Asia-Pacific Journal of Financial Studies

Cover image for Vol. 44 Issue 5

Edited By: Hee-Joon Ahn, Kee-Hong Bae and Kee H. Chung

Impact Factor: 0.302

ISI Journal Citation Reports © Ranking: 2014: 82/88 (Business Finance)

Online ISSN: 2041-6156

Author Guidelines


Thank you for your interest in Asia-Pacific Journal of Financial Studies. Please read the complete Author Guidelines carefully prior to submission, including the section on copyright. Note that the journal charges a submission fee. To ensure fast peer review and publication, manuscripts that do not adhere to the following instructions will be returned to the corresponding author for technical revision before undergoing peer review.

Note that submission implies that the content has not been published or submitted for publication elsewhere except as a brief abstract in the proceedings of a scientific meeting or symposium.

Once you have prepared your submission in accordance with the Guidelines, manuscripts should be submitted online at

We look forward to your submission.

The acceptance criteria for all papers are the quality and originality of the research and its significance to our readership. Except where otherwise stated, manuscripts are double-blind peer-reviewed by two anonymous reviewers and the Editor. Final acceptance or rejection rests with the Editorial Board, who reserve the right to refuse any material for publication.

Manuscripts should be written in a clear, concise, direct style. Where contributions are judged as acceptable for publication on the basis of content, the Editor and the Publisher reserve the right to modify typescripts to eliminate ambiguity and repetition and improve communication between author and reader. If extensive alterations are required, the manuscript will be returned to the author for revision.


Reproduction of Copyright Material. If excerpts from copyrighted works owned by third parties are included, credit must be shown in the contribution. It is the author’s responsibility to also obtain written permission for reproduction from the copyright owners. For more information visit Wiley’s Copyright Terms & Conditions FAQ at

Plagiarism Detection. The journal employs a plagiarism detection system. By submitting your manuscript to this journal you accept that your manuscript may be screened for plagiarism against previously published works.

Committee on Publication Ethics. The journal is a member of, and subscribes to the principles of the Committee on Publication Ethics (COPE).


Pre-submission English Language Editing
Authors for whom English is a second language may choose to have their manuscript professionally edited before submission to improve the English. A list of independent suppliers of editing services can be found at Japanese authors can also find a list of local English improvement services at All services are paid for and arranged by the author, and use of one of these services does not guarantee acceptance or preference for publication.

Optimising Your Article for Search Engines
Many students and researchers looking for information online will use search engines such as Google, Yahoo or similar. By optimising your article for search engines, you will increase the chance of someone finding it. This in turn will make it more likely to be viewed and/or cited in another work. We have compiled these guidelines to enable you to maximise the web-friendliness of the most public part of your article.

Spelling. The journal uses US spelling and authors should therefore follow the latest edition of the Merriam–Webster’s Collegiate Dictionary.

Abbreviations. In general, terms should not be abbreviated unless they are used repeatedly and the abbreviation is helpful to the reader. Initially use the word in full, followed by the abbreviation in parentheses. Thereafter use the abbreviation only.

Word length. The length of an article (including references, tables and appendices) should not exceed 10,000 words.

Parts of the Manuscript

The manuscript should be submitted in separate files: title page; main text file; figures.

Title page

The title page should contain (i) the title of the paper, (ii) the full names of the authors and (iii) the addresses of the institutions at which the work was carried out together with (iv) the full postal and email address, plus telephone numbers of the author to whom correspondence about the manuscript should be sent. The present address of any author, if different from that where the work was carried out, should be supplied in a footnote.

The title should be short, informative and contain the major key words and JEL classification. Do not use abbreviations in the title. A short running title (less than 40 characters) should also be provided.

Main text

As papers are double-blind peer reviewed the main text file should not include any information that might identify the authors

The main text file should be presented in the following order: (i) title, abstract, key words, and JEL classification, (ii) text, (iii) acknowledgments, (iv) references, (v) footnotes, (vi) appendices, (vii) tables (each table complete with title and footnotes) and (viii) figure legends. Figures should be supplied as separate files.

Abstract, key words and JEL classifications
All articles must have a brief abstract that states in 100 words or fewer the major points made and the principal conclusions reached. The abstract should not contain abbreviations or references.

Five key words (for the purposes of indexing) should be supplied below the abstract in alphabetical order.

Two to three JEL classification should be supplied after key words.

The text should be organised into an introductory section, conveying the background and purpose of the report, and then into sections identified with subheadings.

