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China Accounting and Finance Review (CAFR)

Established in 1999 by The Hong Kong Polytechnic University (PolyU) in collaboration with Tsinghua University, China Accounting and Finance Review (CAFR) is the first refereed journal of accounting and finance published in the Greater China Region. For more than 20 years, CAFR has been publishing original articles that have implications for accounting and finance issues in China. All subject areas in accounting and finance, and research methodologies, including empirical, analytical, behavioral, conceptual, or experimental, will be considered.

To attract more high-quality publications, CAFR welcomes submissions of research papers and literature review papers with topics related to contemporary accounting and finance issues for all countries or regions outside of China. CAFR also encourages comparability studies (of special interest are replications of prior China or US studies using data from other countries), or applying fundamental analysis of accounting information for capital markets around the world. CAFR now publishes global, rather than just China, topics. Since 2019, CAFR has been rated "A" in the Australian Business Deans Council (ABDC) Journal Quality List and indexed in the Australian Research Council (ARC) and American Economic Association (EconLit).


p-ISSN: 1029-807X

e-ISSN: 2307-3055

Issues per year: 4


Acceptance rate:

13% (Since 2019)

20% (Before 2019)

Consulting Editors

C.S. Agnes Cheng, University of Oklahoma
Iftekhar Hasan, Fordham University
Xiaohui Qu, Harbin Institute of Technology (Shenzhen)
Jianming Ye, Xiamen University


Managing Editors

Xuan Tian, Tsinghua University
Albert Tsang, Hong Kong Polytechnic University


Senior Track Editors

Accounting Tracks

Bin Ke, National University of Singapore; Stephen Taylor, University of Technology Sydney.

Fundamental Analysis

C.S. Agnes Cheng, Hong Kong Polytechnic University; James Ohlson, Hong Kong Polytechnic University

Audit and Taxation
Thomas Omer, University of Nebraska–Lincoln; Qiang Wu, Hong Kong Polytechnic University

Management Accounting
Anne Wu, National Chengchi University

Finance Tracks

Walid Saffar, Hong Kong Polytechnic University

Corporate Finance
Ji-Chai Lin, Hong Kong Polytechnic University

Entrepreneurial Finance
Xuan Tian, Tsinghua University

Cross-disciplinary Tracks

Belt & Road
Xinpeng Xu, Hong Kong Polytechnic University

Energy and Environment 
Chitru S. Fernando, University of Oklahoma

Fintech and Data Analytics
Kose John, New York University; Hai Lu, University of Toronto

Politics, Law, and Economics
Haitian Lu, Hong Kong Polytechnic University; Karthik Ramanna, University of Oxford; Joshua Ronen, New York University

ESG Investment, CSR, and Business Sustainability
Albert Tsang, Hong Kong Polytechnic University



Mark Anderson, University of Calgary
Warren B. Bailey, Cornell University
Kee-Hong Bae, York University
Andy Call, Arizona State University
Thomas J. Chemmanur, Boston College
Rong-Ruey Duh, National Taiwan University
Junxiong Fang, Fudan University
Guojin Gong, Penn State University
Joanna L. Ho, UC Irvine
Marcin Kacperczyk, Imperial College London
Yongtae Kim, Santa Clara University
Charles M.C. Lee, Stanford University
Dan Li, Tsinghua University
Yinghua Li, Arizona State University
Steve Wen-Jen Lin, The University of Memphis
Yupeng Lin, National University of Singapore
Yu-Jane Liu, Peking University
Connie X. Mao, Temple University
Linda Myers, The University of Tennessee
Grace Pownall, Emory University
Meijun Qian, Australian National University
Katherine SchipperDuke University
Wei-Ling Song, Louisiana State University
Avanidhar (Subra) Subrahmanyam, UCLA
Dragon Yongjun Tang, The University of Hong Kong
Senyo Tse, Texas A&M University
Qinghai Wang, University of Central Florida
M.H. Franco Wong, University of Toronto
Chaopeng Wu, Xiamen University
Anne Wyatt, Deakin University
Xing Xiao, Tsinghua University
Nianhang Xu, Renmin University of China
An Yan, Fordham University
Tong Yao, University of Iowa
Kangtao Ye, Renmin University of China
Tianyu Zhang, The Chinese University of Hong Kong
Xiao-Jun Zhang, University of California, Berkeley


