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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Crowding Out and the Informativeness of Security Prices
Published: 09/01/1993 | DOI: 10.1111/j.1540-6261.1993.tb04763.x
JONATHAN M. PAUL
Individual investors trade less agressively on any particular piece of information as more investors observe it. The trades of the new investors observing a piece of information “crowd out” some of the trades of the old investors who observe that same piece of information. This paper shows that when traders are risk averse, these crowding out effects lead the proportions of traders who choose to observe one signal versus another to differ from the proportions that maximize the informativeness of prices.
Risk Management in Financial Institutions: A Replication
Published: 07/05/2021 | DOI: 10.1111/jofi.13063
PAUL M. GUEST
Rampini, Viswanathan, and Vuillemey (RVV) show empirically that net worth drives hedging. I identify discrepancies to which RVV's key findings are not robust: the positive correlation between net worth and hedging is not independent of institution size, house price decline shocks to net worth (which RVV use for identification) have mixed effects on hedging that are not robust across alternative specifications, and the treatment effects on net worth and hedging are not increasing in real estate exposure, inconsistent with a causal explanation. Overall, my analysis does not support the conclusion of RVV that higher net worth causes more hedging.
THE CONCEPTS OF MONEY AND COMMERCIAL BANKS
Published: 12/01/1966 | DOI: 10.1111/j.1540-6261.1966.tb00271.x
Paul F. Smith
DISCUSSION
Published: 07/01/1985 | DOI: 10.1111/j.1540-6261.1985.tb05027.x
PAUL A. SPINDT
ARE VARIABLE ANNUITIES THE ANSWER TO INFLATION?
Published: 05/01/1956 | DOI: 10.1111/j.1540-6261.1956.tb00697.x
Paul W. McCracken
DISCUSSION
Published: 05/01/1969 | DOI: 10.1111/j.1540-6261.1969.tb01682.x
Paul S. Nadler
Optimal Investment, Monitoring, and the Staging of Venture Capital
Published: 12/01/1995 | DOI: 10.1111/j.1540-6261.1995.tb05185.x
PAUL A. GOMPERS
This paper examines the structure of staged venture capital investments when agency and monitoring costs exist. Expected agency costs increase as assets become less tangible, growth options increase, and asset specificity rises. Data from a random sample of 794 venture capital‐backed firms support the predictions. Venture capitalists concentrate investments in early stage and high technology companies where informational asymmetries are highest. Decreases in industry ratios of tangible assets to total assets, higher market‐to‐book ratios, and greater R&D intensities lead to more frequent monitoring. Venture capitalists periodically gather information and maintain the option to discontinue funding projects with little probability of going public.
OPTIMUM RATE ON TIME DEPOSITS*
Published: 12/01/1962 | DOI: 10.1111/j.1540-6261.1962.tb04336.x
Paul F. Smith
THE PRESENT STATUS OF MONETARY AND FISCAL POLICY
Published: 03/01/1950 | DOI: 10.1111/j.1540-6261.1950.tb02468.x
Paul W. McCracken
WHAT SHOULD WE TEACH IN AN INVESTMENTS COURSE?
Published: 05/01/1966 | DOI: 10.1111/j.1540-6261.1966.tb00242.x
Paul F. Wendt
THE HUNT COMMISSION REPORT: A FURTHER COMMENT
Published: 03/01/1974 | DOI: 10.1111/j.1540-6261.1974.tb00046.x
Paul M. Horvitz