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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THE DEMAND FOR ASSETS UNDER CONDITIONS OF RISK: COMMENT

Published: 06/01/1977   |   DOI: 10.1111/j.1540-6261.1977.tb02001.x

Varouj Aivazian


Future Investment Opportunities and the Value of the Call Provision on a Bond: Comment

Published: 09/01/1980   |   DOI: 10.1111/j.1540-6261.1980.tb03523.x

VAROUJ A. AIVAZIAN, JEFFREY L. CALLEN


Miller's Irrelevance Mechanism: A Note

Published: 03/01/1987   |   DOI: 10.1111/j.1540-6261.1987.tb02559.x

VAROUJ A. AIVAZIAN, JEFFREY L. CALLEN


Investment, Market Structure, and the Cost of Capital

Published: 03/01/1979   |   DOI: 10.1111/j.1540-6261.1979.tb02072.x

VAROUJ A. AIVAZIAN, JEFFREY L. CALLEN


Capital Structures in Developing Countries

Published: 12/17/2002   |   DOI: 10.1111/0022-1082.00320

Laurence Booth, Varouj Aivazian, Asli Demirguc‐Kunt, Vojislav Maksimovic

This study uses a new data set to assess whether capital structure theory is portable across countries with different institutional structures. We analyze capital structure choices of firms in 10 developing countries, and provide evidence that these decisions are affected by the same variables as in developed countries. However, there are persistent differences across countries, indicating that specific country factors are at work. Our findings suggest that although some of the insights from modern finance theory are portable across countries, much remains to be done to understand the impact of different institutional features on capital structure choices.