is refunded if the first editorial decision takes more than 100 days (source: AFA submission page).

Can I appeal a rejection from the Journal of Finance?

Yes. Appeals cost $600 and can trigger a fresh review only with a solid argument that the reviewing team made a factual error in evaluating the original submission — arguments that the issues could be fixed in a revision, or that rest on subjective judgments of the paper's contribution, are not valid grounds (source: AFA submission page).

Is the Journal of Finance open access?

The Journal of Finance is a subscription journal with an optional open access route (Wiley OnlineOpen), under which an article is made freely available to all readers. A specific APC figure was not verified on an official page during this research — check Wiley's Journal of Finance open access page for current fees. Authors may also self-archive pre-publication versions of accepted papers on SSRN or their own websites (source: AFA submission page).

Profile compiled October 2026 from the journal's official Wiley pages and the American Finance Association website listed below. Metrics, fees, and policies change over time — always verify current figures on the journal's official pages before citing or acting on them.