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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Momentum, Reversal, and Uninformed Traders in Laboratory Markets
Published: 11/25/2009, Volume: 64, Issue: 6 | DOI: 10.1111/j.1540-6261.2009.01510.x | Cited by: 53
ROBERT J. BLOOMFIELD, WILLIAM B. TAYLER, FLORA (HAILAN) ZHOU
We report the results of three experiments based on the model of Hong and Stein (1999). Consistent with the model, the results show that when informed traders do not observe prices, uninformed traders generate long‐term price reversals by engaging in momentum trade. However, when informed traders also observe prices, uninformed traders generate reversals by engaging in contrarian trading. The results suggest that a dominated information set is sufficient to account for the contrarian behavior observed among individual investors, and that uninformed traders may be responsible for long‐term price reversals but play little role in driving short‐term momentum.
INTEREST RATES, PORTFOLIO BEHAVIOR, AND MARKETABLE GOVERNMENT SECURITIES
Published: 3/1972, Volume: 27, Issue: 1 | DOI: 10.1111/j.1540-6261.1972.tb00616.x | Cited by: 4
William T. Terrell, William J. Frazer
Interest Rates, Uncertainty and the Livingston Data
Published: 6/1981, Volume: 36, Issue: 3 | DOI: 10.1111/j.1540-6261.1981.tb00651.x | Cited by: 30
WILLIAM A. BOMBERGER, WILLIAM J. FRAZER
The observed relationship between the standard deviation of forecasts and past forecast errors as found in the Livingston survey suggests the interpretation of the standard deviation as a measure of inflation uncertainty. The mean and the standard deviation for the inflation rate forecast found in the Livingston survey, furthermore, are used as regressors in a reduced‐form interest rate equation. The results indicate a large negative effect of such uncertainty on interest rates. The inclusion of the uncertainty measure and commonly omitted lagged values of all variables in our analysis of data leads to more theoretically plausible estimated effects of money growth and expected inflation on interest rates than do standard estimates.
COMMERCIAL BANK REGULATION, STRUCTURE, AND PERFORMANCE*
Published: 6/1975, Volume: 30, Issue: 3 | DOI: 10.1111/j.1540-6261.1975.tb01872.x | Cited by: 0
William Jackson
THE STATUS AND PROSPECTS OF VARIABLE ANNUITIES*
Published: 5/1962, Volume: 17, Issue: 2 | DOI: 10.1111/j.1540-6261.1962.tb04268.x | Cited by: 0
William Freund
COUNTERSPECULATION, AUCTIONS, AND COMPETITIVE SEALED TENDERS
Published: 3/1961, Volume: 16, Issue: 1 | DOI: 10.1111/j.1540-6261.1961.tb02789.x | Cited by: 4994
William Vickrey
Burnsian Monetary Policy: Eight Years of Progress?
Published: 5/1979, Volume: 34, Issue: 2 | DOI: 10.1111/j.1540-6261.1979.tb02111.x | Cited by: 6
WILLIAM POOLE
Safety Transformation and the Structure of the Financial System
Published: 8/10/2020, Volume: 75, Issue: 6 | DOI: 10.1111/jofi.12967 | Cited by: 47
WILLIAM DIAMOND
This paper studies how a financial system that is organized to efficiently create safe assets responds to macroeconomic shocks. Financial intermediaries face a cost of bearing risk, so they choose the least risky portfolio that backs their issuance of riskless deposits: a diversified pool of nonfinancial firms' debt. Nonfinancial firms choose their capital structure to exploit the resulting segmentation between debt and equity markets. Increased safe asset demand yields larger and riskier intermediaries and more levered firms. Quantitative easing reduces the size and riskiness of intermediaries and can decrease firm leverage, despite reducing borrowing costs at the zero lower bound.
THE RELATIONSHIP OF MONETARY DECELERATIONS TO BUSINESS CYCLE PEAKS: ANOTHER LOOK AT THE EVIDENCE
Published: 6/1975, Volume: 30, Issue: 3 | DOI: 10.1111/j.1540-6261.1975.tb01844.x | Cited by: 1
William Poole
COMMERCIAL BANK RESERVE MANAGEMENT IN A STOCHASTIC MODEL: IMPLICATIONS FOR MONETARY POLICY
Published: 12/1968, Volume: 23, Issue: 5 | DOI: 10.1111/j.1540-6261.1968.tb00316.x | Cited by: 181
William Poole
THE VALUE OF AN OPTION TO EXCHANGE ONE ASSET FOR ANOTHER
Published: 3/1978, Volume: 33, Issue: 1 | DOI: 10.1111/j.1540-6261.1978.tb03397.x | Cited by: 1157
William Margrabe
THE THEORETICAL VALUE OF A STOCK RIGHT: A COMMENT
Published: 9/1956, Volume: 11, Issue: 3 | DOI: 10.1111/j.1540-6261.1956.tb00112.x | Cited by: 0
William Beranek
DISCUSSION
Published: 5/1980, Volume: 35, Issue: 2 | DOI: 10.1111/j.1540-6261.1980.tb02168.x | Cited by: 0
William Marshall
MONETARY AND DEBT‐MANAGEMENT POLICIES, 1953–55*
Published: 3/1959, Volume: 14, Issue: 1 | DOI: 10.1111/j.1540-6261.1959.tb00499.x | Cited by: 0
William Pigott
Tests of Two Models for Valuing Call Options on Stocks with Dividends
Published: 12/1982, Volume: 37, Issue: 5 | DOI: 10.1111/j.1540-6261.1982.tb03614.x | Cited by: 18
WILLIAM STERK
Roll has recently formulated an option pricing model which allows dividend payments on the underlying stock. This paper compares the performance of the exact Roll model with a modified, but inexact, Black‐Scholes model. The results indicate that the Roll model prices are significantly closer to actual market prices.
