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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Journal Influence on the Design of Finance Doctoral Education

Published: 04/18/2012   |   DOI: 10.1111/j.1540-6261.1997.tb02752.x

CHARLES J. CORRADO, STEPHEN P. FERRIS

This article surveys the influence of research journals on finance doctoral education. Influence is measured by citations from syllabi of finance seminars. A sample of 101 distinct syllabi submitted by 33 finance doctoral programs yields a list of 1,031 articles cited by at least two schools. These 1,031 articles generate 3,273 citations referencing 17 finance, economics, and accounting journals, where multiple citations from a single school are counted as a single citation. The most notable findings are the wide variety of seminar content across finance doctoral programs and the dominance of five finance journals in providing this diverse content.


The Effect of 12b‐1 Plans on Mutual Fund Expense Ratios: A Note

Published: 09/01/1987   |   DOI: 10.1111/j.1540-6261.1987.tb03929.x

STEPHEN P. FERRIS, DON M. CHANCE


Too Busy to Mind the Business? Monitoring by Directors with Multiple Board Appointments

Published: 05/06/2003   |   DOI: 10.1111/1540-6261.00559

Stephen P. Ferris, Murali Jagannathan, A. C. Pritchard

We examine the number of external appointments held by corporate directors. Directors who serve larger firms and sit on larger boards are more likely to attract directorships. Consistent with Fama and Jensen (1983), we find that firm performance has a positive effect on the number of appointments held by a director. We find no evidence that multiple directors shirk their responsibilities to serve on board committees. We do not find that multiple directors are associated with a greater likelihood of securities fraud litigation. We conclude that the evidence does not support calls for limits on directorships held by an individual.


Predicting Contemporary Volume with Historic Volume at Differential Price Levels: Evidence Supporting the Disposition Effect

Published: 07/01/1988   |   DOI: 10.1111/j.1540-6261.1988.tb04599.x

STEPHEN P. FERRIS, ROBERT A. HAUGEN, ANIL K. MAKHIJA

This paper presents empirical evidence comparing two models of trading in equities—the well‐known tax‐loss‐selling hypothesis and “the disposition effect.” According to the disposition effect, investors are reluctant to realize losses but are eager to realize gains. This paper distinguishes between the two models with a new methodology that examines the relationship between volume at a given point in time and volume that took place in the past at different stock prices. The evidence overwhelmingly supports the disposition effect not only as a determinant of year‐end volume, but also as a determinant of volume levels throughout the year.