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.
AFA members can log in to view full-text articles below.
View past issues
Search the Journal of Finance:
Search results: 35.
Innovation, Growth, and Asset Prices
Published: 5/11/2015, Volume: 70, Issue: 3 | DOI: 10.1111/jofi.12241 | Cited by: 280
HOWARD KUNG, LUKAS SCHMID
We examine the asset pricing implications of a production economy whose long‐term growth prospects are endogenously determined by innovation and R&D. In equilibrium, R&D endogenously drives a small, persistent component in productivity that generates long‐run uncertainty about economic growth. With recursive preferences, households fear that persistent downturns in economic growth are accompanied by low asset valuations and command high‐risk premia in asset markets. Empirically, we find substantial evidence for innovation‐driven low‐frequency movements in aggregate growth rates and asset market valuations. In short, equilibrium growth is risky.
Discount Rates, Debt Maturity, and the Fiscal Theory
Published: 10/13/2023, Volume: 78, Issue: 6 | DOI: 10.1111/jofi.13282 | Cited by: 19
ALEXANDRE CORHAY, THILO KIND, HOWARD KUNG, GONZALO MORALES
This paper examines how the transmission of government portfolio risk arising from maturity operations depends on the stance of monetary/fiscal policy. Accounting for risk premia in the fiscal theory allows the government portfolio to affect expected inflation, even in a frictionless economy. The effects of maturity rebalancing on expected inflation in the fiscal theory depend directly on the conditional nominal term premium, giving rise to an optimal debt‐maturity policy that is state‐dependent. In a calibrated macrofinance model, we demonstrate that maturity operations have sizable effects on expected inflation and output through our novel risk transmission mechanism.
A COMMUNICATION
Published: 9/1950, Volume: 5, Issue: 3 | DOI: 10.1111/j.1540-6261.1950.tb03795.x | Cited by: 0
Bion B. Howard
On the Valuation of Federal Loan Guarantees to Corporations
Published: 12/1980, Volume: 35, Issue: 5 | DOI: 10.1111/j.1540-6261.1980.tb02204.x | Cited by: 27
HOWARD B. SOSIN
Since 1956, Federal Loan Guarantee Programs have expanded to the point where recipients of guarantees represent most segments of the economy. Considerable debate centers on the determination of the magnitude of the liability of the Federal Government that is represented by these programs. This paper illustrates how option pricing techniques may be used to obtain estimates of the purely pecuniary costs of loan guarantees, interest saving to the firm on senior and junior debt, and implicit present value profitability indices of projects.
A NOTE ON THE VALUE OF RIGHTS IN ESTIMATING THE INVESTOR CAPITALIZATION RATE
Published: 3/1973, Volume: 28, Issue: 1 | DOI: 10.1111/j.1540-6261.1973.tb01353.x | Cited by: 1
Howard E. Thompson
BANKING STRUCTURE AND COMPETITION
Published: 5/1965, Volume: 20, Issue: 2 | DOI: 10.1111/j.1540-6261.1965.tb00214.x | Cited by: 0
Howard D. Crosse
LIFE REINSURANCE POOLS
Published: 3/1956, Volume: 11, Issue: 1 | DOI: 10.1111/j.1540-6261.1956.tb00686.x | Cited by: 1
William M. Howard
Plasm: Pension Liability and Asset Simulation Model
Published: 5/1982, Volume: 37, Issue: 2 | DOI: 10.1111/j.1540-6261.1982.tb03580.x | Cited by: 19
HOWARD E. WINKLEVOSS
MATHEMATICAL PROGRAMMING, THE CAPITAL ASSET PRICING MODEL AND CAPITAL BUDGETING OF INTERRELATED PROJECTS
Published: 3/1976, Volume: 31, Issue: 1 | DOI: 10.1111/j.1540-6261.1976.tb03202.x | Cited by: 12
Howard E. Thompson
FUND‐FLOW ANALYSIS IN ECONOMIC RESEARCH*
Published: 3/1954, Volume: 9, Issue: 1 | DOI: 10.1111/j.1540-6261.1954.tb01209.x | Cited by: 0
