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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Holiday Trading in Futures Markets
Published: 3/1994, Volume: 49, Issue: 1 | DOI: 10.1111/j.1540-6261.1994.tb04432.x | Cited by: 45
FRANK J. FABOZZI, CHRISTOPHER K. MA, JAMES E. BRILEY
In this paper, we find significantly higher preholiday returns in futures contracts compared to nonholiday returns. The findings are consistent with the inventory adjustment hypothesis, since higher preholiday returns associated with lower trading volume are most pronounced for exchange‐closed holidays. There is evidence of positive postholiday returns associated with higher trading volume for exchange‐open holidays. This is consistent with positive holiday sentiments. The holiday effect is uniquely independent: The magnitude of excess holiday returns is the largest among all seasonal variations.
The Effect of Voluntary Spin‐off Announcements on Shareholder Wealth
Published: 12/1983, Volume: 38, Issue: 5 | DOI: 10.1111/j.1540-6261.1983.tb03843.x | Cited by: 173
JAMES A. MILES, JAMES D. ROSENFELD
This paper presents estimates of the effect of a voluntary spin‐off announcement on shareholder wealth. The results show that spin‐off announcements have a positive influence on stock prices and that the relative increase in share price is greater for large spin‐offs than for small ones.
IS THE “NEUTRALIZED MONEY STOCK” UNBIASED?*: COMMENT
Published: 12/1976, Volume: 31, Issue: 5 | DOI: 10.1111/j.1540-6261.1976.tb03231.x | Cited by: 0
James R. Barth, James T. Bennett
BOOKS RECEIVED
Published: 12/1963, Volume: 18, Issue: 4 | DOI: 10.1111/j.1540-6261.1963.tb01647.x | Cited by: 0
James Gillies
BOOKS RECEIVED
Published: 3/1962, Volume: 17, Issue: 1 | DOI: 10.1111/j.1540-6261.1962.tb04263.x | Cited by: 0
James Gillies
DOMESTIC POLICY OBJECTIVES AND THE BALANCE OF PAYMENTS
Published: 5/1966, Volume: 21, Issue: 2 | DOI: 10.1111/j.1540-6261.1966.tb00234.x | Cited by: 3
James Duesenberry
BOOKS RECEIVED
Published: 3/1963, Volume: 18, Issue: 1 | DOI: 10.1111/j.1540-6261.1963.tb01633.x | Cited by: 0
James Gillies
The Effect of Common‐Stock Dividend Reductions on the Returns of Nonconvertible Preferred Stocks: A Note
Published: 6/1983, Volume: 38, Issue: 3 | DOI: 10.1111/j.1540-6261.1983.tb02517.x | Cited by: 2
JAMES ROSENFELD
An Analysis of Bank Loan Rate Indexation
Published: 6/1982, Volume: 37, Issue: 3 | DOI: 10.1111/j.1540-6261.1982.tb02225.x | Cited by: 13
CHRISTOPHER JAMES
This paper examines the economic rationale for the use of bank loan commitments and the effect on the allocation of bank credit of indexing the loan rate offered through the commitment to the prime. A simple model of the loan market is constructed and used to examine the effect changes in loan demand and the cost of bank funds have on the allocation of bank credit under indexation. It is shown that indexing implies changes in the relative cost of borrowing for certain groups of bank customers. For nonprime customers, an increase in the cost of bank funds results in a decline in the relative cost of borrowing under commitments. The pattern of commitment use is found to be consistent with the predictions of the model.
SOME FINANCIAL ASPECTS OF THE CANADIAN GOVERNMENT HOUSING PROGRAM: HISTORY AND PROSPECTIVE DEVELOPMENTS*
Published: 3/1953, Volume: 8, Issue: 1 | DOI: 10.1111/j.1540-6261.1953.tb01133.x | Cited by: 0
James Gillies
The Losses Realized in Bank Failures
Published: 9/1991, Volume: 46, Issue: 4 | DOI: 10.1111/j.1540-6261.1991.tb04616.x | Cited by: 297
CHRISTOPHER JAMES
This paper examines the losses realized in bank failures. Losses are measured as the difference between the book value of assets and the recovery value net of the direct expenses associated with the failure. I find the loss on assets is substantial, averaging 30 percent of the failed bank's assets. Direct expenses associated with bank closures average 10 percent of assets. An empirical analysis of the determinants of these losses reveals a significant difference in the value of assets retained by the FDIC and similar assets assumed by acquiring banks.
