The Journal of Finance

The Journal of Finance publishes leading research across all the major fields of finance. It is one of the most widely cited journals in academic finance, and in all of economics. Each of the six issues per year reaches over 8,000 academics, finance professionals, libraries, and government and financial institutions around the world. The journal is the official publication of The American Finance Association, the premier academic organization devoted to the study and promotion of knowledge about financial economics.

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Search results: 9.

Taxes and the Capital Structure of Partnerships, REIT's, and Related Entities

Published: 03/01/1991   |   DOI: 10.1111/j.1540-6261.1991.tb03757.x

JEFFREY F. JAFFE

Academic finance has explored the effect of taxes on corporate capital structure in great detail. By contrast, the effect of taxes on the capital structure of partnerships, REIT's, and related entities has received little attention. The present paper shows that, under general conditions, the values of partnerships and REIT's are invariant to leverage, contradicting the sparse literature in the area. A proof similar to that of Modigliani‐Miller is employed. The effect of real world imperfections is also examined.


A NOTE ON TAXATION AND INVESTMENT

Published: 12/01/1978   |   DOI: 10.1111/j.1540-6261.1978.tb03430.x

Jeffrey F. Jaffe


ON THE USE OF PUBLIC INFORMATION IN FINANCIAL MARKETS

Published: 06/01/1975   |   DOI: 10.1111/j.1540-6261.1975.tb01853.x

Jeffrey F. Jaffe


THE VALUE OF THE FIRM UNDER REGULATION

Published: 05/01/1976   |   DOI: 10.1111/j.1540-6261.1976.tb01915.x

Jeffrey F. Jaffe, Gershon Mandelker


“HOT ISSUE” MARKETS

Published: 09/01/1975   |   DOI: 10.1111/j.1540-6261.1975.tb01019.x

Roger G. Ibbotson, Jeffrey F. Jaffe


STOCK PRICE DEPENDENCIES AND THE VALUATION OF RISKY ASSETS WITH DISCONTINUOUS TEMPORAL RETURNS

Published: 12/01/1974   |   DOI: 10.1111/j.1540-6261.1974.tb03126.x

Jeffrey F. Jaffe, Larry J. Merville


OPTIMAL SPECULATION AGAINST AN EFFICIENT MARKET*

Published: 03/01/1976   |   DOI: 10.1111/j.1540-6261.1976.tb03195.x

Jeffrey F. Jaffe, Robert L. Winkler


THE “FISHER EFFECT” FOR RISKY ASSETS: AN EMPIRICAL INVESTIGATION

Published: 05/01/1976   |   DOI: 10.1111/j.1540-6261.1976.tb01898.x

Katherine D. Miller, F. Jaffe Jeffrey, Gershon Mandelker


The Post‐Merger Performance of Acquiring Firms: A Re‐examination of an Anomaly

Published: 09/01/1992   |   DOI: 10.1111/j.1540-6261.1992.tb04674.x

ANUP AGRAWAL, JEFFREY F. JAFFE, GERSHON N. MANDELKER

The existing literature on the post‐merger performance of acquiring firms is divided. We re‐examine this issue, using a nearly exhaustive sample of mergers between NYSE acquirers and NYSE/AMEX targets. We find that stockholders of acquiring firms suffer a statistically significant loss of about 10% over the five‐year post‐merger period, a result robust to various specifications. Our evidence suggests that neither the firm size effect nor beta estimation problems are the cause of the negative post‐merger returns. We examine whether this result is caused by a slow adjustment of the market to the merger event. Our results do not seem consistent with this hypothesis.