The Journal of Finance

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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Option Prices as Predictors of Equilibrium Stock Prices

Published: 09/01/1982 | DOI: 10.1111/j.1540-6261.1982.tb03597.x

STEVEN MANASTER, RICHARD J. RENDLEMAN

The Black‐Scholes option pricing model, modified for dividend payments, is used to calculate jointly implied stock prices and implied standard deviations. A comparison of the implied stock prices with observed stock prices reveals that the implied prices contain information regarding equilibrium stock prices that is not fully reflected in observed stock prices. The implications of this finding are discussed.

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STANDARD DEVIATIONS OF STOCK PRICE RATIOS IMPLIED IN OPTION PRICES

Published: 05/01/1976 | DOI: 10.1111/j.1540-6261.1976.tb01892.x

Henry A. Latané, Richard J. Rendleman

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The Efficiency of the Treasury Bill Futures Market

Published: 09/01/1979 | DOI: 10.1111/j.1540-6261.1979.tb03443.x

RICHARD J. RENDLEMAN, CHRISTOPHER E. CARABINI

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Two‐State Option Pricing

Published: 12/01/1979 | DOI: 10.1111/j.1540-6261.1979.tb00058.x

RICHARD J. RENDLEMAN, BRIT J. BARTTER