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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BROAD IMPLICATIONS OF THE S.E.C. SPECIAL STUDY
Published: 5/1966, Volume: 21, Issue: 2 | DOI: 10.1111/j.1540-6261.1966.tb00231.x | Cited by: 0
Irwin Friend
MYTHODOLOGY IN FINANCE*
Published: 5/1973, Volume: 28, Issue: 2 | DOI: 10.1111/j.1540-6261.1973.tb01770.x | Cited by: 3
Irwin Friend
DISCUSSION
Published: 5/1981, Volume: 36, Issue: 2 | DOI: 10.1111/j.1540-6261.1981.tb00447.x | Cited by: 0
IRWIN FRIEND
Preliminary Program
Published: 9/1972, Volume: 27, Issue: 4 | DOI: 10.1111/j.1540-6261.1972.tb01340.x | Cited by: 0
Irwin Friend, Sherman Maisel
Co‐Skewness and Capital Asset Pricing
Published: 9/1980, Volume: 35, Issue: 4 | DOI: 10.1111/j.1540-6261.1980.tb03508.x | Cited by: 130
IRWIN FRIEND, RANDOLPH WESTERFIELD
The Effects of Different Taxes on Risky and Risk‐free Investment and on the Cost of Capital
Published: 3/1986, Volume: 41, Issue: 1 | DOI: 10.1111/j.1540-6261.1986.tb04491.x | Cited by: 2
YU ZHU, IRWIN FRIEND
This paper analyzes the major factors which determine the effects of taxation on the value of risky assets and on the cost of capital, and shows how the magnitudes and even the signs of these effects depend on the values assumed for a few key parameters in the model. Using plausible values for these parameters, it is shown that the results obtained are frequently counter‐intuitive.
PORTFOLIO SELECTION AND INVESTMENT PERFORMANCE
Published: 9/1965, Volume: 20, Issue: 3 | DOI: 10.1111/j.1540-6261.1965.tb02905.x | Cited by: 23
Irwin Friend, Douglas Vickers
A NEW LOOK AT THE CAPITAL ASSET PRICING MODEL
Published: 3/1973, Volume: 28, Issue: 1 | DOI: 10.1111/j.1540-6261.1973.tb01342.x | Cited by: 312
Marshall E. Blume, Irwin Friend
COMPETITIVE COMMISSIONS ON THE NEW YORK STOCK EXCHANGE
Published: 9/1973, Volume: 28, Issue: 4 | DOI: 10.1111/j.1540-6261.1973.tb01407.x | Cited by: 5
Irwin Friend, Marshall E. Blume
THE DEMAND FOR RISKY ASSETS UNDER UNCERTAIN INFLATION
Published: 12/1976, Volume: 31, Issue: 5 | DOI: 10.1111/j.1540-6261.1976.tb03214.x | Cited by: 60
Irwin Friend, Yoram Landskroner, Etienne Losq
An Empirical Test of the Impact of Managerial Self‐Interest on Corporate Capital Structure
Published: 6/1988, Volume: 43, Issue: 2 | DOI: 10.1111/j.1540-6261.1988.tb03938.x | Cited by: 404
IRWIN FRIEND, LARRY H. P. LANG
This paper provides a test of whether capital structure decisions are at least in part motivated by managerial self‐interest. It is shown that the debt ratio is negatively related to management's shareholding, reflecting the greater nondiversifiable risk of debt to management than to public investors for maintaining a low debt ratio. Unless there is a nonmanagerial principal stockholder, no substantial increase of debt can be realized, which may suggest that the existence of large nonmanagerial stockholders might make the interests of managers and public investors coincide.
NEW EVIDENCE ON THE CAPITAL ASSET PRICING MODEL
Published: 6/1978, Volume: 33, Issue: 3 | DOI: 10.1111/j.1540-6261.1978.tb02030.x | Cited by: 65
Irwin Friend, Randolph Westerfield, Michael Granito
A Critical Reexamination of the Empirical Evidence on the Arbitrage Pricing Theory
Published: 6/1984, Volume: 39, Issue: 2 | DOI: 10.1111/j.1540-6261.1984.tb02312.x | Cited by: 179
PHOEBUS J. DHRYMES, IRWIN FRIEND, N. BULENT GULTEKIN
This paper demonstrates that the Roll and Ross (RR) and other previously published tests of the APT are subject to several basic limitations. There is a general nonequivalence of factor analyzing small groups of securities and factor analyzing a group of securities sufficiently large for the APT model to hold. It is found that as one increases the number of securities, the number of “factors” determined increases. This increase in the number of “factors” with larger groups of securities cannot readily be explained by a distinction between “priced” and “nonpriced” risk factors as it is impermissible to carry out tests on whether a given “risk factor is priced” using factor analytic procedures.