AN APPRAISAL OF THE OHIO AXLE‐MILE TRUCK TAX*
Published: 3/1958, Volume: 13, Issue: 1 | DOI: 10.1111/j.1540-6261.1958.tb04183.x | Cited by: 0
William Joseph Weiskopf
A GENERAL CLASS OF THREE‐PARAMETER RISK MEASURES: COMMENT
Published: 3/1975, Volume: 30, Issue: 1 | DOI: 10.1111/j.1540-6261.1975.tb03176.x | Cited by: 1
William H. Jean
Books Recieved
Published: 9/1958, Volume: 13, Issue: 3 | DOI: 10.1111/j.1540-6261.1958.tb04214.x | Cited by: 1
Clyde William Phelps
MONETARY POLICY EFFECTIVENESS: THE CASE OF A POSITIVELY SLOPED I S CURVE
Published: 12/1971, Volume: 26, Issue: 5 | DOI: 10.1111/j.1540-6261.1971.tb01749.x | Cited by: 7
William L. Silber
BOOKS RECEIVED
Published: 12/1960, Volume: 15, Issue: 4 | DOI: 10.1111/j.1540-6261.1960.tb02785.x | Cited by: 0
Clyde William Phelps
BOOKS RECEIVED
Published: 9/1959, Volume: 14, Issue: 3 | DOI: 10.1111/j.1540-6261.1959.tb00136.x | Cited by: 0
Clyde William Phelps
LARGE MANUFACTURING CORPORATIONS AS SUPPLIERS OF FUNDS TO THE UNITED STATES GOVERNMENT SECURITIES MARKET
Published: 12/1958, Volume: 13, Issue: 4 | DOI: 10.1111/j.1540-6261.1958.tb04218.x | Cited by: 6
William J. Frazer
CAPITALIZATION OF THE PROPERTY TAX: AN EMPIRICAL STUDY*
Published: 9/1971, Volume: 26, Issue: 4 | DOI: 10.1111/j.1540-6261.1971.tb00939.x | Cited by: 0
William B. Conway
DEPRECIATION AND THE 1954 INTERNAL REVENUE CODE
Published: 9/1955, Volume: 10, Issue: 3 | DOI: 10.1111/j.1540-6261.1955.tb01279.x | Cited by: 1
William F. Hellmuth
THE SECULAR TREND OF INCOME VELOCITY IN JAPAN, 1879–1940*
Published: 9/1963, Volume: 18, Issue: 3 | DOI: 10.1111/j.1540-6261.1963.tb02860.x | Cited by: 0
William C. Hoekendorf
ANALYSIS AND ADMINISTRATION OF CONVENIENCE‐AND‐ADVANTAGE LICENSING IN THE SMALL‐LOAN INDUSTRY*
Published: 6/1971, Volume: 26, Issue: 3 | DOI: 10.1111/j.1540-6261.1971.tb01742.x | Cited by: 1
William Lee Sartoris
Capital Asset Prices with and without Negative Holdings
Published: 6/1991, Volume: 46, Issue: 2 | DOI: 10.1111/j.1540-6261.1991.tb02671.x | Cited by: 152
WILLIAM F. SHARPE
BOOKS RECEIVED
Published: 12/1955, Volume: 10, Issue: 4 | DOI: 10.1111/j.1540-6261.1955.tb01309.x | Cited by: 1
Clyde William Phelps
BOOKS RECEIVED
Published: 3/1956, Volume: 11, Issue: 1 | DOI: 10.1111/j.1540-6261.1956.tb00695.x | Cited by: 1
Clyde William Phelps
JUNIOR MORTGAGES IN REAL ESTATE FINANCE A CASE STUDY
Published: 3/1956, Volume: 11, Issue: 1 | DOI: 10.1111/j.1540-6261.1956.tb00685.x | Cited by: 2
William N. Kinnard
LIFE REINSURANCE POOLS
Published: 3/1956, Volume: 11, Issue: 1 | DOI: 10.1111/j.1540-6261.1956.tb00686.x | Cited by: 1
William M. Howard
The Issue Decision of Manager‐Owners under Information Asymmetry
Published: 12/1987, Volume: 42, Issue: 5 | DOI: 10.1111/j.1540-6261.1987.tb04364.x | Cited by: 10
WILLIAM D. BRADFORD
A firm must issue common stock in order to undertake a new investment, and the firm's manager‐owners can value the firm more accurately than the market. The ability of the manager‐owners to trade in the firm's shares during the issue (a) reduces the investments that are foregone because of the market's mispricing the firm's shares, (b) changes the size and direction of the stock price change when the firm announces a new stock issue, and (c) changes the market value of the firm before and after the issue announcement, whether or not it decides to issue.
