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Asia-Pacific Journal of Financial Studies  
 The Style Instructions for Manuscripts

Asia-Pacific Journal of Financial Studies is the official English language journal of the Korean Securities Association, and publishes original research articles that focus on empirical and theoretical research on capital markets.. Papers in any of the following fields will be considered: investments, capital and security markets, corporate finance, and quantitative methods of particular relevance to financial researchers.

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 reserves the right to refuse any material for publication.
Manuscripts should be written so that they are intelligible to the professional reader who is not a specialist in the particular field. They 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.

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 http://authorservices.wiley.com/bauthor/english_language.asp. Japanese authors can also find a list of local English improvement services at http://www.wiley.co.jp/journals/editcontribute.html. 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.

Manuscripts should be submitted online at http://mc.manuscriptcentral.com/ajfs Authors must supply an email address as all correspondence will be by email. Two files should be supplied: the covering letter and the manuscript (in Word or rich text format (.rtf)). The covering letter should be uploaded as a file not for review in keeping with the double-blind review process.
All articles submitted to the Journal must comply with these instructions. Failure to do so will result in return of the manuscript and possible delay in publication.
Will authors please note that Word 2007 is not yet compatible with journal production systems. Unfortunately, the journal cannot accept Microsoft Word 2007 documents until such time as a stable production version is released. Please use Word’s ‘Save As’ option therefore to save your document as an older (.doc) file type.

• Submissions should be double-spaced.
• All margins should be at least 30 mm.
• All pages should be numbered consecutively in the top right-hand corner, beginning with the title page.
• Do not use Enter at the end of lines within a paragraph.
• Turn the hyphenation option off; include only those hyphens that are essential to the meaning.
• Specify any special characters used to represent non-keyboard characters.
• Take care not to use l (ell) for 1 (one), O (capital o) for 0 (zero) or ß (German esszett) for b (Greek beta).
• Use a tab, not spaces, to separate data points in tables. If you use a table editor function, ensure that each data point is contained within a unique cell (i.e. do not use carriage returns within cells).

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 should be uploaded. Digital images supplied only as low-resolution files cannot be used.

Further instructions are available at the submission site.

Covering letter
Papers are accepted for publication in the Journal on the understanding 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. This must be stated in the covering letter.

The covering letter must also contain an acknowledgment that all authors have contributed significantly, and that all authors are in agreement with the content of the manuscript.

Authors must declare any financial support or relationships that may pose conflict of interest by disclosing at the time of submission any financial arrangements they have with a company whose product figures prominently in the submitted manuscript or with a company making a competing product. Such information will be held in confidence while the paper is under review and will not influence the editorial decision but, 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.

If tables or figures have been reproduced from another source, a letter from the copyright holder (usually the Publisher), stating authorization to reproduce the material, must be attached to the covering letter.

Author material archive policy
Authors who require the return of any submitted material that is accepted for publication should inform the Editorial Office after acceptance. If no indication is given that author material should be returned, Wiley-Blackwell will dispose of all hardcopy and electronic material two months after publication.

Authors must state that the protocol for the research project has been approved by a suitably constituted Ethics Committee of the institution within which the work was undertaken and that it conforms to the provisions of the Declaration of Helsinki (as revised in Tokyo 2004), available at http://www.wma.net/e/policy/b3.htm. Asia-Pacific Journal of Financial Studies retains the right to reject any manuscript on the basis of unethical conduct of either human or animal studies.
Authors publishing in the Journal will be asked to sign a Copyright Transfer Agreement. In signing the form it is assumed that authors have obtained permission to use any copyrighted or previously published material. All authors must read and agree to the conditions outlined in the form, and must sign the form or agree that the corresponding author can sign on their behalf. Articles cannot be published until a signed form has been received.

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.

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

Manuscripts should be presented in the following order: (i) title page, (ii) abstract, key words, and JEL classification, (iii) text with footnotes, (iv) acknowledgments, (v) references, (vi) appendices, (vii) figure legends, (viii) tables (each table complete with title and footnotes) and (ix) figures.

