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 Estimation of Quality‐adjusted Rates of Return in Stamp Auctions
Published: 9/1983, Volume: 38, Issue: 4 | DOI: 10.1111/j.1540-6261.1983.tb02285.x | Cited by: 17
WILLIAM M. TAYLOR
The stamp auction market exemplifies markets in which a dominant feature is the quality variation in the traded assets. The observed price changes are a mixture of the “true” price change and the quality variation. This paper applies the time series signal extraction method to obtain estimates of quality‐adjusted rates of return and quality‐adjusted price indexes for stamp auction price series. The method is applicable to other areas in which there is quality variation or in which values are observed with error. Some features of stamps as an investment are also examined.
The Seasonal Stability of the Factor Structure of Stock Returns
Published: 12/1987, Volume: 42, Issue: 5 | DOI: 10.1111/j.1540-6261.1987.tb04361.x | Cited by: 15
D. CHINHYUNG CHO, WILLIAM M. TAYLOR
This paper investigates the month‐by‐month stability of (a) daily returns and correlation coefficients of stock returns, (b) correlation and covariance matrices, (c) number of return‐generating factors, and (d) the APT pricing relationship. The results show that there is a January effect and a small‐firm effect in stock returns. Correlation matrices are more stable than covariance matrices, but both types of matrices are not stable across months and across the sample groups. The number of return‐generating factors is rather stable most of the time and for most of the sample groups, but there is some significant instability that is related to the average correlation coefficients among stocks. The APT pricing relationship does not seem to be supported by the two‐stage process using the maximum‐likelihood factor analysis.
A NOTE ON MAO'S GROWTH STOCK‐INVESTMENT OPPORTUNITIES APPROACH
Published: 12/1974, Volume: 29, Issue: 5 | DOI: 10.1111/j.1540-6261.1974.tb03138.x | Cited by: 1
Walton Taylor
USES OF FLOW‐OF‐FUNDS ACCOUNTS IN THE FEDERAL RESERVE SYSTEM*
Published: 5/1963, Volume: 18, Issue: 2 | DOI: 10.1111/j.1540-6261.1963.tb00720.x | Cited by: 1
Stephen Taylor
“Fisher, Phillips, Friedman and the Measured Impact of Inflation on Interest”: A Comment
Published: 9/1981, Volume: 36, Issue: 4 | DOI: 10.1111/j.1540-6261.1981.tb04897.x | Cited by: 2
HERBERT TAYLOR
THE CAPITAL STRUCTURE IN AMERICAN BANKING
Published: 12/1954, Volume: 9, Issue: 4 | DOI: 10.1111/j.1540-6261.1954.tb01253.x | Cited by: 3
George Taylor Harris
INDUSTRIAL TAX EXEMPTION IN PUERTO RICO*
Published: 9/1955, Volume: 10, Issue: 3 | DOI: 10.1111/j.1540-6261.1955.tb01289.x | Cited by: 0
Milton C. Taylor
AVERAGE INTEREST CHARGES, THE LOAN MIX, AND MEASURES OF COMPETITION: SIXTH FEDERAL RESERVE DISTRICT EXPERIENCE
Published: 12/1968, Volume: 23, Issue: 5 | DOI: 10.1111/j.1540-6261.1968.tb00317.x | Cited by: 1
Charles T. Taylor
WARTIME FINANCE AND THE TERM STRUCTURE OF INTEREST RATES*
Published: 3/1972, Volume: 27, Issue: 1 | DOI: 10.1111/j.1540-6261.1972.tb00639.x | Cited by: 1
Julian Howard Taylor
Why Are CEOs Rarely Fired? Evidence from Structural Estimation
Published: 11/9/2010, Volume: 65, Issue: 6 | DOI: 10.1111/j.1540-6261.2010.01610.x | Cited by: 257
LUCIAN A. TAYLOR
I evaluate the forced CEO turnover rate and quantify effects on shareholder value by estimating a dynamic model. The model features learning about CEO ability and costly turnover. To fit the observed forced turnover rate, the model needs the average board of directors to behave as if replacing the CEO costs shareholders at least $200 million. This cost mainly reflects CEO entrenchment rather than a real cost to shareholders. The model predicts that shareholder value would rise 3% if we eliminated this perceived turnover cost, all else equal. The model also helps explain the relation between CEO firings, tenure, and profitability.
COLLEGE REVENUE BONDS TO FINANCE SELF‐SUPPORTING PROJECTS
Published: 12/1949, Volume: 4, Issue: 4 | DOI: 10.1111/j.1540-6261.1949.tb02360.x | Cited by: 0
J. G. Taylor
DISCUSSION
Published: 5/1983, Volume: 38, Issue: 2 | DOI: 10.1111/j.1540-6261.1983.tb02260.x | Cited by: 0
W. M. TAYLOR
AGGREGATE STRUCTURAL CHANGE: RECENT TIME‐SERIES AND CROSS‐SECTION EVIDENCE*
Published: 9/1969, Volume: 24, Issue: 4 | DOI: 10.1111/j.1540-6261.1969.tb00405.x | Cited by: 0
Lance J. Taylor
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
COUNTERSPECULATION, AUCTIONS, AND COMPETITIVE SEALED TENDERS
Published: 3/1961, Volume: 16, Issue: 1 | DOI: 10.1111/j.1540-6261.1961.tb02789.x | Cited by: 5053
William Vickrey
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 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: 1180
William Margrabe
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
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.
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.
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
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: 188
William Poole
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
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 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
ON MULTIPLE RATES OF RETURN
Published: 3/1968, Volume: 23, Issue: 1 | DOI: 10.1111/j.1540-6261.1968.tb03006.x | Cited by: 20
William H. Jean
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
VALUATION, LEVERAGE AND THE COST OF CAPITAL IN THE CASE OF DEPRECIABLE ASSETS: COMMENT
Published: 3/1975, Volume: 30, Issue: 1 | DOI: 10.1111/j.1540-6261.1975.tb03174.x | Cited by: 1
William D. Bradford
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