Advisory Editors
Editorial Board
Assistant Editor
Publication of Manuscripts


Review of Development Finance aims to publish significant new research in development finance research and will strive to establish a balance between theoretical and empirical studies. It aims to accomplish the following:

  • publish leading-edge research that further our understanding and use of development finance
  • establish an outstanding level of academic rigor that will ensure the publication of first class development finance research
  • appeal to a broad cross-section of readers, including both the academic audience as well as practitioners of finance



Nicholas Biekpe (University of Cape Town &
Africagrowth Institute, South Africa)


Advisory Editors:

G. Akerlof (Berkeley, USA)

V. Errunza (McGill University, Canada)

C.R Harvey (Duke University, USA)

R.C Merton (Harvard, USA)

M. Scholes (Stanford, USA)

L. Senbet (University of Maryland, USA)


Andy Mullineux (University of Birmingham, UK)

Lilian Ng (York University, Canada)

Ugo Panizza (The Graduate Institute, Switzerland)

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Editorial Board :

Reena Aggarwal (Georgetown University, USA)

Franklin Allen ( University of Pennsylvania, Wharton, USA)

Fred E.  Benth (University of Oslo, Norway)

Timothy Besley (London School of Economics, UK)

Gordon M. Bodnar (The John Hopkins University, USA)

Arnoud W.A. Boot (The Univ. of Amsterdam, Netherlands)

KC Chen (California State University, USA)

Yin-Wong Cheung (University of California, Santa Cruz (USA)

Graciela Chichilnisky (Colombia, USA)

Menzie D. Chinn (University of Wisconsin, USA)

Stijn Claessens (The IMF)

George Constantinides (University of Chicago, USA)

Ian Cooper (London Business School, UK)

Franklin Edwards (Colombia, USA)

Jack Glen (International Finance Corporation, USA)

Mariassunta Giannetti (Stockholm School of Economics, Sweden)

Robert Hodrick (Colombia, USA)

Kose John (New York University, USA)           

Ravi Kanbur (Cornell, USA)

Robert Korajczyk (Northwestern, USA)

Sajal Lahiri (Southern Illinois University, USA)

Maurice Levi (University of British Colombia, Canada)

Helene Rey (London Business School, UK)

Ross Levine (Brown University, USA)

Roni Michaely (Cornell, USA)

Patrick Minford (University of Wales, UK

Frederic Mishkin (Columbia, USA)

Michael Moore (The Queen’s University of Belfast, UK)

Leonce  Ndikumana (African Development Bank)

Kalu Ojah (University of Witwatersrand, South Africa)

Kwaku Opong (University of Glasgow, UK)

Kate Phylaktis (The City University, London, UK)

Ghon Rhee (University of Hawaii, USA)

Martin Ravallion (The World Bank, USA)

Helmut Reisen (OECD Development Centre, France)

Geert Rouwenhorst (Yale, USA)

Anthony Saunders (New York University, USA)

Lucio Sarno (Cass Business School, UK)

Robert A. Schwartz (CUNY, USA)

Eduardo Schwartz (UCLA, USA)

Mark Shackleton (University of Lancaster, UK)

Jeff Sheen (Macquarie University (Australia)

Bruno Solnik (The Hong Kong University of Science and Technology, Hong Kong)

Ingrid Werner (Ohio State University, USA)

Yishay Yafeh (The Hebrew University, Israel)


Assistant Editor:

Dina Potgieter, Africagrowth Academy, Africagrowth Institute,
South Africa

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Publication of Manuscripts

Manuscript preparation (Guidelines for Contributors)

(1) Manuscript, not more than 30 pages, should be typewritten using 1.5 spacing throughout, including tables, references, and footnotes. Assemble sections in the following order

Title & Abstract (Separate Page)
Main Text (Including, Introduction, Tables & Figures)

(2) One electronic copy of paper in PDF Format, should be sent to Elsevier: www.elsevier.com

(3)  The Title page should include the name(s) of the author(s), and institutional affiliation for each author. It should also include name, address, telephone number and email of the author responsible for correspondence, as well as the name, address of the author to who requests for reprints should be sent.

(4)  Each article should include an Abstract of not more than 100 words, beginning on a separate page. The text should also begin on a separate page. The first numbered section should follow the Abstract of the article.

Footnotes should be kept to a minimum and placed at the bottom of the page on which they are cited. Do not number author affiliations or acknowledgements of support or assistance.

(5)  Tables and Figures should be placed on the page on which it is first referred to or as close as possible to such page and should be numbered sequentially with Arabic numerals.  Each should be designed to fit on a page without undue compression.  Authors may use a “landscape” page setup for tables.
It should be as self-explanatory as possible, incorporating any necessary descriptive material in an unnumbered footnote.

Tables - The table number and heading are displayed above the table, in bold typed and left aligned.

Figures -  All explanatory material should be included in the legend and not in the figure itself. The figure number and heading are displayed below the figure, in bold typed and left aligned. 

(6) Headings are numbered and formatted as follows:
1. MAIN HEADING (bold)
1.1 Sub Heading (bold)
1.1.1 Minor Heading (italics)

(7) References: the Harvard method must be used, namely short references in the text and more detailed references arranged in alphabetical order at the end of the manuscript (follow the guidelines below).

References in the text:  Omit the page numbers if the entire publication is referred to (Cane, 1980); or … according to Cane (1987b).  If a quotation is cited, (Abraham, 1985: 2).

The list of references should be in unnumbered alphabetical format and should begin on a new page.

Hakansson, N. (1979): "A Characterization of Optimal Multi-period Portfolio Policies", in Portfolio Theory, 25 Years After: Essays in Honor of Harry Markowitz, eds. E. Elton and M. Gruber Amsterdam: North-Holland, pp. 169-177

Gibbons, M. R., Ross, S. A. and Shanken, J. (1989): “A Test of the Efficiency of a Given Portfolio” Econometrica, 57(4), pp.1121-1152.

Merton, R. C. (1990): Continuous-Time Finance. Cambridge: Basil Blackwell.

Norton, C. (2000): “African Capital Market: The way forward”, Working Paper, the University of Cape Town, South Africa.



It is a condition of publication in the journal that authors assign copyright to the Africagrowth Institute. This ensures that requests from third parties to reproduce articles are handled efficiently and consistently and will also allow the article to be as widely disseminated as possible. In assigning copyright, authors may use their own material in other publications provided that the journal is acknowledged as the original place of publication.


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