You are looking at the editor’s website for the Critical Finance Review (CFR). The editor is Ivo Welch (UCLA).

The CFR publishes leading academic research in all areas of financial economics. It is a high-prestige peer-reviewed free “boutique” journal. It only publishes 5-10 papers per year, but with paper quality comparable to the Journal of Finance, Journal of Financial Economics, and Review of Financial Studies. The CFR’s ultimate goal is to publish 10-15 papers per year, never 100—and to publish some more unconventional and interesting papers. In some ways, the CFR seeks to be as good but run differently than other outlets. It wants to be eclectic. Its special niche are critiques, but the CFR publishes many non-critiques.

NOW Publishers

The journal also maintains its primary institutional website at NOW Publishers (Zac Rolnik), at Please ask your institution to subscribe. The price is reasonable.


The CFR itself not a non-profit company. Actually, it is not a for-profit company, either. It exists because the original editor thought that the existing journals let many good papers fall through the cracks—especially but not only critiques. The editor pays the expenses of the journal and has his reputation and money on the line. The editor’s long-term intent is to donate the journal to the profession (subject to making its existing publisher [NOW] whole).


I (Ivo Welch) have been asked a few times why the CFR did not start as an association journal. The reason was nimbleness. No rules, committees, consensus, and the like. The AFA and SFS are two great organizations (and I sit on the board of the former and love the folks running the latter), and they do many things incredibly well, but they also have drawbacks. The difficulties in reaching agreement among many faculty are best illustrated by the multi-year-long process and eventual failure to adopt a data availability policy. At the CFR, I simply decreed it. I could do so only because the CFR is small and the existence of the SFS and AFA afford me the luxury to be a marginal player. As a profession, we would not want our two main association journals (JF and RFS) to make decisions like I do at the CFR.

The American Finance Association has been especially supportive of the CFR efforts. In addition, I have offered to donate the journal to the AFA, now that it has been established. In any case, I thank all the folks involved

Main Editor

Ivo Welch, UCLA:

Editorial Board

The editorial board is always changing. In v5-1, 2016, it consisted of

Yacine Ait-Sahalia, Princeton
Lucian Bebchuk, Harvard Law
Peter Bossaerts, Melbourne
Murillo Campello, Cornell
John Cochrane, Hoover
George Constantinides, Chicago Booth
Joshua Coval, Harvard Business
Martijn Cremers, Notre Dame
Kenneth R. French, Dartmouth
Xavier Gabaix, NYU
William Goetzmann, Yale
Amit Goyal, HEC, Lausanne
Ravi Jagannathan, Northwestern
Kose John, NYU
Mark Kamstra, York University
Eugene Kandel, Hebrew University
Steven Neil Kaplan, Chicago Booth
Dana Kiku, Illinois
Leonid Kogan, MIT
Lisa Kramer, Toronto University
Josh Lerner, Harvard Business
Martin Lettau, UC Berkeley
Jonathan W. Lewellen, Dartmouth
Atif Mian, Princeton
Roni Michael, Cornell
Randall Morck, Alberta
Tobias Moskowitz, Chicago Booth
Terry Odean, UC Berkeley
S. Abraham Ravid, Yeshiva University
Jay Ritter, Florida
Bryan R. Routledge, CMU
Pedro Santa-Clara, NOVA
Tyler Shumway, Michigan
Matthew Spiegel, Yale
Philip Strahan, Boston College
Jeffrey Wurgler, NYU
Raman Uppal, LBS
Paolo Volpin, LBS
Michael S. Weisbach, OSU
Lu Zhang, OSU

Over time, the CFR plans to rotate out its beginning associate editors with authors who have contributed to the journal.