Focus and Scope

The Brazilian Review of Finance is the peer-reviewed and double-blind refereed official publication of the Brazilian Society of Finance (SBFin), a non-profit scientific society dedicated to the knowledge and practice of the theory of finance in Brazil. The Brazilian Review of Finance is one of the instruments of SBFin to achieve its goals and aspires to publish high quality technical articles in all areas of finance and financial economics. The Review aims to be the main Brazilian publication for the dissemination of quality research in finance, is published quarterly and distributed to researchers, finance professionals, libraries, and financial and governmental institutions.

Manuscripts written in English and in Portuguese are acceptable. Articles are published in the language in which they were originally submitted, but may be translated into English, at the option and expense of the authors, if accepted. The manuscript must be about corporate finance, financial economics, financial markets, financial risk management, or econometric and numeric methods in finance. Other subject areas, such as public finance and accounting and economics in general, are not within the scope of the Review. Theoretical and empirical manuscripts are welcome. Opinion pieces, case studies, and teaching cases are usually not accepted. In case of doubt, the authors should examine the published issues of the Review or contact the editors to ascertain if their manuscript is adequate.
There are no submission or publication fees.

Peer Review Process

All articles are initially examined by the editor and at least one of the associate editors or members of the editorial board who evaluate if the article is consistent with the editorial policy of the Review and has an acceptable standard of quality. All articles are reviewed for adequate formatting as well. As a result of this initial evaluation, the article may be rejected, sent back for reformatting or revision according to the initial suggestions of the editors, or sent for a double blind review. Reviewers are identified by the editor with the help of one of the associate editors or members of the editorial board who is more familiar with the subject area of the submission. All reviewer reports are read by the chief editor and, usually, by the associate editor or editorial board member who is overseeing the submission, to produce a final opinion about the article or an orientation about the necessary changes. The editor and the associate editors are actively involved in the editorial process and serve as mediators between the reviewers and the authors. Reviewers receive a review form that contains our main article review guidelines.

Publication Frequency

Frequency of publication: March, June, September and December
Number of printed copies: 350
Indexing: Econlit, JEL, RedALyC (to be included), Gale, Google Scholar, and Fonte Academica (Ebsco), Proquest (to be included)
Directories: DOAJ, Latindex, Periódicos Capes, OpenJGae, and Cabell’s
Brazilian Ministry of Education Qualis Rank: B1 (Business) and B2 (Economics)

Open Access Policy

All articles published in the review are available for free access and download. Authors retain responsibility about the contents of their articles. Use of articles is licensed under a Creative Commons Attribution 3.0 license. Articles must be properly cited and may be freely reproduced totally or in part for non-profit and profit purposes. Derivative works are permitted. Copyrights must be observed and all articles must be properly cited. For access to all articles click on "all issues" on the top menu and then locate the issue you are looking for.


Members of the Editorial Policy Committee are responsible for approving the policies, development plans and proposals for appointment of associate editors and of the editorial board and editorial board of scientific journal. They represent the board of the Brazilian Society of Finance and consist of, besides the general editor, the President and the two Vice-Presidents of Publications of the Society. These members are elected by the General Assembly of the Brazilian Society of Finance. The Vice-Presidents of Publications may be reelected only once with consecutive terms allowed. The President may be re-elected for a non-consecutive term. See details on the Charter of the Brazilian Society of Finance.

The general editor is appointed by the board of the Brazilian Society of Finance and is chosen from among its members with greater status and experience in scientific publications in finance to serve for consecutive terms of three years, renewable at the discretion of the board. The ability of the institution to which the editor is affiliated to house the editorial office of Review, and to bear the expenses, is also taken into consideration. It is the responsibility of the general editor to conduct all the editorial process, manage the administrative aspects of the Review, to ensure that the evaluation process leads to the improvement of the articles, reviewer reports, and of the Review as a whole and to propose policies and action plans for the Review to the Editorial Policy Committee that are consistent with the document " Good Practices of Scientific Publishing: a manual for authors, reviewers, editors and members of editorial boards , "approved by the Forum of Scientific Management and Accounting and released on 09/25/2010 by the National Association of Graduate Studies and Research in Management (ANPAD). The managing editor also serves as the associate editors in his/her area of expertise and evaluates articles.

