The Journal of Finance

Tax Effects in Term Structure Estimation

Published: 6/1984,  Volume: 39,  Issue: 2  |  DOI: 10.1111/j.1540-6261.1984.tb02316.x  |  Cited by: 24

JAMES V. JORDAN

This study is a refinement and an extension of an earlier study by McCulloch of tax effects in the regression equation for term structure estimation. This study includes tests for tax effects and heteroskedasticity, a reconsideration of the need for an instrumental variable, and a search for the capital gains tax rate in addition to the ordinary‐income tax rate. There are two major findings: (1) statistically significant tax‐induced bias in the non‐tax‐adjusted equation and (2) evidence that the capital gains tax is misspecified in the tax‐adjusted equation.

Default Risk in Futures Markets: The Customer‐Broker Relationship

Published: 7/1990,  Volume: 45,  Issue: 3  |  DOI: 10.1111/j.1540-6261.1990.tb05112.x  |  Cited by: 14

JAMES V. JORDAN, GEORGE EMIR MORGAN

The traditional view of the futures clearinghouse as an insurer that eliminates the need for customers to evaluate default risk is inaccurate. A clearinghouse member default in 1985 confirms that the clearinghouse only guarantees payment from member to member, not from customer to customer or member to customer. Thus, non‐defaulting customers are subject to losses as a result of the action of individuals with whom thay have no contractual obligations. This study models the behavior of customers choosing a futures commission merchant (FCM) given the current legal position of the clearinghouse. In a single‐period model with symmetric information, customers can eliminate their exposure to defaults of other customers or of their FCM only by choosing to trade through “boutique” (undiversified) FCMs. In practice, monitoring and rebalancing costs may impede the attainment of zero default risk. However, FCM diversification remains an important factor in customer choice of an FCM. When setting capital requirements, clearinghouses and government regulators need to consider the implications of diversification for both customer and market protection.

Special Repo Rates: An Empirical Analysis

Published: 12/1997,  Volume: 52,  Issue: 5  |  DOI: 10.1111/j.1540-6261.1997.tb02750.x  |  Cited by: 146

BRADFORD D. JORDAN, SUSAN D. JORDAN

Duffie (1996) examines the theoretical impact of repo “specials” on the prices of Treasury securities and concludes that, all else the same, an issue on special will carry a higher price than an otherwise identical issue. We examine this hypothesis and find strong evidence in support of it. We also examine whether the liquidity premium associated with “on‐the‐run” issues is due to repo specialness and find evidence of a distinct effect. Finally, we investigate whether auction tightness and percentage awarded to dealers are related to subsequent specialness and find that both variables àre generally significant.

THE MARKET FOR DEPOSIT‐TYPE FINANCIAL ASSETS*

Published: 6/1970,  Volume: 25,  Issue: 3  |  DOI: 10.1111/j.1540-6261.1970.tb00542.x  |  Cited by: 0

Jerry Lee Jordan

DISCUSSION

Published: 5/1979,  Volume: 34,  Issue: 2  |  DOI: 10.1111/j.1540-6261.1979.tb02113.x  |  Cited by: 0

JERRY L. JORDAN

DISCUSSION

Published: 5/1982,  Volume: 37,  Issue: 2  |  DOI: 10.1111/j.1540-6261.1982.tb00885.x  |  Cited by: 0

J. V. JORDAN

The Pricing of Short‐Term Debt and the Miller Hypothesis: A Note

Published: 6/1985,  Volume: 40,  Issue: 2  |  DOI: 10.1111/j.1540-6261.1985.tb04976.x  |  Cited by: 6

BRADFORD D. JORDAN, RICHARD H. PETTWAY

Learning by Owning in a Lemons Market

Published: 4/19/2022,  Volume: 77,  Issue: 3  |  DOI: 10.1111/jofi.13125  |  Cited by: 3

JORDAN MARTEL, KENNETH MIRKIN, BRIAN WATERS

We study market dynamics when an owner learns about the quality of her asset over time. Since this information is private, the owner sells strategically to a less informed buyer following sufficient negative information. In response, market prices feature a “U‐shape” and trading probabilities a “hump‐shape” with respect to the time to sale. As the owner initially acquires greater information, buyers suffer greater adverse selection, and prices fall accordingly. Eventually, the probability of an informed sale shrinks, and prices rebound. We provide evidence consistent with our model in markets for residential real estate, venture capital investments, and construction equipment.

