About HBS Journal

About the Journal

HBS Journal of Finance, Management and Strategic Administration (HBSJ), is an online and print journal that publishes leading research across all the major fields of finance, banking, economics, management, strategy and diplomacy, accounting and general administration. It is an emerging academic journal of management sciences and financial Economics. HBSJ is issued six times per annum (that is, one issue every two months). We are working to ensure that each of the six issues per year reaches a wide spectrum of academics, finance and management professionals, libraries, and government and financial institutions around the world (via reputable indexing). The journal is the official publication of Haske Business School, an affiliate of University of Kelaniya, Sri Lanka in southern Asia devoted to the study and promotion of knowledge about Management Sciences, and strategic studies. The Journal draws its inspiration, pattern and entire layout from The Journal of Finance of the American Finance Association.

Editorial Board


  1. A. A. Bruce
    Haske Business School


     P.M. C. Thilakeretne

University of Kelaniya

      N. A. Alfred

Gombe State University

     Y. N. Bachama

Gombe State University


Business Manager 

       M. Stephen

Haske Business School

HBS Journal of Finance, Management and Strategic Administration





General Text

  1. All text must be double-spaced.

  2. Text must be in literary present tense throughout. For example, "we predict the dependent variable" rather than "we predicted the dependent variable." Use past tense when describing historical events. For example, "investors sold shares in our sample" rather than "investors sell shares in our sample."

  3.  Grammar, spelling, and punctuation corrections must be made.

  4. Do not start a sentence with notation (i.e., variables).

  5. Adverb phrases do not need to be hyphenated (e.g., actively managed, not actively-managed).

  6. Bullet points or small roman numerals (e.g., (i), (ii), etc.) may be used to list items.

  7. Please indicate the location of the figures and tables in the text.

  8. Please use the following treatment: “See, for example...” rather than “See, e.g., ....” Similarly, use “..., that is ...” rather than “..., i.e., ....” However, “(i.e., ...)” or “(e.g., ...)” is fine.

  9. Please use the following treatment: NSE, NASDAQ, and GSE.

  10. Do not use italics on Latin. For example, “ceteris paribus” rather than “ceteris paribus.”


  1. Dates should be written as “1980 to 1990” in the text. “1980–90” or “1980–1990” is okay for tables although it should be consistent.



  1. Use the percent symbol (%) for percentages, not the word “percent.”

  2. Lengthy mathematical proofs and very extensive detailed tables should be placed in an appendix or omitted entirely.

  3. All equations, except very short mathematical expressions, should be displayed on a separate line and centred.

  4. Equations should be numbered consecutively in the right margin with Arabic numerals in parentheses.

  5. References to variables in the body of the paper (after its introduction and in equations), whether a name or letter, should be italicized. Examples: p-value, t-statistic, Dummy-Year.

  6. Max E[…x…] is a “problem” or “expression” (See Variable Selection for Portfolio Choice by Ait-Sahalia and Brandt, August 2001, 56:4).



  1.  The abstract should be double-spaced and not more than 100 words.


Sections and Subsections

  1. The introduction is not numbered as a separate section, nor is it titled.

  2. The first paragraph of the introduction is not indented. All subsequent paragraphs are indented.

  3. Section I should be the first section following the introduction.

  4. The final paragraph of the introduction should outline the remainder of the paper.

  5. Sections are numbered with Roman numerals.

  6. Subsection headings should be lettered A, B, C, etc.

  7. Subsection headings should be lettered A1., A2., etc. (See format examples below.)


  1. Tables are numbered with Roman numerals and must have a title and descriptive legend.

  2. The legend must define all variable notation (e.g., “ΔWC is change in working capital”) and briefly explain what the table shows.

  3. In general, tables should be self-contained, requiring no further information from other sources to make them understandable. However, if a table’s legend runs more than 300 words; lengthy details on variable construction should be located in a separate definitions table or appendix, with the legend indicating where the reader can find such details. The goal here is to shorten table legends and reduce redundancy across legends. (Note: Table legends may refer back to a previous table, rather than a separate definitions table or appendix, as appropriate.)

