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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THE DEMAND FOR ASSETS UNDER CONDITIONS OF RISK
Published: 03/01/1973 | DOI: 10.1111/j.1540-6261.1973.tb01347.x
Haim Levy
THE DEMAND FOR ASSETS UNDER CONDITIONS OF RISK: REPLY
Published: 06/01/1977 | DOI: 10.1111/j.1540-6261.1977.tb02002.x
Haim Levy
Economic Evaluation of Voting Power of Common Stock
Published: 03/01/1983 | DOI: 10.1111/j.1540-6261.1983.tb03627.x
HAIM LEVY
This paper presents an economic evaluation of common stock voting rights. An index of relative voting rights inequality for different classes of stock of the same corporation is constructed and the empirical relationship between the market premium on a superior‐voting stock and the voting inequality index is examined. In only three out of the 25 cases could investors have arbitraged between the two classes of stock, although in one case the arbitrage opportunity persisted for several months.
Upper and Lower Bounds of Put and Call Option Value: Stochastic Dominance Approach
Published: 09/01/1985 | DOI: 10.1111/j.1540-6261.1985.tb02372.x
HAIM LEVY
Applying stochastic dominance rules with borrowing and lending at the risk‐free interest rate, we derive upper and lower values for an option price for all unconstrained utility functions and alternatively for concave utility functions. The derivation of these bounds is quite general and fits any kind of stock price distribution as long as it is characterized by a “nonnegative beta.”
A UTILITY FUNCTION DEPENDING ON THE FIRST THREE MOMENTS
Published: 09/01/1969 | DOI: 10.1111/j.1540-6261.1969.tb00395.x
Haim Levy
Ordering Uncertain Options under Inflation: A Note
Published: 09/01/1984 | DOI: 10.1111/j.1540-6261.1984.tb03906.x
HAIM LEVY, AZRIEL LEVY
Stochastic dominance rules (SD) have been extended to the case where investors are allowed to borrow and lend at the riskless interest rate. Stochastic dominance rules with a riskless asset (SDR) are much more effective than SD rules. However, it seems that this benefit is eliminated by an uncertain inflation, since riskless assets become risky once uncertain inflation is considered.
Stochastic Dominance: A Note
Published: 06/01/1982 | DOI: 10.1111/j.1540-6261.1982.tb02229.x
YORAM KROLL, HAIM LEVY
Mean‐Variance Versus Direct Utility Maximization
Published: 03/01/1984 | DOI: 10.1111/j.1540-6261.1984.tb03859.x
YORAM KROLL, HAIM LEVY, HARRY M. MARKOWITZ
Levy and Markowitz showed, for various utility functions and empirical returns distributions, that the expected utility maximizer could typically do very well if he acted knowing only the mean and variance of each distribution. Levy and Markowitz considered only situations in which the expected utility maximizer chose among a finite number of alternate probability distributions. The present paper examines the same questions for a case with an infinite number of alternate distributions, namely those available from the standard portfolio constraint set.