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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DISCUSSION
Published: 05/01/1970 | DOI: 10.1111/j.1540-6261.1970.tb00675.x
Edwin J. Elton
CAPITAL RATIONING AND EXTERNAL DISCOUNT RATES*
Published: 06/01/1970 | DOI: 10.1111/j.1540-6261.1970.tb00523.x
Edwin J. Elton
DISCUSSION
Published: 05/01/1973 | DOI: 10.1111/j.1540-6261.1973.tb01779.x
Edwin J. Elton, K. Mantripragada
A Note from the Editors
Published: 09/01/1983 | DOI: 10.1111/j.1540-6261.1983.tb02309.x
Edwin J. Elton, Martin J. Gruber
Tax and Liquidity Effects in Pricing Government Bonds
Published: 12/17/2002 | DOI: 10.1111/0022-1082.00064
Edwin J. Elton, T. Clifton Green
Daily data from interdealer government bond brokers are examined for tax and liquidity effects. We use two approaches to create cash flow matching portfolios of similar securities and look for pricing discrepancies associated with liquidity or tax effects. We also look for the presence of tax and liquidity effects by including a liquidity term when fitting a cubic spline to the after‐tax yield curve. We find evidence of tax timing options and liquidity effects. However, the effects are much smaller than previously reported and the effects of liquidity are primarily due to high volume bonds with long maturities.
Discrete Expectational Data and Portfolio Performance
Published: 07/01/1986 | DOI: 10.1111/j.1540-6261.1986.tb04534.x
EDWIN J. ELTON, MARTIN J. GRUBER, SETH GROSSMAN
In this article we examine the information content in analysts' recommendations which are made on a five‐point buy, hold, or sell scale. Our data set includes data on 10,000 forecasts per month. Unlike most prior studies, our data set does not suffer from selection or survivorship bias. We find information in analysts' changes in recommendations. Approximately 4.5% extra return can be earned by purchasing new buys rather than new sells.