Call for Papers:
The Review of Asset Pricing Studies
Special Issue
on AI/ML on Asset Pricing

Deadline to Submit: November 18, 2025


Artificial Intelligence and Machine Learning methods are transforming research in asset pricing, enabling researchers to uncover complex patterns, develop more accurate predictions, and gain deeper insights into market behavior. Despite rapid advances in this field, many fundamental questions remain unanswered about how these technologies can be effectively applied to asset pricing problems, what their limitations are, and how they may reshape our understanding of financial markets.

The Review of Asset Pricing Studies (RAPS) has published several papers utilizing AI/ML techniques; however, as these methods continue to evolve at an unprecedented pace, there is a pressing need for more rigorous research that establishes foundations for future work in this area.

Therefore, the Review of Asset Pricing Studies is launching a Special Issue on AI/ML on Asset Pricing, guest edited by Zhiguo He (Stanford GSB, Executive Editor of RAPS), Bryan Kelly (Yale SOM, Guest RAPS Editor), and Markus Pelger (Stanford MS&E, Guest RAPS Editor). We welcome papers on all aspects of AI/ML applications in asset pricing, including but not limited to:

Novel methodologies that address challenges specific of financial data
Applications of deep learning, reinforcement learning, and other advanced AI methods to asset pricing problems
Interpretability and explainability of AI models in financial contexts
Comparative studies of traditional econometric methods versus AI/ML approaches
AI-driven market efficiency analysis and anomaly detection
Text and alternative data analysis using AI for asset pricing
Theoretical frameworks that provide foundations for AI/ML applications in finance
Ethical considerations and potential biases in AI-driven asset pricing models
We seek impactful papers that will provide foundations for future AI/ML on Asset Pricing research. Both empirical and theoretical papers are welcome, with particular interest in innovative approaches that demonstrate clear advantages over traditional methods or address fundamental limitations of applying AI/ML to financial markets.

The standard for publication will be the same as for any other RAPS paper. To achieve our goal of publishing a slate of impactful papers on financial markets, selection will be stringent and the desk rejection rate is likely to be high. As such, desk rejected papers for the special issue may be later resubmitted to RAPS for consideration without prejudice. To ensure that editorial and refereeing resources can focus on the highest-quality papers, the regular submission fees are required.

Important Dates:

Submission Deadline: November 18, 2025
Conference for R&R Papers: Spring 2026
Expected Publication: Late 2026/Early 2027
Authors should submit papers at https://sfs.org/review-of-asset-pricing-studies/submit-a-paper/. Submitted papers must be unpublished and not currently under review at other journals. When submitting, please select "Special Issue on AI/ML on Asset Pricing" as the submission category.

Papers will be entered into the review process as soon as they are received (i.e., the guest editors will not wait until the end of the submission window before starting the process). As per the journal's policy, we aim to conditionally accept or reject papers by the second round.

A conference featuring papers that have been given R&Rs, together with other invited and submitted papers will be held in Spring 2026. This conference will provide an opportunity for authors to receive additional feedback and increase the visibility of papers submitted to the Special Issue.