Review of Finance Tables And Figures
Use this when exhibits are too dense, under-explained, or wasting the 60-page budget. At RoF
exhibits are not free space: the hard 60-page cap explicitly counts appendices, bibliography,
figures, and tables, so every exhibit must earn its place and be self-contained for a
top-three-standard referee.
When to trigger
- The main table has too many columns and buries the headline result.
- Figures lack confidence bands, units, or self-contained notes.
- The manuscript is near or over 60 pages and exhibits are part of why.
Exhibit rules
- Lead with one clean headline exhibit a reader grasps in seconds; keep the main paper focused
on exhibits that carry the finance contribution or address likely top-three-standard
objections.
- Use table notes to document sample, period, variable construction, fixed effects,
clustering, controls, units, and economic magnitude — a referee should read the exhibit
without hunting through the text.
- Prefer figures where a relationship is visual: event-time cumulative returns, sorted
portfolios, factor loadings. Show confidence bands; avoid chartjunk; use vector output
(PDF/EPS).
- Move mechanical robustness grids to the supplementary replication package rather than padding
in-paper exhibits, keeping the main identification logic self-contained.
- For theory papers, use figures to clarify comparative statics or equilibrium regions, not to
decorate algebra; keep proofs compact so they do not eat the page budget.
- Respect the formatting baseline (at least 12-point font, at least 1.5 line spacing) and
re-check that appendices, bibliography, figures, and tables still fit the 60-page cap.
Page-budget worked example
Illustrative. A corporate-finance draft carries 14 tables and 5 figures — roughly 19
exhibit pages, nearly a third of the 60-page ceiling before a word of prose. The
RoF-shaped cut keeps in the body: summary statistics, the headline result, the
identification exhibit (an event-study figure), one mechanism table, and one robustness
table — five to seven exhibits. Everything else moves to the internet appendix behind
one-sentence pointers ("Table IA.4 repeats column 3 under alternative winsorization").
The body lands near eight exhibit pages, leaving room for the argument the referees grade.
Exhibit calibration against the journal (hedged)
- Accepted general-interest finance papers tend toward six to ten body exhibits with a
substantial internet appendix carrying the robustness battery; conventions differ by
subfield, so sample recent RoF issues before fixing your own count.
- Supplementary material is hosted via OUP alongside the article and the replication
package; confirm appendix naming and hosting mechanics against the journal's current
author guidelines.
Referee objections to exhibits and the conforming fix
| Objection |
Fix that satisfies an RoF report |
| "Table 5 is uninterpretable" |
split into panels; isolate the headline column; add the magnitude sentence to the note ("one s.d. of X moves Y by Z bp") |
| "The figure carries no inference" |
add 95% bands and state the clustering level in the figure note |
| "Where is the robustness for claim 3?" |
a visible internet-appendix pointer — robustness may leave the body but never the paper trail |
| "European and US samples are not comparable" |
harmonization note: source per sample (Datastream vs. CRSP), screens applied, currency conversion, matching filters |
| "Exhibit numbers do not match the text" |
regenerate all exhibits from the replication scripts (one numbered script per exhibit) before resubmitting |
Execution bridge (StatsPAI / Stata MCP)
Generate exhibits from the fitted result, not by retyping numbers. Full map:
execution-with-mcp. Review of Finance is the EFA flagship — corporate-causal chain for corporate papers, factor-zoo haircut for asset pricing.
- Tables:
etable (multi-model) or did_summary_to_latex straight from the result_id.
- Figures:
plot_from_result / enhanced_event_study_plot / event_study_table —
axis units and the SE/clustering note baked in.
- Every note names the estimator + clustering and states the magnitude in interpretable units.
See a full fitted-result → exhibit chain in the JF execution walkthrough.
Anti-patterns
- A nine-column kitchen-sink table as the main result.
- Figures with no units, no bands, or notes that require the body text to interpret.
- Letting appendix tables and the bibliography silently push the paper past 60 pages.