Equations should be numbered sequentially with Arabic numerals; these should be ranged right in parentheses. All variables should appear in italics. Use the simplest possible form for all mathematical symbols.

Where possible, draft heavily mathematical papers in software such as Scientific Word, TeX or LaTex and ensure that the PDF page proofs are checked thoroughly for accuracy.

The source of financial grants and other funding must be acknowledged, including a frank declaration of the authors’ industrial links and affiliations. The contribution of colleagues or institutions should also be acknowledged. Personal thanks are not appropriate.

The Harvard (author, date) system of referencing is used (examples are given below). In the text give the author’s name followed by the year in parentheses: Smith (2000). If there are two authors use 'and': Smith and Jones (2001); (Smith and Jones 2001). When reference is made to a work by three or more authors, the first name followed by et al. should be used: MacDonald et al. (2002). In the reference list, references should be listed in alphabetical order.

In the reference list, cite the names of all authors when there are six or fewer; when seven or more, list the first three followed by et al. Do not use ibid. or op cit. Reference to unpublished data and personal communications should not appear in the list but should be cited in the text only (e.g. Smith A, 2000, unpublished data). All citations mentioned in the text, tables or figures must be listed in the reference list.

Authors are responsible for the accuracy of the references.

Journal article
Jensen, M. C., and W. H. Meckling, 1976, Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics 3, pp. 305–360.

Online article not yet published in an issue
An online article that has not yet been published in an issue (therefore has no volume, issue or page numbers) can be cited by its Digital Object Identifier (DOI). The DOI will remain valid and allow an article to be tracked even after its allocation to an issue.

Smith, P. J., 2004, New statistical tests. Journal of Statistical Methods doi: 10.1046/j.1479-8298.2004.00089.x

Greene, W. H., 1999. Econometric analysis, 2nd edn. (Prentice Hall, New York).

Chapter in a book
Grossman, S. J., and O. D. Hart, 1982, Corporate financial structure and managerial incentives, in J. J. McCall, ed.: The Economics of Information and Uncertainty (University of Chicago Press, Chicago, Ill.).

Website [homepage on the Internet]. Association of Cancer Online Resources, New York c2000-01 [updated 16 May 2002; cited 9 Jul 2002]. Available from:

Footnotes should be placed as a list at the end of the paper only, not at the foot of each page. They should be numbered in the list and referred to in the text with consecutive, superscript Arabic numerals. Keep footnotes brief: they should contain only short comments tangential to the main argument of the paper and should not include references.

These should be placed at the end of the paper, numbered in Roman numerals and referred to in the text. If written by a person other than the author of the main text, the writer’s name should be included below the title.

Tables should be self-contained and complement, but not duplicate, information contained in the text. Number tables consecutively in the text in Arabic numerals. Type tables on a separate page with the legend above. Legends should be concise but comprehensive – the table, legend and footnotes must be understandable without reference to the text. Vertical lines should not be used to separate columns. Column headings should be brief, with units of measurement in parentheses; all abbreviations must be defined in footnotes. Footnote symbols: †, ‡, §, ¶, should be used (in that order) and *, **, *** should be reserved for P-values. Statistical measures such as SD or SEM should be identified in the headings.

Figure legends
Type figure legends on a separate page. Legends should be concise but comprehensive – the figure and its legend must be understandable without reference to the text. Include definitions of any symbols used and define/explain all abbreviations and units of measurement.

All illustrations (line drawings and photographs) are classified as figures. Figures should be numbered using Arabic numerals, and cited in consecutive order in the text. Each figure should be supplied as a separate file, with the figure number incorporated in the file name.

Preparation of Electronic Figures for Publication: Although low quality images are adequate for review purposes, publication requires high quality images to prevent the final product being blurred or fuzzy. Advice on figures can be found at Wiley’s guidelines for preparation of figures:


Submission fee. A submission fee of KRW 100,000 (or USD 100) for KSA members or KRW 150,000 (or USD 150) for non-members is required per manuscript. Payment should be made by credit card. Form requesting payment will be available for download at submission. There is no additional publication fee.

• A cover letter should be included in the ‘Cover Letter Field’ of the ScholarOne system. The text can be entered directly into the field or uploaded as a file. The cover letter must include (i) a statement that the content of this submission has not been published or submitted for publication elsewhere except as a brief abstract in the proceedings of a scientific meeting or symposium, (ii) an acknowledgment that all authors have contributed significantly and are in agreement with the content of the manuscript.