  4. Tables should be in portrait orientation, with up to 8 columns and 12-point text.

  5. Indicate the location of the tables in the margin of the paper’s text.



  1. Figures are numbered with Arabic numerals and must have a caption. There should also be a descriptive legend if necessary to explain what the figure shows or to define variable notation (as with tables, figure legends should direct the reader to a separate definitions table or appendix if lengthy, OR to a previous figure as appropriate).

  2. Indicate the location of the figures in the margin of the paper’s text.

  3. Figures must be camera-ready with all axes labelled.

  4. Please use colour figures to enhance the readability of the online version of your article. (After copyediting, authors are asked to provide black-and-white figure files as well, along with the colour figures, but the final version of the accepted manuscript should be prepared with colour figures.)



  1. Footnotes should be double-spaced.

  2. The initial footnote identifying the author(s) etc. should be marked with an asterisk and placed at the bottom of the title page.

  3. The number of footnotes must not exceed the number of pages within the article.

  4. Footnotes in tables should be limited to technical information such as levels of significance. All other information belongs in the legend.



  1. References in the text are by author(s) name and date of publication. For example, Stephen (1996) or (Stephen (1996)).

  2. Use “et al.” when referencing a source with four or more authors. For example: (Bruce et al. (1999)).

  3. All references mentioned in the text must be included in the list of references and vice versa. References must be on a separate page at the end of the paper, unnumbered and double spaced. References must include first names of all authors.

  4. References to data sources within the body of the paper or the tables should be italicized.

  5. Research/consulting firms do not need to be referenced.

  6. Personal communications should be left as footnotes.



  1. Appendices should be lettered A, B, C, etc.

  2. If there is only one appendix, there is no need to letter it A.

  3. Tables within an appendix should be lettered AI, AII, etc.

  4. Figures and equations within an appendix should be numbered A1, A2, etc.



Title Page

Title of the Paper



[If multiple, separate by comma or “and” before final name.]




Text of abstract is strictly limited to 100 words, is slightly indented from margins, and text is block justified.


*The Institution of each Researcher/Author.


The author(s) thank(s) . . . use full names for all acknowledgments. Authors may also acknowledge participants at conferences and any funding from special sources.




I. Here Is the Title of the First Section

Indent the first line of all paragraphs. Xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

xxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxx


A. This Is the Format for Subsection A


                                     A.1. This Is the Format for a Subsection of a Subsection

           Indent paragraph


                                    A.2. This Is the Format for a Subsection of a Subsection

           Indent paragraph


B. This Is the Format for Subsection B


                                                  B.1 Regression Variables [for example]


Here is a list of the regression variables we used in our paper. Xxxxxxxxxxxxxxxxxxxx xxxxxx


                    VARIABLE1 – xxxxxxxxxxxxxxxxx

                    VARIABLE2 – xxxxxxxxxxxxxxxxx


                                                   B.2. Explanatory Variables [for example]


Firm size: Logarithm of the number of firm employees in 1992. Source: SMF.

Firm leverage: Ratio of total sales in 1994 to beginning-of-period total bank debt. Source: SMF (sales) and CR (bank debt).


C. Formulas and Empirical Model

            The basis of our model relies on the equation [for example]

                                                         a + b = c,                (1)


                                                         a(E) = E[d + k].    (2)


Optimal trading, given this physical nonnegativity constraint, implies that equilibrium spot prices and aggregate inventory must jointly satisfy

                                                          P = 1 + f[H]            (3a)

                                                         H ³ f[G] + 23.         (3b)


D. Empirical Implications [for example]


Here is an example of how propositions, proofs, and corollaries should be given in the paper. Xxxxx xxxxxxxxxxxxx xxxxxxxxxxxxxxxxxx xxxxxxxxxxxxx


PROPOSITION 1: The equilibrium with single banking described in Proposition 1 obtains when the probability of a liquidity crisis…


                Proof: See Appendix A [or the proof may be given here]


COROLLARY 1.1 (Inventory): Consider two inventory processes…


PROPOSITION 2: A stationary rational expectations equilibrium exists and has the following


           (a) the equilibrium inventory…

           (b) a unique finite upper bound…for all variables, and

           (c) the equilibrium spot price…for all variables.


