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.