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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COMMODITY TAXATION AND EQUITY
Published: 12/01/1961 | DOI: 10.1111/j.1540-6261.1961.tb04238.x
David G. Davies
Capital Structure as a Strategic Variable: Evidence from Collective Bargaining
Published: 05/07/2010 | DOI: 10.1111/j.1540-6261.2010.01565.x
DAVID A. MATSA
I analyze the strategic use of debt financing to improve a firm's bargaining position with an important supplier—organized labor. Because maintaining high levels of corporate liquidity can encourage workers to raise their wage demands, a firm with external finance constraints has an incentive to use the cash flow demands of debt service to improve its bargaining position with workers. Using both firm‐level collective bargaining coverage and state changes in labor laws to identify changes in union bargaining power, I show that strategic incentives from union bargaining appear to have a substantial impact on corporate financing decisions.
Financing Policy, Basis Risk, and Corporate Hedging: Evidence from Oil and Gas Producers
Published: 03/31/2007 | DOI: 10.1111/0022-1082.00202
G. David Haushalter
This paper studies the hedging policies of oil and gas producers between 1992 and 1994. My evidence shows that the extent of hedging is related to financing costs. In particular, companies with greater financial leverage manage price risks more extensively. My evidence also shows that the likelihood of hedging is related to economies of scale in hedging costs and to the basis risk associated with hedging instruments. Larger companies and companies whose production is located primarily in regions where prices have a high correlation with the prices on which exchange‐traded derivatives are based are more likely to manage risks.
Portfolio Disclosures and Year‐End Price Shifts
Published: 04/18/2012 | DOI: 10.1111/j.1540-6261.1997.tb01121.x
DAVID K. MUSTO
Commercial paper sells at an extra discount if it matures in the next calendar year but Treasury bills do not. The discount is apparent in downward price shifts before the year‐end, and upward price shifts at the turn of the year that are significantly correlated with the simultaneous returns to small stocks, and that cannot reflect tax‐loss selling. Cross‐sectional and time‐series tests on prices, as well as low of funds evidence on trades by institutional investors, indicate that both the debt and equity patterns reflect agency problems related to portfolio disclosures.
IPO Underpricing over the Very Long Run
Published: 05/20/2009 | DOI: 10.1111/j.1540-6261.2009.01468.x
DAVID CHAMBERS, ELROY DIMSON
A central measure of the efficiency of the Initial Public Offering (IPO) market is the extent to which issues are underpriced. We present new and comprehensive evidence covering British IPOs since World War I. During the period from 1917 to 1945, public offers were underpriced by an average of only 3.80%, as compared to 9.15% in the period from 1946 to 1986, and even more after the U.K. stock market was deregulated in 1986. The post‐WWII rise in underpricing cannot be attributed to changes in firm composition, and occurred in spite of improvements in regulation, disclosure, and the prestige of IPO underwriters.
REPLY
Published: 12/01/1959 | DOI: 10.1111/j.1540-6261.1959.tb00143.x
David E. Novack
DISCUSSION
Published: 05/01/1973 | DOI: 10.1111/j.1540-6261.1973.tb01795.x
David J. Ott
DISCUSSION
Published: 05/01/1976 | DOI: 10.1111/j.1540-6261.1976.tb01913.x
David H. Downes
DISCUSSION
Published: 05/01/1981 | DOI: 10.1111/j.1540-6261.1981.tb00464.x
DAVID P. SEIDERS
Expectations and the Treasury Bill‐Federal Funds Rate Spread over Recent Monetary Policy Regimes
Published: 06/01/1990 | DOI: 10.1111/j.1540-6261.1990.tb03703.x
DAVID P. SIMON
This paper shows that the spread between the 3–month Treasury bill and the federal funds rate has significant predictive power for the future change in the federal funds rate during the volatile nonborrowed reserves operating regime, but it has less and no predictive power during the borrowed reserves regime and the federal funds targeting regime, respectively. These findings suggest that Treasury bill rates forecast future federal funds rates most accurately when the Federal Reserve follows a well‐defined rule that does not smooth the impact of shocks on the federal funds rate.
Minutes of the Annual Membership Meeting,
Published: 11/27/2005 | DOI: 10.1111/j.1540-6261.2004.00685.x
David H. Pyle
THE FINANCIAL DEVELOPMENT OF JAPAN, 1878–1958*
Published: 12/01/1961 | DOI: 10.1111/j.1540-6261.1961.tb04240.x
David J. Ott