COROLLARY 2.1 (Properties of J): In a rational expectations equilibrium…


COROLLARY 2.2 (Regeneration): In the rational expectations equilibrium with…



                                                  Appendix A. Proofs


[Note: If there is only one appendix, then ® GROOM A1]


GROOM A1: Given the finite horizon, variables…


        Proof of Groom A1: To prove that condition (5) is sufficient, notice that expected profits of

uninformed lenders is …xxxxxxxxxxxxxxxx… To this end, rewrite equation (3) as

                                                               a + b = c,                           (A1)


                                                               a(E) = E[d + k].               (A2)






Scholes, Myron, 1991, Stock and compensation, HBS Journal of Finance, Management and Strategic Administration 46, 803–823. Wright, Brian D., and Jefrey C. Williams, 1989, A theory of negative prices for storage, Journal of Futures Markets 9, 1–13.


Schwert, G. William, 1993, The Journal of Financial Economics: A retrospective evaluation (1974–91), Journal of Financial Economics 33, 369–424.


Monograph (Books):

Fama, Eugene F., and Merton H. Miller, 1972, The Theory of Finance (The Dryden Press, Hinsdale, IL).


Keynes, John Maynard, 1930, A Treatise on Money, Vol. II (Macmillan, London).


Contributions to Collective Work:

Grossman, Sanford J., and Oliver D. Hart, 1982, Corporate financial structure and managerial incentives, in John J. McCall, ed.: The Economics of Information and Uncertainty (University of Chicago Press).


Government Documents:

Securities and Exchange Commission Release No. 24-2446, 1940.


National Association of Securities Dealers, 1998, Notice to Members 98-88.


Committee on Ways and Means, U.S. House of Representatives, 1992, Overview of Entitlement Programs, 1992 Green Book.


Kennickell, Arthur, 1992, Imputation of the 1989 survey of consumer finances: Multiple imputation and stochastic relaxation, manuscript, Federal Reserve Board.

U.K. Parliament, 1960, Committee on the Working of the Monetary System [Radcliffe Committee], Principal memoranda of evidence, Vol. 1, London.


Magazines and Newspapers:

The Economist, 1998, Overcharging underwriters, June 27.


Morgenson, Gretchen, 1998, Stock options are not a free lunch, Forbes, May 18.


Lowenstein, Roger, 1997, Street’s incredible unshrinking spread, Wall Street Journal, April 10, C1.


University Papers:

Buchinsky, Moshe, and Oved Yosha, 1995, Evaluating the probability of failure of a banking firm, Cowles Foundation Discussion paper no. 1108, Yale University.


Ongena, Steven, and David C. Smith, 1998, What determines the number of bank relationships? Crosscountry evidence, Unpublished manuscript, Norwegian School of Management.


Ang, Andrew, and Geert Bekaert, 1998, Regime switches in interest rates, NBER Working paper 6508, Stanford University.


Clarida, Richard, Jordi Gali, and Mark Gertler, 1997, Monetary policy rules and macroeconomic stability; Evidence and some theory, mimeo, Columbia University.


Routledge, Bryan R., Duane J. Seppi, and Chester S. Spatt, 1999, The “spark spread”: An equilibrium model of cross-commodity price relationships in electricity, Working paper, Carnegie Mellon University.


Institutes and Foundations:

Conroy, Robert, Robert S. Harris, and Young Park, 1994, Analysts’ Earnings Forecast Accuracy in Japan and the United Sates, The Research Foundation of The Institute of Chartered Financial Analysts, August.


Livingston, Miles, and Davis Gregory, 1989, The Stripping of U.S. Treasury Securities (Salomon Brothers Centre for the Study of Financial Institutions, New York University, New York).


Research/Data Sources:

Herzfeld, Thomas J., The Thomas J. Herzfeld Encyclopaedia of Closed-End Funds, 1989/90, 1990/91, 1991/92, and 1992/93 (Thomas J. Herzfeld Advisors, Inc., Miami, FL).


Wiesenberger’s Statistical Survey of Closed-End Investment Companies, various years.