Open Access and Copyright

All articles published in Modern Finance (MF) are open access, and their use is governed by the Creative Commons Attribution 4.0 International (CC-BY 4.0) as currently presented on This means that the author(s) retains copyright, but the content is free to download, distribute, and adapt for commercial or non-commercial purposes, given appropriate attribution to the original article.

Upon submission, the author(s) grants MF a license to publish, display, store, copy, and reuse the content. The CC-BY Creative Commons attribution license enables anyone to use the publication freely, giving appropriate attribution to the author(s) and citing Modern Finance as the original source. The CC-BY Creative Commons attribution license does not apply to third-party materials that display a copyright notice to prohibit copying. Unless the third-party content is also subject to a CC-BY Creative Commons attribution license, or an equally permissive license, the author(s) must comply with any third-party copyright notices.

Under this license, you are free to:

  • Share— copy and redistribute the material in any medium or format;
  • Adapt— remix, transform, and build upon the material for any purpose, even commercially.

The licensor cannot revoke these freedoms as long as you follow the license terms.

Under the following terms:

  • Attribution— You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner but not in any way that suggests the licensor endorses you or your use.
  • No additional restrictions— You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.


You do not have to comply with the license for elements of the material in the public domain or where your use is permitted by an applicable exception or limitation.

No warranties are given. The license may not give you all of the permissions necessary for your intended use. For example, other rights such as publicity, privacy, or moral rights may limit how you use the material.

Author's rights

MR applies the Creative Commons Attribution (CC BY) license to works it publishes (read the human-readable summary or the full license legal code). Under this license, authors retain the copyright and full publishing rights without restrictions for their content but allow anyone to download, reuse, reprint, modify, distribute, and/or copy the content as long as the original authors and source are cited. No permission is required from the authors or the publishers. Appropriate attribution can be provided by simply citing the original article. For any reuse or redistribution of a work, users must also make clear the license terms under which the work was published. This broad license was developed to facilitate free access to and unrestricted reuse of original works of all types. Applying this standard license to your work will ensure it is freely and openly available in perpetuity.

Repository policy

The authors are allowed to deposit all versions of their articles, including:

  • a submitted version,
  • an accepted version,
  • a published version,

to be deposited in an institutional or other repository of the author's choice without embargo.