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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The January Anomaly: Effects of Low Share Price, Transaction Costs, and Bid‐Ask Bias
Published: 6/1992, Volume: 47, Issue: 2 | DOI: 10.1111/j.1540-6261.1992.tb04401.x | Cited by: 153
RAVINDER K. BHARDWAJ, LEROY D. BROOKS
The January effect is primarily a low‐share price effect and less so a market value effect. In the recent 1977–1986 period, after‐transaction‐cost raw and excess January returns are lower on low‐price stocks than on high‐price stocks. Failure of informed traders to eliminate significantly large before‐transaction‐cost excess January returns on low‐price stocks is potentially explained by higher transaction costs and a bid‐ask bias. At the least, the January anomaly found in prior tests is not persistent, and thereby, not likely to be exploitable by typical investors.
FURTHER EVIDENCE OF THE TIME SERIES PROPERTIES OF ACCOUNTING INCOME
Published: 12/1976, Volume: 31, Issue: 5 | DOI: 10.1111/j.1540-6261.1976.tb03218.x | Cited by: 172
LeRoy D. Brooks, Dale A. Buckmaster
The Information Content of Municipal Bond Rating Changes: A Note
Published: 6/1983, Volume: 38, Issue: 3 | DOI: 10.1111/j.1540-6261.1983.tb02514.x | Cited by: 75
ROBERT W. INGRAM, LEROY D. BROOKS, RONALD M. COPELAND*
EFFICIENT CAPITAL MARKETS: COMMENT
Published: 3/1976, Volume: 31, Issue: 1 | DOI: 10.1111/j.1540-6261.1976.tb03204.x | Cited by: 55
Stephen F. LeRoy
MAJOR FACTORS AND TRENDS IN THE GOVERNMENT BOND MARKET
Published: 5/1953, Volume: 8, Issue: 2 | DOI: 10.1111/j.1540-6261.1953.tb01163.x | Cited by: 0
Leroy M. Piser
Expectations Models of Asset Prices: A Survey of Theory
Published: 3/1982, Volume: 37, Issue: 1 | DOI: 10.1111/j.1540-6261.1982.tb01103.x | Cited by: 41
STEPHEN F. LEROY
This paper identifies restrictions on preferences under which various classes of “expectations” theories of asset prices—i.e., uncertainty models of asset prices which coincide with the corresponding certainty theory except that expected future prices replace actual future prices—are valid. Major classes of expectations models surveyed are martingale models, the expectations hypothesis of the term structure of interest rates, and models of exhaustible resources and futures markets. In each case the required restriction is related to the assumptiono f risk—neutrality, but the precise nature of the required restriction is shown to differ significantly among the various classes of expectations theories.
THE COST OF EXTERNAL COMMON STOCK EQUITY CAPITAL FOR SMALL BUSINESS: AN EMPIRICAL STUDY OF NEW COMMON STOCK OFFERINGS*
Published: 12/1964, Volume: 19, Issue: 4 | DOI: 10.1111/j.1540-6261.1964.tb02898.x | Cited by: 0
LeRoy Geoege Faerber
SOME EFFECTS OF NON‐CONTRIBUTORY PENSION PLANS ON THE FINANCIAL POLICY OF CORPORATIONS*
Published: 12/1956, Volume: 11, Issue: 4 | DOI: 10.1111/j.1540-6261.1956.tb04088.x | Cited by: 0
Keith Leroy Broman
THE RECAPTURE OF INSIDERS' PROFITS
Published: 9/1953, Volume: 8, Issue: 3 | DOI: 10.1111/j.1540-6261.1953.tb01172.x | Cited by: 1
Leroy A. Shattuck
A Note on the Local Expectations Hypothesis: A Discrete‐Time Exposition—Erratum
Published: 6/1987, Volume: 42, Issue: 2 | DOI: 10.1111/j.1540-6261.1987.tb02580.x | Cited by: 0
CHRISTIAN GILLES, STEPHEN F. LeROY
A Note on the Local Expectations Hypothesis: A Discrete‐Time Exposition
Published: 9/1986, Volume: 41, Issue: 4 | DOI: 10.1111/j.1540-6261.1986.tb04560.x | Cited by: 9
CHRISTIAN GILLES, STEPHEN F. LEROY
FIRM SIZE AND THE COST OF EXTERNALLY SECURED EQUITY CAPITAL
Published: 3/1966, Volume: 21, Issue: 1 | DOI: 10.1111/j.1540-6261.1966.tb02955.x | Cited by: 34
Stephen H. Archer, LeRoy G. Faerber