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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Political Connections and Allocative Distortions
Published: 12/14/2018 | DOI: 10.1111/jofi.12751
DAVID SCHOENHERR
Exploiting a unique institutional setting in Korea, this paper documents that politicians can increase the amount of government resources allocated through their social networks to the benefit of private firms connected to these networks. After winning the election, the new president appoints members of his networks as CEOs of state‐owned firms that act as intermediaries in allocating government contracts to private firms. In turn, these state firms allocate significantly more procurement contracts to private firms with a CEO from the same network. Contracts allocated to connected private firms are executed systematically worse and exhibit more frequent cost increases through renegotiations.
American Finance Association
Published: 02/23/2018 | DOI: 10.1111/jofi.12608
David Hirshleifer
Testing the Efficiency of the Canadian‐U.S. Exchange Market under the Assumption of no Risk Premium
Published: 03/01/1981 | DOI: 10.1111/j.1540-6261.1981.tb03533.x
DAVID LONGWORTH
The efficiency of the Canadian‐U.S. exchange market for the current float is examined more extensively than previously. Semi‐strong‐form tests which admit the lagged spot rate as a predictor are considered in addition to the standard weak‐form test. These stronger tests reject the joint null hypothesis of an efficient exchange market and no risk premium for the period ending in October 1976, although not for the entire period. For almost every year the current spot rate provided a better forecast of the future spot rate than did the current forward rate.
Minutes of the Annual Membership Meeting
Published: 12/17/2002 | DOI: 10.1111/0022-1082.00155
David H. Pyle
Minutes of the Annual Membership Meeting
Published: 12/17/2002 | DOI: 10.1111/0022-1082.00271
David H. Pyle
A BEHAVIORAL MODEL FOR COMMERCIAL BANKING*
Published: 09/01/1971 | DOI: 10.1111/j.1540-6261.1971.tb00941.x
David Neil Hyman
PARETO‐OPTIMALITY OF AUTHENTIC INFORMATION
Published: 12/01/1977 | DOI: 10.1111/j.1540-6261.1977.tb03365.x
David S. Ng
DISCUSSION
Published: 05/01/1983 | DOI: 10.1111/j.1540-6261.1983.tb02265.x
DAVID M. MODEST
Approximating the Asset Pricing Kernel
Published: 04/18/2012 | DOI: 10.1111/j.1540-6261.1997.tb01114.x
DAVID A. CHAPMAN
This article tests a simple consumption‐based asset pricing model by approximating the true asset pricing kernel using low‐order orthonormal polynomials based on the model's state variables. Approximated kernels based solely on next period's consumption growth are not rejected by overall measures of model fit, but they produce statistically and economically large pricing errors. Approximated kernels based on two quarters of future consumption growth and technology shocks have substantially improved overall fit. In particular, the best of these kernels are capable of eliminating the small firm effect.
What Do Entrepreneurs Pay for Venture Capital Affiliation?
Published: 11/27/2005 | DOI: 10.1111/j.1540-6261.2004.00680.x
David H. Hsu
This study empirically evaluates the certification and value‐added roles of reputable venture capitalists (VCs). Using a novel sample of entrepreneurial start‐ups with multiple financing offers, I analyze financing offers made by competing VCs at the first professional round of start‐up funding, holding characteristics of the start‐up fixed. Offers made by VCs with a high reputation are three times more likely to be accepted, and high‐reputation VCs acquire start‐up equity at a 10–14% discount. The evidence suggests that VCs' “extra‐financial” value may be more distinctive than their functionally equivalent financial capital. These extra‐financial services can have financial consequences.
Selective Publicity and Stock Prices
Published: 03/27/2012 | DOI: 10.1111/j.1540-6261.2012.01726.x
DAVID H. SOLOMON
I examine how media coverage of good and bad corporate news affects stock prices, by studying the effect of investor relations (IR) firms. I find that IR firms “spin” their clients' news, generating more media coverage of positive press releases than negative press releases. This spin increases announcement returns. Around earnings announcements, however, IR firms cannot spin the news and their clients' returns are significantly lower. This pattern is consistent with positive media coverage increasing investor expectations, creating disappointment around hard information. Using reporter connections and geographical links, I argue that IR firms causally affect both media coverage and returns.
Minutes of the Annual Membership Meeting
Published: 12/17/2002 | DOI: 10.1111/0022-1082.00061-i1
David H. Pyle
The Implications of Nonmarketable Income for Consumption‐Based Models of Asset Pricing
Published: 09/01/1988 | DOI: 10.1111/j.1540-6261.1988.tb02609.x
DAVID P. BROWN
A new representation of nonmarketable (NM) income is introduced in this essay. Using this representation and continuous trading, there exists a set of individuals who do not participate in the asset market and who consume at the rate of nonmarketable income derived from human capital. Because these individuals remain nonparticipants for a range of stochastic processes governing the NM income, consumption betas are not generally unique in value and the consumption‐based CAPM (CCAPM) does not obtain. However, the intertemporal CAPM (ICAPM) of Merton remains valid.
Inflation and Asset Returns in a Monetary Economy
Published: 09/01/1992 | DOI: 10.1111/j.1540-6261.1992.tb04660.x
DAVID A. MARSHALL
Postwar U.S. data are characterized by negative correlations between real equity returns and inflation and by positive correlations between real equity returns and money growth. These patterns are closely matched quantitatively by an equilibrium monetary asset pricing model. The model also implies negative correlations between expected asset returns and expected inflation, and it predicts that the inflation‐asset return correlation will be more strongly negative when inflation is generated by fluctuations in real economic activity than when it is generated by monetary fluctuations.