BOOKS RECEIVED
Published: 12/1961, Volume: 16, Issue: 4 | DOI: 10.1111/j.1540-6261.1961.tb04243.x | Cited by: 0
James Gillies
BOOKS RECEIVED
Published: 9/1962, Volume: 17, Issue: 3 | DOI: 10.1111/j.1540-6261.1962.tb04331.x | Cited by: 0
James Gillies
THE BURDEN OF THE PUBLIC DEBT: A REVIEW ARTICLE
Published: 12/1965, Volume: 20, Issue: 4 | DOI: 10.1111/j.1540-6261.1965.tb02936.x | Cited by: 15
James Tobin
REPLY
Published: 9/1966, Volume: 21, Issue: 3 | DOI: 10.1111/j.1540-6261.1966.tb00257.x | Cited by: 0
James Tobin
Bank Debt Restructurings and the Composition of Exchange Offers in Financial Distress
Published: 6/1996, Volume: 51, Issue: 2 | DOI: 10.1111/j.1540-6261.1996.tb02700.x | Cited by: 68
CHRISTOPHER JAMES
This article examines the relation between bank debt forgiveness and the structure of public debt exchange offers in financial distress. I find that the structure of exchange offers and the likelihood of an offer's success are significantly related to whether the bank participates in the restructuring transaction. Exchange offers made in conjunction with bank concessions are characterized by significantly greater reductions in public debt outstanding and significantly less senior debt offered to bondholders. Overall, the results suggest that the structure of a firm's public and private claims significantly affects the firm's ability to modify its capital structure in financial distress.
Relationship‐Specific Assets and the Pricing of Underwriter Services
Published: 12/1992, Volume: 47, Issue: 5 | DOI: 10.1111/j.1540-6261.1992.tb04686.x | Cited by: 97
CHRISTOPHER JAMES
This paper investigates the effect of setup costs on the pricing of investment banking services. The existence of setup costs is predicted to result in lower underwriter spreads in IPOs for firms that are expected to issue again. Consistent with this prediction, I find significantly lower spreads for firms that make subsequent issues. I also find that a firm's likelihood of changing underwriters in a subsequent offer is related to the time between offerings and the underwriter's pricing performance in the IPO. These results suggest that the deviations from optimal IPO pricing carry a penalty for the underwriter.
THE TWO FACES OF BOND REFUNDING
Published: 6/1975, Volume: 30, Issue: 3 | DOI: 10.1111/j.1540-6261.1975.tb01856.x | Cited by: 9
James S. Ang
THE DEVELOPMENT OF A GENERAL QUASI‐REORGANIZATION CONCEPT*
Published: 9/1956, Volume: 11, Issue: 3 | DOI: 10.1111/j.1540-6261.1956.tb00113.x | Cited by: 0
James S. Schindler
PROCESS OF ECONOMIC ADAPTATION IN A WORLD WAR II NEUTRAL: A CASE STUDY OF SWEDEN*
Published: 9/1961, Volume: 16, Issue: 3 | DOI: 10.1111/j.1540-6261.1961.tb02841.x | Cited by: 0
Daniel James Edwards
THE REPETITIVE BIDDING PROCESS IN MUNICIPAL BOND UNDERWRITING, A CHANCE‐CONSTRAINED PROGRAMMING APPROACH*
Published: 9/1974, Volume: 29, Issue: 4 | DOI: 10.1111/j.1540-6261.1974.tb03112.x | Cited by: 0
James Michael Kelly
DISCUSSION
Published: 5/1976, Volume: 31, Issue: 2 | DOI: 10.1111/j.1540-6261.1976.tb01884.x | Cited by: 0
James L. Bicksler
A MODEL OF STATE AND LOCAL GOVERNMENT PORTFOLIO AND REAL‐EXPENDITURE BEHAVIOR: 1952–1965*
Published: 6/1970, Volume: 25, Issue: 3 | DOI: 10.1111/j.1540-6261.1970.tb00538.x | Cited by: 0
James A. Chalmers
THE EQUAL CREDIT OPPORTUNITY ACT OF 1974: A COST/BENEFIT ANALYSIS
Published: 5/1977, Volume: 32, Issue: 2 | DOI: 10.1111/j.1540-6261.1977.tb03298.x | Cited by: 9
James F. Smith
Agency Costs and Ownership Structure
Published: 2/2000, Volume: 55, Issue: 1 | DOI: 10.1111/0022-1082.00201 | Cited by: 1822
James S. Ang, Rebel A. Cole, James Wuh Lin
We provide measures of absolute and relative equity agency costs for corporations under different ownership and management structures. Our base case is
Jensen and Meckling's (1976)
zero agency‐cost firm, where the manager is the firm's sole shareholder. We utilize a sample of 1,708 small corporations from the FRB/NSSBF database and find that agency costs (i) are significantly higher when an outsider rather than an insider manages the firm; (ii) are inversely related to the manager's ownership share; (iii) increase with the number of nonmanager shareholders, and (iv) to a lesser extent, are lower with greater monitoring by banks.