THE ASSET STRUCTURE OF INDIVIDUAL PORTFOLIOS AND SOME IMPLICATIONS FOR UTILITY FUNCTIONS
Published: 5/1975, Volume: 30, Issue: 2 | DOI: 10.1111/j.1540-6261.1975.tb01833.x | Cited by: 33
James C. Van Horne, Marshall E. Blume, Irwin Friend
New Tests of the APT and Their Implications
Published: 7/1985, Volume: 40, Issue: 3 | DOI: 10.1111/j.1540-6261.1985.tb04988.x | Cited by: 41
PHOEBUS J. DHRYMES, IRWIN FRIEND, MUSTAFA N. GULTEKIN, N. BULENT GULTEKIN
This paper provides new tests of the arbitrage pricing theory (APT). Test results appear to be extremely sensitive to the number of securities used in the two stages of the tests of the APT model. New tests also indicate that unique risk is fully as important as common risk. While these tests have serious limitations, they are inconsistent with the APT.
REVEALED PREFERENCE METHODS AND THE PURE THEORY OF THE COST OF CAPITAL
Published: 3/1973, Volume: 28, Issue: 1 | DOI: 10.1111/j.1540-6261.1973.tb01343.x | Cited by: 1
Irwin Tepper
DISCUSSION
Published: 5/1982, Volume: 37, Issue: 2 | DOI: 10.1111/j.1540-6261.1982.tb00893.x | Cited by: 0
IRWIN TEPPER
Taxation and Corporate Pension Policy
Published: 3/1981, Volume: 36, Issue: 1 | DOI: 10.1111/j.1540-6261.1981.tb03530.x | Cited by: 230
IRWIN TEPPER
This paper focuses on the impact of taxes on optimal corporate pension policy. The analysis is based upon an integration of corporate and individual shareholder considerations. The major conclusions are that a company should fully fund its pension plan and should invest the pension fund totally in bonds.
A NOTE ON MERGER VALUATION
Published: 6/1968, Volume: 23, Issue: 3 | DOI: 10.1111/j.1540-6261.1968.tb00828.x | Cited by: 0
Irwin H. Silberman
TEST OF PORTFOLIO BUILDING RULES: COMMENT
Published: 9/1971, Volume: 26, Issue: 4 | DOI: 10.1111/j.1540-6261.1971.tb00936.x | Cited by: 0
Irwin E. Jones
AN EVALUATION OF CREDIT CONTROL TOOLS*
Published: 3/1957, Volume: 12, Issue: 1 | DOI: 10.1111/j.1540-6261.1957.tb04108.x | Cited by: 0
Thomas Irwin Storrs
DISCUSSION
Published: 5/1977, Volume: 32, Issue: 2 | DOI: 10.1111/j.1540-6261.1977.tb03270.x | Cited by: 0
Alan Kraus, Irwin Tepper
Discussion
Published: 5/1957, Volume: 12, Issue: 2 | DOI: 10.1111/j.1540-6261.1957.tb04137.x | Cited by: 0
Irwin Ffiend, Eli Shapiro
JOINT DETERMINATION OF RATE OF RETURN AND CAPITAL STRUCTURE: AN ECONOMETRIC ANALYSIS
Published: 6/1977, Volume: 32, Issue: 3 | DOI: 10.1111/j.1540-6261.1977.tb01990.x | Cited by: 21
Willard T. Carleton, Irwin H. Silberman
PENSION PLAN LIABILITIES AND CORPORATE FINANCIAL STRATEGIES*
Published: 12/1974, Volume: 29, Issue: 5 | DOI: 10.1111/j.1540-6261.1974.tb03136.x | Cited by: 6
Irwin Tepper, A. R. P. Affleck