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 VALUE OF PENSION PROMISES AND CONSUMER WEALTH*
Published: 03/01/1965 | DOI: 10.1111/j.1540-6261.1965.tb00182.x
Walter Williams
THE VALUE OF PENSION PROMISES AND CONSUMER WEALTH*
Published: 03/01/1965 | DOI: 10.1111/j.1540-6261.1965.tb00182.x
Walter Williams
A MACROECONOMIC MODEL OF HOUSEHOLD ASSET CHOICE*
Published: 12/01/1970 | DOI: 10.1111/j.1540-6261.1970.tb00885.x
Walter Nicholson
Managerial Turnover and Leverage under a Takeover Threat
Published: 12/17/2002 | DOI: 10.1111/1540-6261.00508
Walter Novaes
How do shareholders perceive managers who lever up under a takeover threat? Increasing leverage conveys good news if it reflects management's ability to enhance value. It conveys bad news, though, if inefficient managers are more pressured to lever up than the efficient ones. This paper demonstrates that negative updating may prevail. Managers who lever up to end a takeover threat may thus commit to enhance value and yet increase their chances of being replaced by their shareholders. The model provides implications for the dispersion of intraindustry leverage and for the stock price reaction to debt‐for‐equity exchanges.
DIVIDEND POLICIES AND COMMON STOCK PRICES
Published: 03/01/1956 | DOI: 10.1111/j.1540-6261.1956.tb00684.x
James E. Walter
DISCUSSION
Published: 05/01/1961 | DOI: 10.1111/j.1540-6261.1961.tb02817.x
Walter J. Sedwitz
DISCUSSION
Published: 05/01/1979 | DOI: 10.1111/j.1540-6261.1979.tb02122.x
WALTER J. REINHART
LIQUIDITY AND CORPORATE SPENDING
Published: 12/01/1953 | DOI: 10.1111/j.1540-6261.1953.tb01185.x
James E. Walter
LIMITATIONS OF THE FEDERAL INDIVIDUAL INCOME TAX*
Published: 05/01/1952 | DOI: 10.1111/j.1540-6261.1952.tb01530.x
Walter W. Heller
Underpricing of Newly Issued Bonds: Evidence from the Swiss Capital Market
Published: 12/01/1988 | DOI: 10.1111/j.1540-6261.1988.tb03963.x
WALTER WASSERFALLEN, DANIEL WYDLER
The pricing of newly issued bonds on the Swiss capital market is investigated over the years 1980–1982. The results reveal a slight underpricing of new bonds at the issue date that is roughly equal to the difference in transactions costs between the markets for new and seasoned bonds. Underpricing is no longer observed when the new bonds start to be traded on the stock exchange, that is, after about two days. Tests of several hypotheses show that unexpected changes in interest rates over the offering period explain part of the underpricing.
Valuing Commercial Mortgages: An Empirical Investigation of the Contingent‐Claims Approach to Pricing Risky Debt
Published: 06/01/1989 | DOI: 10.1111/j.1540-6261.1989.tb05061.x
SHERIDAN TITMAN, WALTER TOROUS
This paper empirically investigates a contingent‐claims model of commercial mortgage pricing. We find that the magnitude of the observed default premia for a sample of nonprepayable fixed rate bullet mortgages can be explained by the contingent‐claims model. In addition, the model explains a significant proportion of the period‐to‐period changes in the default premia. However, given an assumed negative correlation between building value changes and interest rate changes, the model's risk structure tends to increase less steeply with increasing maturity than the observed risk structure.
The Cyclical Behavior of Interest Rates
Published: 04/18/2012 | DOI: 10.1111/j.1540-6261.1997.tb01119.x
ANTONIO ROMA, WALTER TOROUS
This article investigates the behavior of the term structure of interest rates over the business cycle. In contrast to prior studies that measure the business cycle by the simple growth in aggregate economic activity, we consider the deviation of aggregate economic activity from its potentially stochastic trend. We show that incorporating both an independent trend and cyclical component in consumption improves the efficiency in estimating consumption‐based asset pricing models. We also find that the term spread is more informative about future changes in stochastically detrended real gross domestic product (GDP) than future growth rates in real GDP.