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: 11.
Taxes and the Capital Structure of Partnerships, REIT's, and Related Entities
Published: 03/01/1991 | DOI: 10.1111/j.1540-6261.1991.tb03757.x
JEFFREY F. JAFFE
Academic finance has explored the effect of taxes on corporate capital structure in great detail. By contrast, the effect of taxes on the capital structure of partnerships, REIT's, and related entities has received little attention. The present paper shows that, under general conditions, the values of partnerships and REIT's are invariant to leverage, contradicting the sparse literature in the area. A proof similar to that of Modigliani‐Miller is employed. The effect of real world imperfections is also examined.
A NOTE ON TAXATION AND INVESTMENT
Published: 12/01/1978 | DOI: 10.1111/j.1540-6261.1978.tb03430.x
Jeffrey F. Jaffe
The Week‐End Effect in Common Stock Returns: The International Evidence
Published: 06/01/1985 | DOI: 10.1111/j.1540-6261.1985.tb04966.x
JEFFREY JAFFE, RANDOLPH WESTERFIELD
This paper examines the daily stock market returns for four foreign countries. We find a so‐called “week‐end effect” in each country. In addition, the lowest mean returns for the Japanese and Australian stock markets occur on Tuesday.
“HOT ISSUE” MARKETS
Published: 09/01/1975 | DOI: 10.1111/j.1540-6261.1975.tb01019.x
Roger G. Ibbotson, Jeffrey F. Jaffe
Earnings Yields, Market Values, and Stock Returns
Published: 03/01/1989 | DOI: 10.1111/j.1540-6261.1989.tb02408.x
JEFFREY JAFFE, DONALD B. KEIM, RANDOLPH WESTERFIELD
Earlier evidence concerning the relation between stock returns and the effects of size and earnings to price ratio (E/P) is not clear‐cut. This paper re‐examines these two effects with (a) a substantially longer sample period, 1951–1986, (b) data that are reasonably free of survivor biases, (c) both portfolio and seemingly unrelated regression tests, and (d) an emphasis on the important differences between January and other months. Over the entire period, the earnings yield effect is significant in both January and the other eleven months. Conversely, the size effect is significantly negative only in January. We also find evidence of consistently high returns for firms of all sizes with negative earnings.
The Post‐Merger Performance of Acquiring Firms: A Re‐examination of an Anomaly
Published: 09/01/1992 | DOI: 10.1111/j.1540-6261.1992.tb04674.x
ANUP AGRAWAL, JEFFREY F. JAFFE, GERSHON N. MANDELKER
The existing literature on the post‐merger performance of acquiring firms is divided. We re‐examine this issue, using a nearly exhaustive sample of mergers between NYSE acquirers and NYSE/AMEX targets. We find that stockholders of acquiring firms suffer a statistically significant loss of about 10% over the five‐year post‐merger period, a result robust to various specifications. Our evidence suggests that neither the firm size effect nor beta estimation problems are the cause of the negative post‐merger returns. We examine whether this result is caused by a slow adjustment of the market to the merger event. Our results do not seem consistent with this hypothesis.