Howard H. Greenbaum
THE IMPACT OF LOW INTEREST RATES ON THE ECONOMY (Discussion)
Published: 6/1951, Volume: 6, Issue: 2 | DOI: 10.1111/j.1540-6261.1951.tb04466.x | Cited by: 0
Howard R. Bowen
CHANGING CONCEPTS OF CONVERTIBILITY AND THE FUTURE OF CURRENCIES
Published: 5/1955, Volume: 10, Issue: 2 | DOI: 10.1111/j.1540-6261.1955.tb01264.x | Cited by: 0
Howard S. Ellis
WARTIME FINANCE AND THE TERM STRUCTURE OF INTEREST RATES*
Published: 3/1972, Volume: 27, Issue: 1 | DOI: 10.1111/j.1540-6261.1972.tb00639.x | Cited by: 1
Julian Howard Taylor
CATASTROPHE REINSURANCE COVERAGES OF AMERICAN FIRE INSURANCE COMPANIES
Published: 12/1953, Volume: 8, Issue: 4 | DOI: 10.1111/j.1540-6261.1953.tb01186.x | Cited by: 0
W. M. Howard
NEUTRAL RECAPITALIZATIONS: PREDICTIONS AND TESTS CONCERNING VALUATION AND WELFARE
Published: 9/1978, Volume: 33, Issue: 4 | DOI: 10.1111/j.1540-6261.1978.tb02060.x | Cited by: 2
Howard B. Sosin
Bids and Allocations in European IPO Bookbuilding
Published: 10/2004, Volume: 59, Issue: 5 | DOI: 10.1111/j.1540-6261.2004.00700.x | Cited by: 158
TIM JENKINSON, HOWARD JONES
This paper uses evidence from a data set of 27 European IPOs to analyze how investors bid and the factors that influence their allocations. We also make use of a unique ranking of investor quality, associated with the likelihood of flipping the IPO. We find that investors perceived to be long‐term holders of the stock are consistently favored in allocation and in out‐turn profits. In contrast to Cornelli and Goldreich (2001), we find little evidence that more informative bids receive larger allocations or higher profits. Our results cast doubt upon the extent of information production during the bookbuilding period.
TIME SERIES ANALYSIS OF INTEREST RATES: SOME ADDITIONAL EVIDENCE
Published: 3/1978, Volume: 33, Issue: 1 | DOI: 10.1111/j.1540-6261.1978.tb03391.x | Cited by: 7
John R. Brick, Howard E. Thompson
THE THEORY OF RECAPITALIZATIONS AND THE EVIDENCE OF DUAL PURPOSE FUNDS
Published: 12/1977, Volume: 32, Issue: 5 | DOI: 10.1111/j.1540-6261.1977.tb03346.x | Cited by: 16
Robert H. Litzenberger, Howard B. Sosin
DISCUSSION
Published: 5/1964, Volume: 19, Issue: 2 | DOI: 10.1111/j.1540-6261.1964.tb00774.x | Cited by: 0
Bion B. Howard, Robert A. Rennie
THE EQUIVALENCE OF ALTERNATIVE MEAN‐VARIANCE CAPITAL BUDGETING MODELS
Published: 5/1978, Volume: 33, Issue: 2 | DOI: 10.1111/j.1540-6261.1978.tb04856.x | Cited by: 9
Lemma W. Senbet, Howard E. Thompson
PERPETUAL FIRE INSURANCE
Published: 3/1958, Volume: 13, Issue: 1 | DOI: 10.1111/j.1540-6261.1958.tb04172.x | Cited by: 0
William M. Howard, Harry J. Solberg
PREDICTION OF BANK FAILURES
Published: 9/1970, Volume: 25, Issue: 4 | DOI: 10.1111/j.1540-6261.1970.tb00558.x | Cited by: 315
Paul A. Meyer, Howard W. Pifer
TAXATION AND THE INCIDENCE OF HOMEOWNERSHIP ACROSS INCOME GROUPS
Published: 6/1978, Volume: 33, Issue: 3 | DOI: 10.1111/j.1540-6261.1978.tb02034.x | Cited by: 15
Robert H. Litzenberger, Howard B. Sosin
Some Aspects of Equilibrium for a Cross‐Section of Firms Signalling Profitability with Dividends: A Note
Published: 3/1986, Volume: 41, Issue: 1 | DOI: 10.1111/j.1540-6261.1986.tb04503.x | Cited by: 3
ANIL K. MAKHIJA, HOWARD E. THOMPSON
NEW YORK STOCK EXCHANGE RESEARCH PROGRAM ON SHARE OWNERSHIP
Published: 5/1953, Volume: 8, Issue: 2 | DOI: 10.1111/j.1540-6261.1953.tb01150.x | Cited by: 0
Jonathan A. Brown, Howard C. Bronson
On the CAPM Approach to the Estimation of A Public Utility's Cost of Equity Capital
Published: 5/1980, Volume: 35, Issue: 2 | DOI: 10.1111/j.1540-6261.1980.tb02166.x | Cited by: 16
ROBERT LITZENBERGER, KRISHNA RAMASWAMY, HOWARD SOSIN
Quid Pro Quo? What Factors Influence IPO Allocations to Investors?
