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: 7.

Bankruptcy, Secured Debt, and Optimal Capital Structure: Reply

Published: 03/01/1979   |   DOI: 10.1111/j.1540-6261.1979.tb02086.x

JAMES H. SCOTT


BANKRUPTCY, SECURED DEBT, AND OPTIMAL CAPITAL STRUCTURE

Published: 03/01/1977   |   DOI: 10.1111/j.1540-6261.1977.tb03237.x

James H. Scott


The Puzzle of Financial Leverage Clienteles

Published: 12/01/1985   |   DOI: 10.1111/j.1540-6261.1985.tb02394.x

ODED SARIG, JAMES SCOTT

Empirically, it appears that common stock of publicly traded corporations with high‐debt ratios tends to be held by investors with relatively low marginal taxes while the stock in companies with little debt is held by investors in high‐tax brackets. A number of authors have argued that in an equilibrium similar to the one described by Miller [8], these clienteles should exist. We argue that standard portfolio theory does not imply financial leverage clienteles for publicly traded firms. We explain the empirical relationship between investor tax rates and leverage ratios by the existence of dividend clienteles and a positive relationship between dividend yield and leverage ratios.


AMBIGUITIES IN THE CROSS‐SECTION ANALYSIS OF PER SHARE FINANCIAL DATA: COMMENT

Published: 06/01/1977   |   DOI: 10.1111/j.1540-6261.1977.tb02003.x

James H. Scott


The Tax Effects of Investment in Marketable Securities on Firm Valuation

Published: 05/01/1979   |   DOI: 10.1111/j.1540-6261.1979.tb02093.x

JAMES H. SCOTT


ON THE THEORY OF CONGLOMERATE MERGERS

Published: 09/01/1977   |   DOI: 10.1111/j.1540-6261.1977.tb03323.x

James H. Scott


DISCUSSION

Published: 05/01/1977   |   DOI: 10.1111/j.1540-6261.1977.tb03289.x

Bernard Dumas, James H. Scott