DISCUSSION
Published: 7/1984, Volume: 39, Issue: 3 | DOI: 10.1111/j.1540-6261.1984.tb03664.x | Cited by: 0
JAMES L. BICKSLER
AN APPROACH TO THE ANALYSIS OF THE DIFFERENTIAL EFFECTS OF MONETARY POLICY*
Published: 3/1967, Volume: 22, Issue: 1 | DOI: 10.1111/j.1540-6261.1967.tb01663.x | Cited by: 0
James W. Christian
MERGERS, ANTITRUST LAW ENFORCEMENT AND STOCKHOLDER RETURNS
Published: 5/1976, Volume: 31, Issue: 2 | DOI: 10.1111/j.1540-6261.1976.tb01916.x | Cited by: 103
James C. Ellert
BOOKS RECEIVED
Published: 9/1963, Volume: 18, Issue: 3 | DOI: 10.1111/j.1540-6261.1963.tb02863.x | Cited by: 0
James M. Gillies
TIMING STRATEGIES IN THE CALL OPTION MARKET*
Published: 3/1972, Volume: 27, Issue: 1 | DOI: 10.1111/j.1540-6261.1972.tb00636.x | Cited by: 0
James R. McGuigan
VALUATION OF LIFE INSURANCE COMPANY HOLDINGS OF CORPORATE BONDS AND STOCKS—SOME RECENT DEVELOPMENTS*
Published: 5/1954, Volume: 9, Issue: 2 | DOI: 10.1111/j.1540-6261.1954.tb01221.x | Cited by: 0
James J. O'Leary
THE TWO FACES OF BOND REFUNDING: REPLY
Published: 3/1978, Volume: 33, Issue: 1 | DOI: 10.1111/j.1540-6261.1978.tb03415.x | Cited by: 1
James S. Ang
MARKETPLACE ORGANIZATION AND MARKETABILITY: NASDAQ, THE STOCK EXCHANGE, AND THE NATIONAL MARKET SYSTEM
Published: 5/1978, Volume: 33, Issue: 2 | DOI: 10.1111/j.1540-6261.1978.tb04863.x | Cited by: 68
James L. Hamilton
Tick Size, Share Prices, and Stock Splits
Published: 6/1997, Volume: 52, Issue: 2 | DOI: 10.1111/j.1540-6261.1997.tb04817.x | Cited by: 237
JAMES J. ANGEL
Minimum price variation rules help explain why stock prices vary substantially across countries, and other curiosities of share prices. Companies tend to split their stock so that the institutionally mandated minimum tick size is optimal relative to the stock price. A large relative tick size provides an incentive for dealers to make markets and for investors to provide liquidity by placing limit orders, despite its placing a high floor on the quoted bid‐ask spread. A simple model suggests that idiosyncratic risk, firm size, and visibility of the firm affect the optimal relative tick size and thus the share price.
