The Journal of Finance

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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FLOW AND STOCK EQUILIBRIUM IN A DYNAMIC METZLER MODEL*

Published: 12/01/1976   |   DOI: 10.1111/j.1540-6261.1976.tb03216.x

William H. Branson, Ronald L. Teigen


EARNINGS VARIABILITY, FINANCIAL STRUCTURE AND THE VALUE OF THE FIRM*

Published: 12/01/1964   |   DOI: 10.1111/j.1540-6261.1964.tb02902.x

Ronald Frank Wippeen


DISCUSSION

Published: 07/01/1984   |   DOI: 10.1111/j.1540-6261.1984.tb03679.x

RONALD W. MASULIS


A STRUCTURAL APPROACH TO THE IMPACT OF MONETARY POLICY

Published: 05/01/1964   |   DOI: 10.1111/j.1540-6261.1964.tb00768.x

Ronald L. Teigen


AN ANALYSIS OF CHANGES IN THE MERGER VALUATION PROCESSES OF LISTED INDUSTRIAL CORPORATIONS DURING THE CURRENT MERGER MOVEMENT, 1950–1966*

Published: 12/01/1969   |   DOI: 10.1111/j.1540-6261.1969.tb01712.x

Ronald W. Melicher


FINANCING WITH CONVERTIBLE PREFERRED STOCK: COMMENT

Published: 03/01/1971   |   DOI: 10.1111/j.1540-6261.1971.tb00596.x

Ronald W. Melicher


ON THE ST. LOUIS EQUATION AND AN ALTERNATIVE DEFINITION OF THE MONEY SUPPLY

Published: 06/01/1977   |   DOI: 10.1111/j.1540-6261.1977.tb01999.x

Ronald S. Koot


DETERMINING AN OPTIMAL CAPITAL STANDARD FOR THE BANKING INDUSTRY

Published: 09/01/1977   |   DOI: 10.1111/j.1540-6261.1977.tb03325.x

Anthony M. Santomero, Ronald D. Watson


ARREARAGES ON CUMULATIVE PREFERRED STOCKS LISTED ON THE NEW YORK STOCK EXCHANGE: AN ANALYSIS OF EXPERIENCE, 1935–62*

Published: 03/01/1965   |   DOI: 10.1111/j.1540-6261.1965.tb00195.x

Ronald M. Horwitz


PROFIT PLANNING IN COMMERCIAL BANKS*

Published: 09/01/1966   |   DOI: 10.1111/j.1540-6261.1966.tb00264.x

Ronald L. Olson


INCOME VELOCITY AND COMMERCIAL BANK PORTFOLIOS

Published: 12/01/1977   |   DOI: 10.1111/j.1540-6261.1977.tb03369.x

Ronald J. Sutherland


ON ECONOMIES OF SCALE IN CREDIT UNIONS

Published: 09/01/1978   |   DOI: 10.1111/j.1540-6261.1978.tb02049.x

Ronald S. Koot


Endogenous Marginal Income Tax Rates, Investor Behavior and the Capital Asset Pricing Model

Published: 06/01/1979   |   DOI: 10.1111/j.1540-6261.1979.tb02128.x

RONALD F. SINGER


Are All Inside Directors the Same? Evidence from the External Directorship Market

Published: 05/23/2011   |   DOI: 10.1111/j.1540-6261.2011.01653.x

RONALD W. MASULIS, SHAWN MOBBS

Agency theory and optimal contracting theory posit opposing roles and shareholder wealth effects for corporate inside directors. We evaluate these theories using the market for outside directorships to differentiate among inside directors. Firms with inside directors holding outside directorships have better operating performance and market‐to‐book ratios, especially when monitoring is more difficult. These firms make better acquisition decisions, have greater cash holdings, and overstate earnings less often. Announcements of outside board appointments improve shareholder wealth, while departure announcements reduce it, consistent with these inside directors improving board performance and outside directorships being an important source of inside director incentives.


Alternative Information Sources and the Information Content of Bank Loans

Published: 09/01/1993   |   DOI: 10.1111/j.1540-6261.1993.tb04765.x

RONALD BEST, HANG ZHANG

This paper examines the information content of bank loan agreements. We differentiate borrowers according to financial analysts' percentage earnings forecast errors and most recent forecast revisions. The empirical results suggest that banks rely on other indicators as initial screening devices to determine where to best deploy their evaluation and monitoring efforts. If these other indicators are reliable and signal‐improving prospects, banks do little further investigation. However, if the indicators are noisy and signal‐declining prospects, banks have incentives to expend resources to investigate the borrowers, resulting in the production of valuable information.


Mean Reversion across National Stock Markets and Parametric Contrarian Investment Strategies

Published: 12/17/2002   |   DOI: 10.1111/0022-1082.00225

Ronald Balvers, Yangru Wu, Erik Gilliland

For U.S. stock prices, evidence of mean reversion over long horizons is mixed, possibly due to lack of a reliable long time series. Using additional cross‐sectional power gained from national stock index data of 18 countries during the period 1969 to 1996, we find strong evidence of mean reversion in relative stock index prices. Our findings imply a significantly positive speed of reversion with a half‐life of three to three and one‐half years. This result is robust to alternative specifications and data. Parametric contrarian investment strategies that fully exploit mean reversion across national indexes outperform buy‐and‐hold and standard contrarian strategies.


THE PERFORMANCE OF CONGLOMERATE FIRMS: RECENT RISK AND RETURN EXPERIENCE

Published: 05/01/1973   |   DOI: 10.1111/j.1540-6261.1973.tb01781.x

Ronald W. Melicher, David F. Rush


Changes in Federal Reserve Membership: A Risk‐Return Profitability Analysis

Published: 09/01/1979   |   DOI: 10.1111/j.1540-6261.1979.tb03451.x

LOUIS J. D'ANTONIO, RONALD W. MELICHER


A Model of Dynamic Takeover Behavior

Published: 06/01/1986   |   DOI: 10.1111/j.1540-6261.1986.tb05049.x

RONALD M. GIAMMARINO, ROBERT L. HEINKEL

Several observed features of takeover contests appear to be inconsistent with value‐maximizing behavior on the part of the agents involved. For instance, managers occasionally resist takeover bids, presumably in order to facilitate competition among bidders. However, counterbids do not always materialize, suggesting that management resistance was not in the best interests of the firm's shareholders. On the other hand, a successful takeover is sometimes accompanied by a decrease in the value of the acquirer's shares. In addition, valuable combinations are occasionally not consummated.


AN EMPIRICAL EXAMINATION OF FACTORS WHICH INFLUENCE WARRANT PRICES

Published: 12/01/1974   |   DOI: 10.1111/j.1540-6261.1974.tb03127.x

David F. Rush, Ronald W. Melicher



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