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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“Stochastic Demand, Output and the Cost of Capital: A Clarification”
Published: 6/1980, Volume: 35, Issue: 3 | DOI: 10.1111/j.1540-6261.1980.tb03500.x | Cited by: 0
LAURENCE D. BOOTH
Capital Structures in Developing Countries
Published: 2/2001, Volume: 56, Issue: 1 | DOI: 10.1111/0022-1082.00320 | Cited by: 1440
Laurence Booth, Varouj Aivazian, Asli Demirguc‐Kunt, Vojislav Maksimovic
This study uses a new data set to assess whether capital structure theory is portable across countries with different institutional structures. We analyze capital structure choices of firms in 10 developing countries, and provide evidence that these decisions are affected by the same variables as in developed countries. However, there are persistent differences across countries, indicating that specific country factors are at work. Our findings suggest that although some of the insights from modern finance theory are portable across countries, much remains to be done to understand the impact of different institutional features on capital structure choices.
AN ECONOMIC BUDGET—NEW YORK STATE, 1937–1948*
Published: 9/1952, Volume: 7, Issue: 3 | DOI: 10.1111/j.1540-6261.1952.tb00098.x | Cited by: 0
S. Lees Booth
THE MANAGEMENT OF A COMMERCIAL BANK PORTFOLIO: A PROGRAMMING APPROACH*
Published: 12/1971, Volume: 26, Issue: 5 | DOI: 10.1111/j.1540-6261.1971.tb01763.x | Cited by: 0
G. Geoffrey Booth
The Ex‐Dividend Day Behavior of Canadian Stock Prices: Tax Changes and Clientele Effects
Published: 6/1984, Volume: 39, Issue: 2 | DOI: 10.1111/j.1540-6261.1984.tb02320.x | Cited by: 73
L. D. BOOTH, D. J. JOHNSTON
With some simple assumptions the ex‐dividend day price drop and the associated dividend can be used to measure the market's marginal tax rate. Previous research has estimated the implied tax rate for the U.S. This paper extends the analysis to Canada, where the tax treatment of dividends and capital gains is completely different from that in the U.S. The paper also presents estimates from 1970–80 to include four distinct periods when the tax treatment was different. Hence, we include an implied test of market efficiency as well as those for the “relevance” of taxes and the existence of tax based dividend clienteles.
FOREIGN EXCHANGE MARKET EFFICIENCY UNDER FLEXIBLE EXCHANGE RATES
Published: 9/1977, Volume: 32, Issue: 4 | DOI: 10.1111/j.1540-6261.1977.tb03330.x | Cited by: 14
John Burt, Fred R. Kaen, G. Geoffrey Booth
Foreign Exchange Market Efficiency Under Flexible Exchange Rates: Reply
Published: 6/1979, Volume: 34, Issue: 3 | DOI: 10.1111/j.1540-6261.1979.tb02144.x | Cited by: 2
JOHN BURT, FRED R. KAEN, G. GEOFFREY BOOTH
THE INTEREST‐INDUCED WEALTH EFFECT AND THE BEHAVIOR OF REAL AND NOMINAL INTEREST RATES: A COMMENT
Published: 6/1977, Volume: 32, Issue: 3 | DOI: 10.1111/j.1540-6261.1977.tb02005.x | Cited by: 1
Laurence H. Meyer, Jess B. Yawitz
Firm‐Level Climate Change Exposure
Published: 3/31/2023, Volume: 78, Issue: 3 | DOI: 10.1111/jofi.13219 | Cited by: 1296
ZACHARIAS SAUTNER, LAURENCE VAN LENT, GRIGORY VILKOV, RUISHEN ZHANG
We develop a method that identifies the attention paid by earnings call participants to firms' climate change exposures. The method adapts a machine learning keyword discovery algorithm and captures exposures related to opportunity, physical, and regulatory shocks associated with climate change. The measures are available for more than 10,000 firms from 34 countries between 2002 and 2020. We show that the measures are useful in predicting important real outcomes related to the net‐zero transition, in particular, job creation in disruptive green technologies and green patenting, and that they contain information that is priced in options and equity markets.
A Theoretical Analysis of Real Estate Returns
Published: 7/1985, Volume: 40, Issue: 3 | DOI: 10.1111/j.1540-6261.1985.tb04994.x | Cited by: 25
H. RUSSELL FOGLER, MICHAEL R. GRANITO, LAURENCE R. SMITH
In this paper, we consider two hypotheses for the recent performance of real estate returns. The first is the random event argument that real estate is positively correlated with unanticipated inflation but that structural change in expected returns due to a change in the perceived sensitivity of returns to unanticipated inflation has not taken place. The second is the hedge demand argument that formulates the structural shift hypothesis. The paucity of real estate and other expectations data as well as the general identification problem make it extremely difficult to distinguish between these hypothesis. Our tests consist of estimates of inflation betas for various asset categories overtime as well as estimates of the hedge vector, . Although some support for the hedge argument is found, the results are not strong enough to reject the random event argument and conclude that a decline in the required return on real estate due to a relative increase in inflation beta drove returns during the 1970's.
The Global Impact of Brexit Uncertainty
Published: 11/30/2023, Volume: 79, Issue: 1 | DOI: 10.1111/jofi.13293 | Cited by: 106
TAREK A. HASSAN, STEPHAN HOLLANDER, LAURENCE VAN LENT, AHMED TAHOUN
We propose a text‐based method for measuring the cross‐border propagation of large shocks at the firm level. We apply this method to estimate the expected costs, benefits, and risks of Brexit and find widespread reverberations in listed firms in 81 countries. International (i.e., non‐U.K.) firms most exposed to Brexit uncertainty (the second moment) lost significant market value and reduced hiring and investment. International firms also overwhelmingly expected negative first‐moment impacts from the U.K.'s decision to leave the European Union (EU), particularly related to regulation, asset prices, and labor market impacts of Brexit.