The associate editors are appointed by the general editor to make up his editorial team and are approved by the Editorial Policy Committee, following the same criterion of prominence and experience in the scientific literature of finance, with particular care so that each one covers a different area of specialization in finance in order to help the general editor more effectively. It is the responsibility of the associate editors to perform the desk review of articles in their area of expertise and, if they deem worthy, suggest reviewers for the article. The associate editors oversee the evaluation process, reviewing the reports and guiding authors in meeting the demands of reviewers. The associate editors also evaluate articles when necessary.

Membership in the Editorial Board results from a process of consultation between the managing editor and other members of the Editorial Policy Committee. The Editorial Policy Committee appoints editorial board members for a term of three years that may be renewed indefinitely, depending on performance. They play a similar role as the associate editors, but less frequently, with the obligation to assess up to two articles per year and to oversee the editorial process of another two. The selection criteria include the prominence in the field, the desire to collaborate and geographic diversity.

Communication Channel. Authors and reviewers should feel completely free to raise any questions about the editorial process to the general editor or to the associate editor or editorial board member who is overseeing his/her article. If authors are not satisfied with the answer, they may directly contact any member of the Editorial Policy Committee.

Conflict of Interest Policies

The body responsible for the Review's policy is the Editorial Policy Committee. The Review adheres to the practices set out in the document Good Practices of Scientific Publishing: a manual for authors, reviewers, editors and members of editorial boards , approved by the Forum of Scientific Editors in Management and Accounting on Sep. 25, 2010 and published by the National Association National Graduate Studies and Research in Management (ANPAD).

As for the various actors in the editorial process:

Reviewers. All reviewers must declare in the appropriate field to have a conflict of interest to evaluate the article in question, such as if they know who the authors are, and if they are somehow related or have affinities or disputes with any of them.

General Editor and the President of the Brazilian Society of Finance. It is the Review's policy not to accept their articles for review and publication, even as guests, with the exception of editorials reports and communiqués by the Brazilian Society of Finance.

Associate Editors and members of the Editorial Policy Committee and Editorial Board. Articles submitted by these authors should be evaluated by very experienced reviewers and preferably non-Brazilian. The names of the reviewers and the reason for their appointment in these cases should be disclosed on the first page of the article, if accepted, to give transparency to the process. These authors cannot publish more than one article in a three-year period (length of their service term).

Authors. The Review strives not to publish more than one article by the same author per year and not more than 15 percent of the total number of articles with at least one of the authors from the same institution.

SBFin Award

Every year, the editor and the associate editors elect one of the articles published in the previous year to receive the a cash award that has been sponsored by BM&FBovespa Exchange until 2008 that is now offered by the Brazilian Society of Finance. The SBFin Award aims to encourage the publication of quality articles at RBFin and is granted to any subject area in finance.

2014 Awards:

Award: "The effects of the introduction of market makers in the Brazilian equity market" by Marcelo Scherer Perlin (UFRGS).

Runner-ups: "Executive compensation, value and performance of Brazilian listed companies" by André Luiz Carvalhal da Silva (PUC-Rio) and Alisson Chen Yi Chien (Petrobras) and "Selection of a portfolio of pairs based on cointegration: a statistical arbitrage strategy" by João Frois Caldeira and Guilherme Valle Moura.

2013 Awards:

Award: “The award went to “Opaqueness and bank risk taking” by Patrick G. Behr (FGV-RJ).

Runner-up: "Evaluating asset pricing models in a simulated multifactor approach" by Carlos Enrique Carrasco-Gutierrez (UNB) and Wagner Piazza Gaglianone (BCB).

2012 Awards:

Award: “Small Worlds and Board Interlocking in Brazil: A Longitudinal Study of Corporate Networks, 1997-2007” by Wesley Mendes da Silva (FGV-SP).