Reviewer Board

Neil Bhattacharya, Southern Methodist University
Ervin Black, The University of Oklahoma
Matthew Cedergren, Santa Clara University
Huimin (Amy) Chen, University of Massachusetts Lowell
Mark A. Chen, Georgia State University
Shenglan Chen, Zhejiang University of Technology
Yenn-Ru Chen, National Chengchi University
Zhihong Chen, The Hong Kong University of Science and Technology
Zhan Gao, Lancaster University
Re-Jin Guo, University of Illinois at Chicago
Thomas Hansen, Virginia Commonwealth University
Wen He, Monash University
Michael Hertzel, Arizona State University
Shawn Huang, Arizona State University
Victor Wei Huang, University of Hawaii
Hui Ma, Tongji University
Helen Kang, University of New South Wales
Wei Li, The University of Iowa
Lauren Yu‐Hsin Lin, City University of Hong Kong
Qi Liu, Peking University
Ting Luo, Tsinghua University
Mujtaba Mian, Zayed University
Per Olsson, ESMT Berlin
Rachna Prakash, University of Mississippi
Buhui Qiu, The University of Sydney
Ghon Rhee, University of Hawaii
Maria Rykaczewski, Arizona State University
Yinjie (Victor) Shen, Cleveland State University
Hawfeng Shyu, Sichuan University
Haimeng Teng, Penn State Harrisburg
Wilson Tong, Hong Kong Polytechnic University
Yen Hee Tong, Nanyang Technological University
Kun Wang, Tsinghua University
George Yang, Chinese University of Hong Kong
Huifang Yin, Shanghai University of Finance and Economics
Aaron Yoon, Northwestern University
Yong Yu, University of Texas at Austin
Hao Zhang, Rochester Institute of Technology
Huai Zhang, Nanyang Technological University
Jin Zhang, Monash University
Ning Zhang, Queen's University
X. Frank Zhang, Yale University
Luo Zuo, Cornell University

Editorial Associate

Amy Kwan, Hong Kong Polytechnic University

Accounting Tracks


The general accounting track accepts papers that report the (empirical or theoretical) results of accounting research and/or explain the related research methodology. The objective is to promote high-quality research in general accounting areas, such as financial accounting, management accounting, auditing, taxation, corporate governance, accounting information systems (AIS), etc.

Fundamental Analysis

This track solicits papers focusing on the information content of financial statements and how such information can, or ought to be, put to use in financial market settings. Thus, in broad terms, it concerns the risk assessment and valuation of equities and financial obligations. Such topics naturally include concerns about how to identify relevant financial statement information which can be used to forecast firms' performance, such as earnings, sales, expenses, profit margins, cash flows, etc. Thus, financial analysis and forecasting are of great interest, and it extends to include the characteristics of analysts’ forecasts and their role in explaining market values and value changes. Papers that address practical issues, such as how to best exploit the accruals vs. cash flows dichotomy and financial statement ratios when forecasting financial performance, are also part of the subject matter.

Audit and Taxation

This track focuses on the theory and practice of audit and taxation with the goal of promoting present and future advances in knowledge. Research on external and internal auditing, other attestation or assurance services, tax avoidance, tax planning, and related issues will be considered. Submissions can be related to practices in China or in other countries.

Management Accounting

This track aims to explore the managerial decision-making process. Interesting and intellectually rigorous work using archival, case, experimental, field, and survey on managerial decision making (such as plan devising, resource adjustment, performance evaluation and etc.) in corporate strategy, operation, and finance are of particular interest.


Finance Tracks


The general finance track accepts papers that report the (empirical or theoretical) results of finance research and/or explain the related research methodology in different finance areas, such as assets pricing, banking and insurance, dividend policy, capital structure policy, capital markets, corporate social responsibility, financial intermediaries, firm performance, market efficiency, etc.

Asset Pricing

This track studies the applications of asset pricing theories, methodologies, and practices of how different financial assets, such as equities, debt, derivatives, and interest rate instruments, are priced.

Corporate Finance

This track targets for papers about corporate financial problems and decision making, especially related to shareholder value. Topics that include, but not limit to, capital structure, payout policy, debt and equity financing, cost of capital, and corporate restructuring are warmly welcomed.