Output format
[Exhibit status] keep / compress / move / delete
[Finance role] <main result, identification, mechanism, robustness, or theory>
[Missing note] <sample, variables, controls, SEs, units, or data source>
[Page-budget action] <specific cut or move>
Source: brycewang-stanford/Awesome-Journal-Skills → Review-of-Finance-Skills/skills/rof-tables-figures/SKILL.md
1---2name: rof-tables-figures3description: Use when designing Review of Finance tables and figures under the 60-page total cap, including empirical-finance exhibits, theory figures, robustness tables, data-description tables, and replication-friendly notes.4---567# Review of Finance Tables And Figures89Use this when exhibits are too dense, under-explained, or wasting the 60-page budget. At RoF10exhibits are not free space: the hard 60-page cap explicitly counts appendices, bibliography,11figures, and tables, so every exhibit must earn its place and be self-contained for a12top-three-standard referee.1314## When to trigger1516- The main table has too many columns and buries the headline result.17- Figures lack confidence bands, units, or self-contained notes.18- The manuscript is near or over 60 pages and exhibits are part of why.1920## Exhibit rules2122- Lead with one clean headline exhibit a reader grasps in seconds; keep the main paper focused23 on exhibits that carry the finance contribution or address likely top-three-standard24 objections.25- Use table notes to document sample, period, variable construction, fixed effects,26 clustering, controls, units, and economic magnitude — a referee should read the exhibit27 without hunting through the text.28- Prefer figures where a relationship is visual: event-time cumulative returns, sorted29 portfolios, factor loadings. Show confidence bands; avoid chartjunk; use vector output30 (PDF/EPS).31- Move mechanical robustness grids to the supplementary replication package rather than padding32 in-paper exhibits, keeping the main identification logic self-contained.33- For theory papers, use figures to clarify comparative statics or equilibrium regions, not to34 decorate algebra; keep proofs compact so they do not eat the page budget.35- Respect the formatting baseline (at least 12-point font, at least 1.5 line spacing) and36 re-check that appendices, bibliography, figures, and tables still fit the 60-page cap.3738## Page-budget worked example3940Illustrative. A corporate-finance draft carries 14 tables and 5 figures — roughly 1941exhibit pages, nearly a third of the 60-page ceiling before a word of prose. The42RoF-shaped cut keeps in the body: summary statistics, the headline result, the43identification exhibit (an event-study figure), one mechanism table, and one robustness44table — five to seven exhibits. Everything else moves to the internet appendix behind45one-sentence pointers ("Table IA.4 repeats column 3 under alternative winsorization").46The body lands near eight exhibit pages, leaving room for the argument the referees grade.4748## Exhibit calibration against the journal (hedged)4950- Accepted general-interest finance papers tend toward six to ten body exhibits with a51 substantial internet appendix carrying the robustness battery; conventions differ by52 subfield, so sample recent RoF issues before fixing your own count.53- Supplementary material is hosted via OUP alongside the article and the replication54 package; confirm appendix naming and hosting mechanics against the journal's current55 author guidelines.5657## Referee objections to exhibits and the conforming fix5859| Objection | Fix that satisfies an RoF report |60|---|---|61| "Table 5 is uninterpretable" | split into panels; isolate the headline column; add the magnitude sentence to the note ("one s.d. of X moves Y by Z bp") |62| "The figure carries no inference" | add 95% bands and state the clustering level in the figure note |63| "Where is the robustness for claim 3?" | a visible internet-appendix pointer — robustness may leave the body but never the paper trail |64| "European and US samples are not comparable" | harmonization note: source per sample (Datastream vs. CRSP), screens applied, currency conversion, matching filters |65| "Exhibit numbers do not match the text" | regenerate all exhibits from the replication scripts (one numbered script per exhibit) before resubmitting |6667## Execution bridge (StatsPAI / Stata MCP)6869Generate exhibits from the fitted result, not by retyping numbers. Full map:70[`execution-with-mcp`](../../../shared-resources/empirical-methods/execution-with-mcp.md). Review of Finance is the EFA flagship — corporate-causal chain for corporate papers, factor-zoo haircut for asset pricing.7172- **Tables:** `etable` (multi-model) or `did_summary_to_latex` straight from the `result_id`.73- **Figures:** `plot_from_result` / `enhanced_event_study_plot` / `event_study_table` —74 axis units and the SE/clustering note baked in.75- **Every note** names the estimator + clustering and states the magnitude in interpretable units.7677See a full fitted-result → exhibit chain in the [JF execution walkthrough](../../../Journal-of-Finance-Skills/resources/worked-examples/02-execution-walkthrough.md).78## Anti-patterns7980- A nine-column kitchen-sink table as the main result.81- Figures with no units, no bands, or notes that require the body text to interpret.82- Letting appendix tables and the bibliography silently push the paper past 60 pages.8384## Output format8586```text87[Exhibit status] keep / compress / move / delete88[Finance role] <main result, identification, mechanism, robustness, or theory>89[Missing note] <sample, variables, controls, SEs, units, or data source>90[Page-budget action] <specific cut or move>91```9293---9495**Source:** [`brycewang-stanford/Awesome-Journal-Skills`](https://github.com/brycewang-stanford/Awesome-Journal-Skills) → `Review-of-Finance-Skills/skills/rof-tables-figures/SKILL.md`