The Quiet Period Goes out with a Bang

Published: 2/2003,  Volume: 58,  Issue: 1  |  DOI: 10.1111/1540-6261.00517  |  Cited by: 225

Daniel J. Bradley, Bradford D. Jordan, Jay R. Ritter

We examine the expiration of the IPO quiet period, which occurs after the 25th calendar day following the offering. For IPOs during 1996 to 2000, we find that analyst coverage is initiated immediately for 76 percent of these firms, almost always with a favorable rating. Initiated firms experience a five‐day abnormal return of 4.1 percent versus 0.1 percent for firms with no coverage. The abnormal returns are concentrated in the days just before the quiet period expires. Abnormal returns are much larger when coverage is initiated by multiple analysts. It does not matter whether a recommendation comes from the lead underwriter or not.

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: 3/1962,  Volume: 17,  Issue: 1  |  DOI: 10.1111/j.1540-6261.1962.tb04263.x  |  Cited by: 0

James Gillies

BOOKS RECEIVED

Published: 12/1961,  Volume: 16,  Issue: 4  |  DOI: 10.1111/j.1540-6261.1961.tb04243.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

The Losses Realized in Bank Failures

Published: 9/1991,  Volume: 46,  Issue: 4  |  DOI: 10.1111/j.1540-6261.1991.tb04616.x  |  Cited by: 294

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.

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

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: 3/1963,  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.

REPLY

Published: 9/1966,  Volume: 21,  Issue: 3  |  DOI: 10.1111/j.1540-6261.1966.tb00257.x  |  Cited by: 0

James Tobin

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: 9/1962,  Volume: 17,  Issue: 3  |  DOI: 10.1111/j.1540-6261.1962.tb04331.x  |  Cited by: 0

James Gillies

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: 67

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: 96

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.

Agency Costs and Ownership Structure

Published: 2/2000,  Volume: 55,  Issue: 1  |  DOI: 10.1111/0022-1082.00201  |  Cited by: 1801

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.

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

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: 52

JAMES L. HAMILTON

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

PRICE‐EXPECTATIONS EFFECTS ON INTEREST RATES: COMMENT*

Published: 6/1973,  Volume: 28,  Issue: 3  |  DOI: 10.1111/j.1540-6261.1973.tb01395.x  |  Cited by: 1

James F. McCollum

THE STIMULATORY EFFECT OF GRANTS‐IN‐AID*

Published: 12/1969,  Volume: 24,  Issue: 5  |  DOI: 10.1111/j.1540-6261.1969.tb01715.x  |  Cited by: 0

James A. Wilde

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

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: 177

James R. Morris

On Forecasting Long‐Term Interest Rates: Is the Success of the No‐Change Prediction Surprising?

Published: 9/1980,  Volume: 35,  Issue: 4  |  DOI: 10.1111/j.1540-6261.1980.tb03521.x  |  Cited by: 4

JAMES E. PESANDO

A FURTHER ANALYSIS OF THE OBJECTIVES OF AMERICAN MONETARY POLICY

Published: 6/1968,  Volume: 23,  Issue: 3  |  DOI: 10.1111/j.1540-6261.1968.tb00820.x  |  Cited by: 10

James W. Christian

REGIONAL DIFFERENCES IN MORTGAGE FINANCING COSTS: A REEXAMINATION

Published: 12/1977,  Volume: 32,  Issue: 5  |  DOI: 10.1111/j.1540-6261.1977.tb03372.x  |  Cited by: 13

James R. Ostas