"Structural Equation Modeling Applied to the Reaction to Stock Dividends and Stock Splits: Integrating Signaling, Liquidity and Optimal Price Level" by Kelmara Mendes Vieira (UFSM) and João Luiz Becker (UFRGS)

"Asymmetry and Risk Premia in the Brazilian Term Structure of Interest Rates)" by Marcelo Ganem (PUC-Rio) and Tara Keshar Nanda Baidya (PUC-Rio)

2011 Awards:

Award "Learning Theory and Equity Valuation: an Empirical Analysis" by Antonio Zoratto Sanvicente (Insper) and Renato Teles Delgado (Stern Stewart & Co)

Runner up: "Determinants of Price Stabilization in IPOs" by Antonio Gledson de Carvalho (EAESP/FGV) and Douglas Beserra Pinheiro (Banco Itaú Unibanco)

2010 Awards:

Award: “Market overreaction to intangible information” by Carlos Marcelo Lauretti (Universidade Presbiteriana Mackenzie), Eduardo Kazuo Kayo (FEA/USP) and Emerson Fernandes Marçal (Universidade Presbiteriana Mackenzie).

Runner ups:

“Is it possible to replicate the exchange rate volatility behavior using dynamic strategies?" by Ronny Kim Woo, José Valentim Machado Vicente and Claudio Henrique Barbedo, all from Ibmec/RJ

“Market reaction to the approval of stock option plans: an event study of Bovespa listed companies" by Aline Barreto dos Santos and Fernanda Finotti Cordeiro Perobelli, both from UFJF.

2009 Awards:

Award: “Excesso de Confiança, Otimismo Gerencial e os Determinantes da Estrutura de Capital” de Lucas Ayres B. de C. Barros e Alexandre Di Miceli da Silveira

Runner Ups:

“Transmissão Financeira entre o Mercado Acionário e o Mercado de Títulos de Dívida” de 
Francisco Eduardo de Luna e Almeida Santos

“A influencia das redes de relações corporativas no desempenho das empresas do Novo Mercado” de Wesley Mendes da Silva, Luciano Rossoni, Diógenes Leiva Martin e Roy Martelanc

2008 Awards

Award: “Board interlocking no Brasil: a participação de conselheiros em múltiplas empresas e seu efeito sobre o valor das empresas” by Rafael Liza Santos and Alexandre di Miceli da Silveira.

Runner up: “Um modelo de fatores latentes com variáveis macroeconômicas para a curva de cupom cambial” by Felipe Pinheiro, Caio Almeida and José Vicente.

2007 Awards

Award: “Bookbuilding and Strategic Allocation: Evidence from the Brazilian Stock Market” by Richard Saito and José André C. M. Pereira.

Runner ups:

“Apreçamento de Ativos Referenciados em Volatilidade” by Alan De Genaro Dario

“Reação do Mercado à Alteração na Composição da Carteira de Índices de Bolsa de Valores Brasileiros” by Jairo Laser Procianoy and Rodrigo S. Verdi.

2006 Awards

Award: “A Real Option Model with Uncertain, Sequential Investment and with Time to Build” by Guilherme B. Martins and Marcos Eugênio da Silva.

Runner ups:

“Corporate Governance Index, Firm Valuation and Performance in Brazil” by André L. Carvalhal da Silva and Ricardo P. C. Leal

“Modelando a Estrutura a Termo da Taxa de Juros: Dinâmica e Avaliação de Contratos Derivativos” by Cícero Augusto Vieira Neto and Pedro L. Valls Pereira.

Editorial Statistics

On January 27, 2014:

All articles received before May 2013 received a final decision.

Average desk review time: 11 days

Average first review time: 87 days

Average time between submission and acceptance in 2013: 203 days. Worst case: 361 days.

Average time between submission and publication in 2013: 294 days. Worst case: 575 days.

Acceptance ratio (2012): 27%

Reviewers in 2013

Fifty individuals reviewed articles in 2013, of which nine work in non-Brazilian universities. According to RBFin policy, each reviewer may perform no more than one review per year, with the exception of follow-up reviews of the same article. During the year, 79 individuals were invited to review, averaging 2.3 invitations for each one of the 35 articles approved in the desk review phase. Of those, 50 accepted the invitation (63%), but three did not send the promised review, 7 justified their denial, and 22 did not respond.

Reviewers list 2013


Sources of Support