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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Taxes and the Theory of Trade Debt
Published: 9/1984, Volume: 39, Issue: 4 | DOI: 10.1111/j.1540-6261.1984.tb03900.x | Cited by: 49
IVAN E. BRICK, WILLIAM K. H. FUNG
In this paper, we show that taxes motivate the flow of trade credit without involving the assumption of credit market imperfections. The direction of trade credit flow depends on the distribution of marginal tax rates among buyers and sellers. In equilibrium, the trade credit decision follows a tax‐induced clientele on both the supply and demand side.
Hedge Funds: Performance, Risk, and Capital Formation
Published: 7/19/2008, Volume: 63, Issue: 4 | DOI: 10.1111/j.1540-6261.2008.01374.x | Cited by: 490
WILLIAM FUNG, DAVID A. HSIEH, NARAYAN Y. NAIK, TARUN RAMADORAI
We use a comprehensive data set of funds‐of‐funds to investigate performance, risk, and capital formation in the hedge fund industry from 1995 to 2004. While the average fund‐of‐funds delivers alpha only in the period between October 1998 and March 2000, a subset of funds‐of‐funds consistently delivers alpha. The alpha‐producing funds are not as likely to liquidate as those that do not deliver alpha, and experience far greater and steadier capital inflows than their less fortunate counterparts. These capital inflows attenuate the ability of the alpha producers to continue to deliver alpha in the future.
Pricing New Corporate Bond Issues: An Analysis of Issue Cost and Seasoning Effects
Published: 7/1986, Volume: 41, Issue: 3 | DOI: 10.1111/j.1540-6261.1986.tb04525.x | Cited by: 36
W. K. H. FUNG, ANDREW RUDD
The pricing of new corporate bond issues is examined, with particular emphasis on the seasoning effect and the cost of underwriting. Considerable attention is paid to some special features of the corporate bond market, including the use of actual trader quotes so as to accurately measure holding period returns. Our results suggest that the cost of issuing corporate bonds is less than previously reported.
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.
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
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: 1187
William Margrabe
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
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
COUNTERSPECULATION, AUCTIONS, AND COMPETITIVE SEALED TENDERS
Published: 3/1961, Volume: 16, Issue: 1 | DOI: 10.1111/j.1540-6261.1961.tb02789.x | Cited by: 5073
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.
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
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: 191
William Poole
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
REPLY
Published: 3/1969, Volume: 24, Issue: 1 | DOI: 10.1111/j.1540-6261.1969.tb00348.x | Cited by: 1
William H. Jean
SENSITIVITY ANALYSIS OF RATES OF RETURN
Published: 3/1976, Volume: 31, Issue: 1 | DOI: 10.1111/j.1540-6261.1976.tb03196.x | Cited by: 7
William D. Whisler
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: 12/1955, 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
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
AN ANALYSIS OF THE MONETARY AND BANKING SYSTEM OF NIGERIA*
Published: 9/1962, Volume: 17, Issue: 3 | DOI: 10.1111/j.1540-6261.1962.tb04322.x | Cited by: 0
William Okefie Uzoage
GROUP ACCUMULATION THROUGH EQUITIES FOR PENSIONS
Published: 5/1962, Volume: 17, Issue: 2 | DOI: 10.1111/j.1540-6261.1962.tb04269.x | Cited by: 0
William M. Anderson
REPLY
Published: 6/1973, Volume: 28, Issue: 3 | DOI: 10.1111/j.1540-6261.1973.tb01396.x | Cited by: 1
William E. Gibson
A THEORETICAL AND EMPIRICAL INVESTIGATION OF DEBT MATURITY TIMING AND YIELD CURVE SLOPE ANALYSIS*
Published: 6/1973, Volume: 28, Issue: 3 | DOI: 10.1111/j.1540-6261.1973.tb01401.x | Cited by: 0
William C. Handorf
SUBOPTIMIZATION IN MEAN‐VARIANCE EFFICIENT SET ANALYSIS
Published: 5/1973, Volume: 28, Issue: 2 | DOI: 10.1111/j.1540-6261.1973.tb01783.x | Cited by: 0
William A. Remaley
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
BOOKS RECEIVED
Published: 3/1953, Volume: 8, Issue: 1 | DOI: 10.1111/j.1540-6261.1953.tb01146.x | Cited by: 0
Clyde William Phelps
TAX LAW, LOCK‐INS, AND BANK PORTFOLIO CHOICE*
Published: 12/1965, Volume: 20, Issue: 4 | DOI: 10.1111/j.1540-6261.1965.tb02935.x | Cited by: 0
William F. Beazer
COMPETITION FOR DEPOSITS BETWEEN BANK AND NONBANK FINANCIAL INTERMEDIARIES*
Published: 12/1967, Volume: 22, Issue: 4 | DOI: 10.1111/j.1540-6261.1967.tb00312.x | Cited by: 0
William S. Townsend
DISCUSSION
Published: 5/1970, Volume: 25, Issue: 2 | DOI: 10.1111/j.1540-6261.1970.tb00519.x | Cited by: 5
William F. Sharpe
THE NATION'S BUDGET AND THE FEDERAL GOVERNMENT'S BUDGET*
Published: 9/1952, Volume: 7, Issue: 3 | DOI: 10.1111/j.1540-6261.1952.tb00102.x | Cited by: 0
Grover William Ensley
CAPITAL INVESTMENT BY THE FIRM IN PLANT AND EQUIPMENT
Published: 5/1966, Volume: 21, Issue: 2 | DOI: 10.1111/j.1540-6261.1966.tb00220.x | Cited by: 1
William W. Alberts
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: 4311
William F. Sharpe
BOOKS RECEIVED
Published: 3/1959, Volume: 14, Issue: 1 | DOI: 10.1111/j.1540-6261.1959.tb00503.x | Cited by: 0
Clyde William Phelps
BOOKS RECEIVED
Published: 9/1960, Volume: 15, Issue: 3 | DOI: 10.1111/j.1540-6261.1960.tb01615.x | Cited by: 0
Clyde William Phelps
OPTIMAL CONSUMPTION AND PORTFOLIO POLICIES*
Published: 3/1974, Volume: 29, Issue: 1 | DOI: 10.1111/j.1540-6261.1974.tb00051.x | Cited by: 0
William F. Rentz
BOOKS RECEIVED
Published: 12/1953, Volume: 8, Issue: 4 | DOI: 10.1111/j.1540-6261.1953.tb01197.x | Cited by: 0
Clyde William Phelps
DISCUSSION
Published: 5/1970, Volume: 25, Issue: 2 | DOI: 10.1111/j.1540-6261.1970.tb00517.x | Cited by: 0
William L. Silber