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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DOMESTIC EXPANSION AND EXTERNAT., RESPONSIBILITIES
Published: 05/01/1971 | DOI: 10.1111/j.1540-6261.1971.tb00894.x
Paul A. Volcker
DISCUSSION
Published: 07/01/1984 | DOI: 10.1111/j.1540-6261.1984.tb03670.x
PAUL M. HORVITZ
Corporate Bond Trading Costs: A Peek Behind the Curtain
Published: 12/17/2002 | DOI: 10.1111/0022-1082.00341
Paul Schultz
In this paper, I use institutional corporate bond trade data to estimate transactions costs in the over‐the‐counter bond market. I find average round‐trip trading costs to be about $0.27 per $100 of par value. Trading costs are lower for larger trades. Small institutions pay more to trade than large institutions, all else being equal. Small bond dealers charge more than large ones. I find no evidence that trading costs more for lower‐rated bonds.
Personal Income Taxes and the January Effect: Small Firm Stock Returns Before the War Revenue Act of 1917: A Note
Published: 03/01/1985 | DOI: 10.1111/j.1540-6261.1985.tb04954.x
PAUL SCHULTZ
This paper tests the tax explanation of the January effect by examining small firm stock returns before the War Revenue Act of 1917. No evidence of a turn‐of‐the‐year effect is found. This paper also extends previous authors' work on the subject to 1918–29. A January effect is found during that period.
Convertible Bonds Are Not Called Late
Published: 09/01/1995 | DOI: 10.1111/j.1540-6261.1995.tb04058.x
PAUL ASQUITH
Starting with Ingersoll (1977b), the academic literature has repeatedly sought to explain why convertible bonds are called late. The findings here demonstrate there is no call delay to explain. This paper finds that most convertible bonds, given their call protection, are called as soon as possible. For those that are not, there are significant cash flow advantages to delaying. The median call delay for all convertible bonds is less than four months. If a safety premium is desired to assure the conversion value will exceed the call price at the end of call notice period, the median call period is less than a month.
Pseudo Market Timing and the Long‐Run Underperformance of IPOs
Published: 03/21/2003 | DOI: 10.1111/1540-6261.00535
Paul Schultz
Numerous studies document long‐run underperformance by firms following equity offerings. This paper shows that underperformance is very likely to be observed ex‐post in an efficient market. The premise is that more firms issue equity at higher stock prices even though they cannot predict future returns. Ex‐post, issuers seem to time the market because offerings cluster at market peaks. Simulations based on 1973 through 1997 data reveal that when ex‐ante expected abnormal returns are zero, median ex‐post underperformance for equity issuers will be significantly negative in event‐time. Using calendar‐time returns solves the problem.
The Making of an Investment Banker: Stock Market Shocks, Career Choice, and Lifetime Income
Published: 11/11/2008 | DOI: 10.1111/j.1540-6261.2008.01409.x
PAUL OYER
I show that stock market shocks have important and lasting effects on the careers of MBAs. Stock market conditions while MBA students are in school have a large effect on whether they go directly to Wall Street upon graduation. Further, starting on Wall Street immediately upon graduation causes a person to be more likely to work there later and to earn, on average, substantially more money. The empirical results suggest that investment bankers are largely “made” by circumstance rather than “born” to work on Wall Street.
THE THEORY AND PRACTICE OF NONPAR BANKING*
Published: 12/01/1968 | DOI: 10.1111/j.1540-6261.1968.tb00333.x
Paul F. Jessup
Downward‐Sloping Demand Curves, the Supply of Shares, and the Collapse of Internet Stock Prices
Published: 01/10/2008 | DOI: 10.1111/j.1540-6261.2008.01318.x
PAUL SCHULTZ
Over March and April 2000, Internet stocks lost 56%, or $700 billion. This sudden collapse has been attributed to an increasing supply of shares from lockup expirations and equity offerings. I show that Internet stocks collapsed in this period regardless of whether their lockups expired. Furthermore, daily Internet stock portfolio returns were almost unaffected by the number or dollar amount of lockup expirations that day, or by the amount of stock offered in IPOs or SEOs. Most of the Internet stock decline is explained by poor marketwide returns, particularly for growth stocks.
TRENDS IN INVESTMENT POLICIES OF INDIVIDUALS
Published: 06/01/1949 | DOI: 10.1111/j.1540-6261.1949.tb02345.x
Paul L. Morrison
COMMERCIAL BANKING IN THE SIXTIES
Published: 05/01/1961 | DOI: 10.1111/j.1540-6261.1961.tb02819.x
Paul S. Nadler
LARGE‐SCALE COMMUNITY DEVELOPMENT
Published: 05/01/1967 | DOI: 10.1111/j.1540-6261.1967.tb00008.x
Paul F. Wendt
THE FEDERAL BUDGET*
Published: 06/01/1950 | DOI: 10.1111/j.1540-6261.1950.tb02475.x
Paul H. Douglas
INFLATION: AN EQUILIBRATING PROCESS*
Published: 12/01/1956 | DOI: 10.1111/j.1540-6261.1956.tb04095.x
Elmer Paul Lotshaw