BOOKS RECEIVED
Published: 9/1955, Volume: 10, Issue: 3 | DOI: 10.1111/j.1540-6261.1955.tb01294.x | Cited by: 0
Clyde William Phelps
PRICE‐EXPECTATIONS EFFECTS ON INTEREST RATES
Published: 3/1970, Volume: 25, Issue: 1 | DOI: 10.1111/j.1540-6261.1970.tb00410.x | Cited by: 42
William E. Gibson
MONETARY CHANNELS AND THE RELATIVE IMPORTANCE OF MONEY SUPPLY AND BANK PORTFOLIOS
Published: 3/1969, Volume: 24, Issue: 1 | DOI: 10.1111/j.1540-6261.1969.tb00344.x | Cited by: 2
William L. Silber
REVIEW OF INSTITUTIONAL ACTIVITY IN THE EQUITY MARKET, 1951–54
Published: 12/1957, Volume: 12, Issue: 4 | DOI: 10.1111/j.1540-6261.1957.tb04160.x | Cited by: 1
William B. Neenan
REPLY
Published: 12/1973, Volume: 28, Issue: 5 | DOI: 10.1111/j.1540-6261.1973.tb01467.x | Cited by: 0
William L. Silber
THE FEDERAL RESERVE SYSTEM';S “BILLS ONLY” POLICY*
Published: 3/1964, Volume: 19, Issue: 1 | DOI: 10.1111/j.1540-6261.1964.tb00757.x | Cited by: 0
William Eli Whitesell
CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*
Published: 9/1964, Volume: 19, Issue: 3 | DOI: 10.1111/j.1540-6261.1964.tb02865.x | Cited by: 4048
William F. Sharpe
MONETARY CONTROL AND THE DISTRIBUTION OF MONEY*
Published: 9/1964, Volume: 19, Issue: 3 | DOI: 10.1111/j.1540-6261.1964.tb02876.x | Cited by: 0
William G. Dewald
BOOKS RECEIVED
Published: 3/1955, Volume: 10, Issue: 1 | DOI: 10.1111/j.1540-6261.1955.tb01573.x | Cited by: 0
Clyde William Phelps
CRITICAL EVALUATION OF PENSION PLANS
Published: 5/1968, Volume: 23, Issue: 2 | DOI: 10.1111/j.1540-6261.1968.tb00809.x | Cited by: 0
William T. Gibb
A MICRO‐ECONOMETRIC INVESTIGATION OF MULTI‐OBJECTIVE FIRMS
Published: 9/1977, Volume: 32, Issue: 4 | DOI: 10.1111/j.1540-6261.1977.tb03322.x | Cited by: 4
William L. Beedles
INVESTMENT CRITERIA OF OPEN‐END INVESTMENT COMPANIES: AN EMPIRICAL INVESTIGATION*
Published: 9/1967, Volume: 22, Issue: 3 | DOI: 10.1111/j.1540-6261.1967.tb02991.x | Cited by: 0
William W. Reints
THE CAPITAL ACCOUNT IN THE UNITED STATES BALANCE OF PAYMENTS*
Published: 9/1968, Volume: 23, Issue: 4 | DOI: 10.1111/j.1540-6261.1968.tb00854.x | Cited by: 0
William H. Branson
MANAGEMENT PROBLEMS OF BANK CHARGE ACCOUNT PLANS*
Published: 3/1957, Volume: 12, Issue: 1 | DOI: 10.1111/j.1540-6261.1957.tb04109.x | Cited by: 0
William H. Fichthorn
INSTALMENT LENDING BY COMMERCIAL BANKS: A COST AND YIELD ANALYSIS*
Published: 3/1971, Volume: 26, Issue: 1 | DOI: 10.1111/j.1540-6261.1971.tb00606.x | Cited by: 0
William Carl Gallups
BOOKS RECEIVED
Published: 12/1952, Volume: 7, Issue: 4 | DOI: 10.1111/j.1540-6261.1952.tb02494.x | Cited by: 0
Clyde William Phelps
BOOKS RECEIVED
Published: 5/1954, Volume: 9, Issue: 2 | DOI: 10.1111/j.1540-6261.1954.tb01227.x | Cited by: 0
Clyde William Phelps