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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Reply to Pettway and Celec
Published: 09/01/1979 | DOI: 10.1111/j.1540-6261.1979.tb03461.x
WILBUR G. LEWELLEN
Evidence on Tax‐Motivated Securities Trading Behavior
Published: 03/01/1991 | DOI: 10.1111/j.1540-6261.1991.tb03755.x
S. G. BADRINATH, WILBUR G. LEWELLEN
Tax‐loss selling by investors in common stocks near the end of calendar years has been proposed as an explanation for the turn‐of‐the‐year effect in stock returns. Past analyses of this hypothesis have relied on inferential data. We provide here some direct data from a compilation of over 80,000 actual common stock investment round trips by a sample of 3000 individual investors. We find strong evidence of a concentration of loss‐taking trades late in the year and milder evidence of a concentration just prior to the dates when investments become eligible for long‐term tax treatment.
On the Matter of Parity among Financial Obligations
Published: 03/01/1981 | DOI: 10.1111/j.1540-6261.1981.tb03537.x
WILBUR G. LEWELLEN, DOUGLAS R. EMERY
The lessons of the leasing literature concerning the impact of leases on the debt capacity of a firm are reviewed and summarized to establish an approach to the analysis of the corporate bond refunding decision. A general proposition regarding financial obligation parity is established, and from that a clear bond refunding decision rule is developed. Previous debates in the literature about appropriate discount rates and about the appropriate cash flows to be discounted for refunding decisions are clarified.
Debt Management under Corporate and Personal Taxation
Published: 12/01/1987 | DOI: 10.1111/j.1540-6261.1987.tb04366.x
DAVID C. MAUER, WILBUR G. LEWELLEN
The presence of long‐term debt in a corporation's capital structure is shown to give rise to a valuable tax‐timing option that can be exercised by the firm on behalf of its shareholders. This option, which is not available if the firm is fully equity financed, implies that leverage will have a positive tax effect on total firm value even if there is no such effect associated with the tax deductibility of the coupon interest payments on debt. The more volatile interest rates and bond prices are, the more valuable the tax‐timing option and the larger the favorable impact of debt on shareholder wealth.
REPLY
Published: 09/01/1973 | DOI: 10.1111/j.1540-6261.1973.tb01428.x
Robert W. Johnson, Wilbur G. Lewellen