Entrepreneurial Finance

This track brings together research on entrepreneurial finance undertaken by academics from different disciplines and conducted from various methodological and philosophical standpoints using a variety of research methods. It is a forum for communication between academic researchers, venture capital practitioners and policy-makers that raises the knowledge of different types of entrepreneurial finance (venture capital, private equity, angel investment, crowdfunding, etc.) on a global basis. Its coverage is international, focusing on not only established financial capital markets, such as the USA and the European Union, but also emerging markets.


Cross-disciplinary Tracks

Belt & Road

The Belt & Road Initiative (BRI)—The “Silk Road Economic Belt and the 21st-Century Maritime Silk Road”—was a globalization project initiated by the Chinese Government in 2013. BRI will have far-reaching implications for trade, finance, investment, infrastructure, and logistics for countries along the BRI regions and beyond. This track focuses on original research exploring the impact of, relevant challenges from and responses to BRI.

Energy and Environment 

This track tries to provide a widely accessible yet scholarly source for the latest thinking on energy and environment related issues. Themes of particular interest cover (a) energy and environmental markets, including financialization, securities, and pricing; (b) energy and environmental disclosure, and other accounting issues; (c) energy and environmental taxation issues; (d) energy and environmental corporate finance including valuation, financing, real options, corporate environmental policy, etc.; (e) energy and environmental risk management; (f) financial economics of climate change, including climate derivatives and climate risk management.

Fintech and Data Analytics

This track discusses issues around technology-enabled innovation in financial services (Fintech) and its consequences for the financial system. Fintech is developing rapidly, reshaping certain areas of financial services and weakening the profitability of some financial institutions. Fintech presents both opportunities and risks to the financial system. Papers that aim to understand how the business models of existing financial institutions and the market structure are changing in response to the technology developments are of particular interest.

Politics, Law, and Economics

This track seeks to promote an understanding of many complex phenomena by examining such matters from a combined perspective of law, economics, and politics. It provides a forum for interdisciplinary research at the interface of law, politics, and economics. In this section, we are interested in original scholarships that include the economic analysis of law, the economic analysis of regulation and the behavior of regulated firms, industrial organization and antitrust policy, the political economy of legislation and legislative processes, law and finance, and governance.

ESG Investment, CSR, and Business Sustainability

This track brings together related research on sustainability, driving positive impact on society and the environment. Research papers on the latest sustainability and/or CSR reporting trends as well as their causes and consequences are of particular interest.

CAFR welcomes submissions that fall within the editorial policy of the journal. Submitted articles must be readable, well-organized and in good writing style. Submissions are accepted on the understanding that they have not been published previously and that they are not under consideration by any other journal. Authors are required to explicitly state that these conditions have been met in a covering message to the editors. The journal is published quarterly in March, June, September, and December of each year.


Submission of Manuscripts

Please refer to and follow the guidelines provided. 

Please direct all enquiries to CAFR Editorial Office. Email:

September, 2021
CAFR 2021 Virtual Annual Conference (Theme: ESG)

17 – 18 September 2021 (Friday and Saturday, Hong Kong Time)
16 – 17 September 2021 (Thursday and Friday, US Time)

November 28 and December 1, 2020
CAFR Fundamental Analysis Symposium

September 26-27, 2020
CAFR 2020 Virtual Annual Conference (Theme: Taxation)

January 2, 2020
CAFR Research Workshop (Theme: Global Development in Fintech and Its Implications to Accounting, Finance, and Law Research) (Preliminary Program)
San Diego, U.S.A.

September 24-25, 2019
The New Silk Road: Shared Prosperity through Cooperation
Al-Farabi Kazakh National University, Almaty, Kazakhstan

September 20-21, 2019
CAFR Knowledge Transfer Forum (photos, video)
Dongguan & Hong Kong, China

July 3-5, 2019
2019 Summer Research Boot Camp on Financial Intermediation and Markets
Tsinghua University, Beijing, China

November 30, 2016
China Accounting and Finance Review (CAFR) 2016 Conference

May 15, 2015
The Joint China Accounting and Finance Review (CAFR) and Journal of Accounting, Auditing and Finance (JAAF) Conference

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