• Authors must declare any financial support or relationships that may pose conflict of interest in the ‘Conflict of Interest’ field in the ScholarOne System. The declaration must cover any financial arrangements authors have with a company whose product figures prominently in the submitted manuscript or with a company making a competing product. Such information will be asked for as a question on the ScholarOne submission site, and held in confidence while the paper is under review and will not influence the editorial decision. If the article is accepted for publication, the editor will usually discuss with the authors the manner in which such information is to be communicated to the reader.

• Two Word-files need to be included upon submission: A title page file and a main text file that includes all parts of the text in the sequence indicated in the section 'Parts of the manuscript', including tables and figure legends but excluding figures which should be supplied separately.

• The main text file should be prepared using Microsoft Word, doubled-spaced. The top, bottom and side margins should be 30 mm.

• Each figure should be supplied as a separate file, with the figure number incorporated in the file name. For submission, low-resolution figures saved as .jpg or .bmp files should be uploaded, for ease of transmission during the review process. Upon acceptance of the article, high-resolution figures (at least 300 d.p.i.) saved as .eps or .tif files will be required.

Associate your ScholarOne account with your ORCID iD
ORCID iD is a unique and persistent identifier that distinguishes you from every other researcher and connects you and your research activities. We encourage you to register for an ORCID iD and then associate it with your ScholarOne account. Click here to find out how.


Accepted papers will be passed to Wiley’s production team for publication. The author identified as the formal corresponding author for the paper will receive an email prompting them to login into Wiley’s Author Services, where via the Wiley Author Licensing Service (WALS) they will be asked to complete an electronic license agreement on behalf of all authors on the paper. More details on the copyright and licencing options for the journal appear below.

Wiley’s Author Services: Tracking your paper’s progress

Author Services also enables authors to track their article through the production process to publication online and in print. Authors can check the status of their articles online and choose to receive automated e-mails at key stages of production. The corresponding author will receive a unique link that enables them to register and have their article automatically added to the system. Visit for more details on online production tracking and for a wealth of resources including FAQs and tips on article preparation, submission and more.


Once the paper has been typeset the corresponding author will receive an e-mail alert containing instructions on how to provide proof corrections to the article. It is therefore essential that a working e-mail address is provided for the corresponding author. Proofs should be corrected carefully; the responsibility for detecting errors lies with the author.


A PDF reprint of the article will be supplied free of charge to the corresponding author. Additional printed offprints may be ordered online for a fee. Please click on the following link and fill in the necessary details and ensure that you type information in all of the required fields: If you have queries about offprints please e-mail:

Author Marketing Toolkit

The Wiley Author Marketing Toolkit provide authors with support on how to use social media, publicity, conferences, multimedia, email and the web to promote their article.


Accepted papers will be passed to Wiley’s production team for publication. The author identified as the formal corresponding author for the paper will receive an email prompting them to login into Wiley’s Author Services, where via the Wiley Author Licensing Service (WALS) they will be asked to complete an electronic license agreement on behalf of all authors on the paper.

Authors may choose to publish under the terms of the journal’s standard copyright transfer agreement (CTA), or under open access terms made available via Wiley OnlineOpen.

Standard Copyright Transfer Agreement: FAQs about the terms and conditions of the standard CTA in place for the journal, including standard terms regarding archiving of the accepted version of the paper, are available at: Copyright Terms and Conditions FAQs.

Note that in signing the journal’s licence agreement authors agree that consent to reproduce figures from another source has been obtained.

OnlineOpen – Wiley’s Open Access Option: OnlineOpen is available to authors of articles who wish to make their article freely available to all on Wiley Online Library under a Creative Commons license. With OnlineOpen, the author, the author's funding agency, or the author's institution pays a fee to ensure that the article is made open access. Authors of OnlineOpen articles are permitted to post the final, published PDF of their article on their personal website, and in an institutional repository or other free public server immediately after publication. All OnlineOpen articles are treated in the same way as any other article. They go through the journal's standard peer-review process and will be accepted or rejected based on their own merit.

OnlineOpen licenses. Authors choosing OnlineOpen retain copyright in their article and have a choice of publishing under the following Creative Commons License terms: Creative Commons Attribution License (CC BY); Creative Commons Attribution Non-Commercial License (CC BY NC); Creative Commons Attribution Non-Commercial-NoDerivs License (CC BY NC ND). To preview the terms and conditions of these open access agreements please visit the Copyright Terms and Conditions FAQs.

Funder Open Access and Self-Archiving Compliance: Please click here for more information on Wiley’s compliance with specific Funder Open Access and Self Archiving Policies, and click here for more detailed information specifically about Self-Archiving definitions and policies.

Author Guidelines updated 21 July 2015