Published: 10/2018, Volume: 73, Issue: 5 | DOI: 10.1111/jofi.12703 | Cited by: 90
TIM JENKINSON, HOWARD JONES, FELIX SUNTHEIM
Using data from all of the leading international investment banks on 220 initial public offerings (IPOs) raising $160 billion between January 2010 and May 2015, we test the determinants of IPO allocations. We compare investors’ IPO allocations with proxies for their information production during bookbuilding and the broking (and other) revenues they generate for bookrunners. We find evidence consistent with information revelation theories. We also find strong support for the existence of a quid pro quo whereby broking revenues are a significant determinant of investors’ IPO allocations and profits. The quid pro quo remains when we control for unobserved investor characteristics and investor‐bank relationships.
Jump‐Diffusion Processes and the Term Structure of Interest Rates
Published: 3/1988, Volume: 43, Issue: 1 | DOI: 10.1111/j.1540-6261.1988.tb02595.x | Cited by: 107
CHANG MO AHN, HOWARD E. THOMPSON
The authors investigate the term structure of interest rates when the underlying state variables and production technologies follow the jump‐diffusion processes. Even in some cases where the traditional expectations theory about the term structure is consistent with general equilibrium under diffusion processes, the traditional theory is not consistent under jump‐diffusion processes. It is shown that bond prices are strictly higher under jump risks than otherwise and that consumers with logarithmic utility functions will develop hedge portfolios in the presence of jump diffusion.
Why Don't U.S. Issuers Demand European Fees for IPOs?
Published: 11/14/2011, Volume: 66, Issue: 6 | DOI: 10.1111/j.1540-6261.2011.01699.x | Cited by: 97
MARK ABRAHAMSON, TIM JENKINSON, HOWARD JONES
We compare fees charged by investment banks for conducting IPOs in the United States and Europe. In recent years, the “7% solution,” as documented by
Chen and Ritter (2000)
, has become even more prevalent in the United States, and is now the norm for IPOs raising up to $250 million. The same banks dominate both markets, but European IPO fees are roughly three percentage points lower, are much more variable, and have been falling. We review explanations for the gap in spreads and find the evidence consistent with strategic pricing. U.S. issuers could have saved over $1 billion a year by paying European fees.
Picking Winners? Investment Consultants’ Recommendations of Fund Managers
Published: 9/14/2016, Volume: 71, Issue: 5 | DOI: 10.1111/jofi.12289 | Cited by: 100
TIM JENKINSON, HOWARD JONES, JOSE VICENTE MARTINEZ
Investment consultants advise institutional investors on their choice of fund manager. Focusing on U.S. actively managed equity funds, we analyze the factors that drive consultants’ recommendations, what impact these recommendations have on flows, and how well the recommended funds perform. We find that investment consultants’ recommendations of funds are driven largely by soft factors, rather than the funds’ past performance, and that their recommendations have a significant effect on fund flows. However, we find no evidence that these recommendations add value, suggesting that the search for winners, encouraged and guided by investment consultants, is fruitless.
On Contingent Claims that Insure Ex‐post Optimal Stock Market Timing
Published: 5/1979, Volume: 34, Issue: 2 | DOI: 10.1111/j.1540-6261.1979.tb02102.x | Cited by: 24
M. BARRY GOLDMAN, HOWARD B. SOSIN, LAWRENCE A. SHEPP
Path Dependent Options: “Buy at the Low, Sell at the High”
Published: 12/1979, Volume: 34, Issue: 5 | DOI: 10.1111/j.1540-6261.1979.tb00059.x | Cited by: 41
M. BARRY GOLDMAN, HOWARD B. SOSIN, MARY ANN GATTO
DISCUSSION
Published: 5/1955, Volume: 10, Issue: 2 | DOI: 10.1111/j.1540-6261.1955.tb01261.x | Cited by: 0
Paul M. Van Arsdell, Bion B. Howard, Charles M. Williams
DISCUSSION
Published: 5/1966, Volume: 21, Issue: 2 | DOI: 10.1111/j.1540-6261.1966.tb00243.x | Cited by: 0
Charls F. Walker, Allan H. Meltzer, Edgar Peske, Bion B. Howard, John P. Shelton, Ragnar D. Naess