Title page
As articles are double-blind reviewed, material that might identify authorship of the paper should be placed on a cover sheet; this will be detached before the paper is sent to referees.

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 facsimile and 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.

Abstract and key words
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 keywords.

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

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.

We recommend the use of a tool such as EndNote or Reference Manager for reference management and formatting. EndNote reference styles can be searched for here: http://www.endnote.com/support/enstyles.asp. Reference Manager reference styles can be searched for here: http://www.refman.com/support/rmstyles.asp

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.).

Cancer-Pain.org [homepage on the Internet]. Association of Cancer Online Resources, New York c2000-01 [updated 16 May 2002; cited 9 Jul 2002]. Available from: http://www.cancer-pain.org/

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.

All illustrations (line drawings and photographs) are classified as figures. Figures should be cited in consecutive order in the text. Magnifications should be indicated using a scale bar on the illustration.

Line figures should be sharp, black and white graphs or diagrams, drawn professionally or with a computer graphics package. Lettering must be included and should be sized to be no larger than the journal text.

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.

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.

Visit the Asia-Pacific Journal of Financial Studies home page at http://www.blackwellpublishing.com/ajfs for more information, and Wiley-Blackwell’s web pages for manuscript submission (http://authorservices.wiley.com/bauthor/journal.asp) and illustration submission (http://authorservices.wiley.com/bauthor/illustration.asp) information.

Author Services enables authors to track their article, once it has been accepted, through the production process to publication online and in print. Authors can check the status of their articles online and choose to receive automated emails at key stages of production so they do not need to contact the production editor to check on progress. Visit http://authorservices.wiley.com/bauthor for more details on online production tracking and for a wealth of resources, including FAQs and tips on article preparation, submission and more.

This journal is available online at Wiley InterScience. Visit www3.interscience.wiley.com to search the articles and register for table of contents and email alerts.

It is essential that corresponding authors supply an email address to which correspondence can be emailed while their article is in production.

Notification of the URL from where to download a Portable Document Format (PDF) typeset page proof, associated forms and further instructions will be sent by email to the corresponding author. The purpose of the PDF proof is a final check of the layout, and of tables and figures. Alterations other than the essential correction of errors are unacceptable at PDF proof stage. The proof should be checked, and approval to publish the article should be emailed to the Publisher by the date indicated, otherwise, it may be signed off on by the Editor or held over to the next issue.

A free PDF offprint will be supplied to the corresponding author. A minimum of 50 additional offprints will be provided upon request, at the author’s expense. These paper offprints may be ordered online. Please visit http://offprint.cosprinters.com, fill in the necessary details and ensure that you type information in all of the required fields.

If you have queries about offprints please email offprint@cosprinters.com

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

Editorial Office, Asia-Pacific Journal of Financial Studies,
45-2 Youido-dong, Yeongdeungpo-gu, Seoul 150-974,
Korea Email: ksa2615@chol.com; tel: +82-2-783-2615; fax: +82-2-783-6539.

The Association aims to contribute to the development of Korea's securities markets and its financial industry by promoting mutual cooperation and exchange among scholars, professionals, and policy makers to share research interests and policy issues in the field. The Korean Securities Association, the oldest finance and securities scholarly organization in Korea, was founded in 1976 with a professional membership exceeding 1,100..

The Association publishes two academic journals. The first one is Asia-Pacific Journal of Financial Studies. This has been published since 1980 and has been selected for coverage in the Social Science Citation Index (SSCI) as of 2006; it is the only SSCI-included finance journal in Asia. This journal is bimonthly, publishing articles written in English. The second journal is Korean Journal of Financial Studies which has been published since 2009. This journal is published quarterly and features articles mostly written in Korean. Both journals cover all areas of finance. Besides the publication of the academic journals, the Association holds an annual international conference on Asia-Pacific capital markets as well as three domestic conferences each year.

One of the very important missions of the Association is to bridge a gap between academia and the industry so as to stimulate further scholarly research activities. To this end, the Association holds many symposiums and seminars on contemporary issues of financial industry and financial policy. The Association also provides consultation to the government and the industry.