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.
AFA members can log in to view full-text articles below.
View past issues
Search the Journal of Finance:
Search results: 12.
Land and Credit: A Study of the Political Economy of Banking in the United States in the Early 20th Century
Published: 11/14/2011, Volume: 66, Issue: 6 | DOI: 10.1111/j.1540-6261.2011.01694.x | Cited by: 89
RAGHURAM G. RAJAN, RODNEY RAMCHARAN
We find that, in the early 20th century, counties in the United States where the agricultural elite had disproportionately large land holdings had significantly fewer banks per capita, even correcting for state‐level effects. Moreover, credit appears to have been costlier, and access to it more limited, in these counties. The evidence suggests that elites may restrict financial development in order to limit access to finance, and they may be able to do so even in countries with well‐developed political institutions.
From Wall Street to Main Street: The Impact of the Financial Crisis on Consumer Credit Supply
Published: 5/11/2016, Volume: 71, Issue: 3 | DOI: 10.1111/jofi.12209 | Cited by: 67
RODNEY RAMCHARAN, STÉPHANE VERANI, SKANDER J. VAN DEN HEUVEL
How did the collapse of the asset‐backed securities (ABS) market during the 2007 to 2009 financial crisis affect the supply of credit to the broader economy? Using new data on the U.S. credit union industry, we find that ABS‐related losses are associated with a large contraction in the supply of credit to consumers, especially among those credit unions that began the crisis with weaker capitalization. We also find that this credit supply shock restricted the availability of mortgage and automobile credit. These results show how movements in the prices of financial assets can affect the real economy.
THE EXTINGUISHMENT OF CONVERTIBLE BONDS: A THEORETICAL AND EMPIRICAL ANALYSIS*
Published: 3/1971, Volume: 26, Issue: 1 | DOI: 10.1111/j.1540-6261.1971.tb00609.x | Cited by: 1
Rodney D. Johnson
ETHICAL DRUG INDUSTRY RETURN ON INVESTMENT*
Published: 12/1974, Volume: 29, Issue: 5 | DOI: 10.1111/j.1540-6261.1974.tb03149.x | Cited by: 0
Rodney F. Smith
The Effect of Errors in Variables on Tests for a Risk Premium in Forward Exchange Rates
Published: 6/1982, Volume: 37, Issue: 3 | DOI: 10.1111/j.1540-6261.1982.tb02216.x | Cited by: 8
RODNEY L. JACOBS
Conventional tests for a risk premium in the price of forward exchange use the subsequently realized spot rate as a proxy for prior expectations. Use of this proxy creates a serious errors‐in‐variables problem which makes it difficult to reject the null hypothesis of zero risk premium. Use of a better proxy for expectations indicates the presence of a risk premium in the forward exchange rate of all countries analyzed.
MEASURING PERFORMANCE AND EXAMINING DISCOUNTS AND PREMIUMS OF CLOSED‐END INVESTMENT COMPANIES*
Published: 6/1973, Volume: 28, Issue: 3 | DOI: 10.1111/j.1540-6261.1973.tb01404.x | Cited by: 0
Rodney L. Roenfeldt
Relative Significance of Journals, Authors, and Articles Cited in Financial Research
Published: 6/1994, Volume: 49, Issue: 2 | DOI: 10.1111/j.1540-6261.1994.tb05158.x | Cited by: 153
JOHN C. ALEXANDER, RODNEY H. MABRY
We evaluate journals based on their relative contributions to top‐level finance research in a recent period. Journals are ranked according to the number of citations found in articles published in Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, and Review of Financial Studies. The analysis controls for both the average number of articles and average number of words published annually in each cited journal. We identify the fifty most frequently cited journals during this period. We also list the fifty most frequently cited authors and articles and note topical trends in the research.
The Long‐run Performance Following Dividend Initiations and Resumptions: Underreaction or Product of Chance?
Published: 4/2002, Volume: 57, Issue: 2 | DOI: 10.1111/1540-6261.00445 | Cited by: 108
Rodney D. Boehme, Sorin M. Sorescu
We examine the long‐term stock performance following dividend initiations and resumptions from 1927 to 1998. We show that postannouncement abnormal returns are significantly positive for equally weighted calendar time portfolios, but become insignificant when the portfolios are value weighted. Moreover, the equally weighted results are not robust across subsamples. We also document postannouncement reductions in the risk factor loadings of underlying stocks. Cross‐sectionally, these reductions are negatively related to the contemporaneous price drifts, suggesting the price drifts may be a sample‐specific result of chance. Our results underscore the importance of testing for changes in risk loadings in future long‐term event studies.
The Rule 415 Experiment: Equity Markets
Published: 12/1985, Volume: 40, Issue: 5 | DOI: 10.1111/j.1540-6261.1985.tb02390.x | Cited by: 84
SANJAI BHAGAT, M. WAYNE MARR, G. RODNEY THOMPSON
Rule 415 allows a firm to register all the securities it reasonably expects to sell over the next two years and then, at the management's option, to sell those securities over these two years whenever it chooses. This paper examines whether equity offerings made under Rule 415 (shelf offerings) differ in issuing costs from equity offerings not sold under this rule. We find that shelf offerings cost 13% less for syndicated issues and 51% less for nonsyndicated issues. We also investigate the empirical relevance of the market overhang argument which suggests that shelf registrations depress the price of the registering firm's shares more than traditional registrations. Our data does not support the market overhang argument.
The Shelf Registration of Debt and Self Selection Bias
Published: 3/1990, Volume: 45, Issue: 1 | DOI: 10.1111/j.1540-6261.1990.tb05093.x | Cited by: 18
DAVID S. ALLEN, ROBERT E. LAMY, G. RODNEY THOMPSON
Prior studies report lower issue costs for shelf registered debt and conclude that the benefits of increased underwriter competition can be realized by those firms using this registration procedure. This study re‐examines the purported superiority of issuing debt via shelf registration, and finds that the savings in issue costs displayed by earlier studies can be attributed to a self selection bias and not the method of registration.
Evidence of Financial Leverage Clienteles
Published: 9/1983, Volume: 38, Issue: 4 | DOI: 10.1111/j.1540-6261.1983.tb02287.x | Cited by: 13
JOHN M. HARRIS, RODNEY L. ROENFELDT, PHILIP L. COOLEY
Security Pricing and Deviations from the Absolute Priority Rule in Bankruptcy Proceedings
Published: 12/1990, Volume: 45, Issue: 5 | DOI: 10.1111/j.1540-6261.1990.tb03723.x | Cited by: 155
ALLAN C. EBERHART, WILLIAM T. MOORE, RODNEY L. ROENFELDT
Claims ultimately awarded to shareholders of firms in reorganization were examined for a sample of 30 filings under the 1978 Bankruptcy Reform Act. We measured the amount paid to shareholders in excess of that which they would have received under the absolute priority rule and found that this amount represents, on average, 7.6% of the total awarded to all claimants. Evidence is also reported that common share values reflect a significant proportion of value ultimately received in violation of absolute priority, suggesting that deviations from the rule were expected by the equity markets.