A SPECTRAL ANALYSIS OF CYCLICAL FLUCTUATIONS IN MONEY AND BUSINESS*
Published: 9/1971, Volume: 26, Issue: 4 | DOI: 10.1111/j.1540-6261.1971.tb00938.x | Cited by: 0
James T. Bennett
Investment Risk, Bankruptcy Risk, and Pension Reform in Canada
Published: 6/1982, Volume: 37, Issue: 3 | DOI: 10.1111/j.1540-6261.1982.tb02220.x | Cited by: 5
JAMES E. PESANDO
The wealth redistributive effects of retroactive termination insurance together with the difficulty of determining insurance premiums suggest that an alternative response, such as improved disclosure of worker benefits in the event of plan wind‐up, may be preferred if the government remains concerned about the security of benefits in underfunded plans. Members of money purchase plans may well be less subject to investment risk than members of defined benefit plans, contrary to the claim of many. In Canada, defined benefit plans appear to have been transformed into defined benefit/money purchase hybrids, and this has several important implications.
ON CORPORATE DEBT MATURITY STRATEGIES
Published: 3/1976, Volume: 31, Issue: 1 | DOI: 10.1111/j.1540-6261.1976.tb03193.x | Cited by: 182
James R. Morris
LIQUIDITY AND CORPORATE SPENDING
Published: 12/1953, Volume: 8, Issue: 4 | DOI: 10.1111/j.1540-6261.1953.tb01185.x | Cited by: 3
James E. Walter
DISCUSSION
Published: 5/1968, Volume: 23, Issue: 2 | DOI: 10.1111/j.1540-6261.1968.tb00810.x | Cited by: 0
James A. Attwood
HOUSEHOLD DEMAND FOR FINANCIAL ASSETS, 1947–1967*
Published: 3/1971, Volume: 26, Issue: 1 | DOI: 10.1111/j.1540-6261.1971.tb00603.x | Cited by: 0
James Bernard Burnham
A Reply
Published: 3/1955, Volume: 10, Issue: 1 | DOI: 10.1111/j.1540-6261.1955.tb01565.x | Cited by: 1
James A. Maxwell
EFFECTS OF USURY CEILINGS IN THE MORTGAGE MARKET
Published: 6/1976, Volume: 31, Issue: 3 | DOI: 10.1111/j.1540-6261.1976.tb01925.x | Cited by: 18
James R. Ostas
ON THE THEORY OF CONGLOMERATE MERGERS
Published: 9/1977, Volume: 32, Issue: 4 | DOI: 10.1111/j.1540-6261.1977.tb03323.x | Cited by: 58
James H. Scott
DISCUSSION
Published: 2/1948, Volume: 3, Issue: 1 | DOI: 10.1111/j.1540-6261.1948.tb01013.x | Cited by: 1
James K. Hall
DISCUSSION
Published: 7/1986, Volume: 41, Issue: 3 | DOI: 10.1111/j.1540-6261.1986.tb04522.x | Cited by: 2
JAMES N. BODURTHA
THE OUTLOOK FOR THE BOND MARKET
Published: 5/1963, Volume: 18, Issue: 2 | DOI: 10.1111/j.1540-6261.1963.tb00734.x | Cited by: 0
James J. O'Leary
THE CHANGING ROLE OF BANKS IN THE MARKET FOR EQUITIES
Published: 5/1965, Volume: 20, Issue: 2 | DOI: 10.1111/j.1540-6261.1965.tb00216.x | Cited by: 1
A. James Meigs
ASPECTS OF INSTRUMENT/TARGET LINKS IN CANADIAN MONETARY POLICY*
Published: 3/1974, Volume: 29, Issue: 1 | DOI: 10.1111/j.1540-6261.1974.tb00047.x | Cited by: 0
James W. Dean
ANNOUNCEMENT
Published: 9/1959, Volume: 14, Issue: 3 | DOI: 10.1111/j.1540-6261.1959.tb00137.x | Cited by: 0
James J. O'Leary
Marketplace Fragmentation, Competition, and the Efficiency of the Stock Exchange
Published: 3/1979, Volume: 34, Issue: 1 | DOI: 10.1111/j.1540-6261.1979.tb02078.x | Cited by: 87
JAMES L. HAMILTON