Journal of Finance

1946 - 2025

From American Finance Association
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Volume 64, issue 6, 2009

Long‐Run Stockholder Consumption Risk and Asset Returns pp. 2427-2479

Christopher Malloy, Tobias J. Moskowitz and Annette Vissing‐jørgensen

Blockholder Trading, Market Efficiency, and Managerial Myopia pp. 2481-2513

Alex Edmans

Reinforcement Learning and Savings Behavior pp. 2515-2534

James Choi, David Laibson, Brigitte Madrian and Andrew Metrick

Momentum, Reversal, and Uninformed Traders in Laboratory Markets pp. 2535-2558

Robert J. Bloomfield, William B. Tayler and Flora (hailan) Zhou

Catering through Nominal Share Prices pp. 2559-2590

Malcolm Baker, Robin Greenwood and Jeffrey Wurgler

International Stock Return Comovements pp. 2591-2626

Geert Bekaert, Robert Hodrick and Xiaoyan Zhang

The Manipulation of Executive Stock Option Exercise Strategies: Information Timing and Backdating pp. 2627-2663

David C. Cicero

A Bayesian's Bubble pp. 2665-2701

C. Wei Li and Hui Xue

Implications of Keeping‐Up‐with‐the‐Joneses Behavior for the Equilibrium Cross Section of Stock Returns: International Evidence pp. 2703-2737

Juan‐pedro Gómez, Richard Priestley and Fernando Zapatero

The Price Is (Almost) Right pp. 2739-2782

Randolph B. Cohen, Christopher Polk and Tuomo Vuolteenaho

A Rational Expectations Equilibrium with Informative Trading Volume pp. 2783-2805

Jan Schneider

Exponential Growth Bias and Household Finance pp. 2807-2849

Victor Stango and Jonathan Zinman

Volume 64, issue 5, 2009

FELLOW OF THE AMERICAN FINANCE ASSOCIATION FOR 2009 pp. v-vii

Richard Thaler

Why Do U.S. Firms Hold So Much More Cash than They Used To? pp. 1985-2021

Thomas W. Bates, Kathleen M. Kahle and René Stulz

Media Coverage and the Cross‐section of Stock Returns pp. 2023-2052

Lily Fang and Joel Peress

Credit Contagion from Counterparty Risk pp. 2053-2087

Philippe Jorion and Gaiyan Zhang

Frailty Correlated Default pp. 2089-2123

Darrell Duffie, Andreas Eckner, Guillaume Horel and Leandro Saita

Attracting Flows by Attracting Big Clients pp. 2125-2151

Lauren Cohen and Breno Schmidt

The Relation between Price and Performance in the Mutual Fund Industry pp. 2153-2183

Javier Gil‐bazo and Pablo Ruiz‐verdú

Business Networks, Corporate Governance, and Contracting in the Mutual Fund Industry pp. 2185-2220

Camelia Kuhnen

Role of Managerial Incentives and Discretion in Hedge Fund Performance pp. 2221-2256

Vikas Agarwal, Naveen D. Daniel and Narayan Y. Naik

Do Hedge Fund Managers Misreport Returns? Evidence from the Pooled Distribution pp. 2257-2288

Nicolas P.B. Bollen and Veronika K. Pool

Driven to Distraction: Extraneous Events and Underreaction to Earnings News pp. 2289-2325

David Hirshleifer, Sonya Lim and Siew Hong Teoh

Getting Out Early: An Analysis of Market Making Activity at the Recommending Analyst's Firm pp. 2327-2359

Jennifer L. Juergens and Laura Lindsey

Making Sense of Cents: An Examination of Firms That Marginally Miss or Beat Analyst Forecasts pp. 2361-2388

Sanjeev Bhojraj, Paul Hribar, Marc Picconi and McINNIS John

Electing Directors pp. 2389-2421

Jie Cai, Jacqueline L. Garner and Ralph A. Walkling

Volume 64, issue 4, 2009

Presidential Address: Sophisticated Investors and Market Efficiency pp. 1517-1548

Jeremy Stein

Why Are Buyouts Levered? The Financial Structure of Private Equity Funds pp. 1549-1582

Ulf Axelson, Per Stromberg and Michael Weisbach

Predictive Systems: Living with Imperfect Predictors pp. 1583-1628

Lubos Pastor and Robert Stambaugh

Explicit versus Implicit Contracts: Evidence from CEO Employment Agreements pp. 1629-1655

Stuart L. Gillan, Jay C. Hartzell and Robert Parrino

Control Rights and Capital Structure: An Empirical Investigation pp. 1657-1695

Michael Roberts and Amir Sufi

Agency Problems at Dual‐Class Companies pp. 1697-1727

Ronald Masulis, Cong Wang and Fei Xie

The Corporate Propensity to Save pp. 1729-1766

Leigh A. Riddick and Toni Whited

Target Behavior and Financing: How Conclusive Is the Evidence? pp. 1767-1796

Xin Chang and Sudipto Dasgupta

Analyzing the Tax Benefits from Employee Stock Options pp. 1797-1825

Ilona Babenko and Yuri Tserlukevich

Financially Constrained Stock Returns pp. 1827-1862

Dmitry Livdan, Horacio Sapriza and Lu Zhang

First‐Order Risk Aversion, Heterogeneity, and Asset Market Outcomes pp. 1863-1887

David Chapman and Valery Polkovnichenko

Who Gambles in the Stock Market? pp. 1889-1933

Alok Kumar

Rewriting History pp. 1935-1960

Alexander Ljungqvist, Christopher Malloy and Felicia Marston

Report of the Editor of The Journal of Finance for the Year 2008 pp. 1961-1974

Campbell R. Harvey

Report of the Executive Secretary and Treasurer for the Year Ending September 30, 2008 pp. 1977-1979

David H. Pyle

Volume 64, issue 3, 2009

Do Stock Mergers Create Value for Acquirers? pp. 1061-1097

Pavel Savor and Qi Lu

Level Playing Fields in International Financial Regulation pp. 1099-1142

Alan D. Morrison and Lucy White

Bank Loan Supply, Lender Choice, and Corporate Capital Structure pp. 1143-1185

Mark T. Leary

Information Immobility and the Home Bias Puzzle pp. 1187-1215

Stijn Van Nieuwerburgh and Laura Veldkamp

International Taxation and the Direction and Volume of Cross‐Border M&As pp. 1217-1249

Harry Huizinga and Johannes Voget

Determinants of Vertical Integration: Financial Development and Contracting Costs pp. 1251-1290

Daron Acemoglu, Simon Johnson and Todd Mitton

Eat or Be Eaten: A Theory of Mergers and Firm Size pp. 1291-1344

Gary Gorton, Matthias Kahl and Richard Rosen

Oil Futures Prices in a Production Economy with Investment Constraints pp. 1345-1375

Leonid Kogan, Dmitry Livdan and Amir Yaron

The Price of Correlation Risk: Evidence from Equity Options pp. 1377-1406

Joost Driessen, Pascal J. Maenhout and Grigory Vilkov

IPO Underpricing over the Very Long Run pp. 1407-1443

David Chambers and Elroy Dimson

Trading Costs and Returns for U.S. Equities: Estimating Effective Costs from Daily Data pp. 1445-1477

Joel Hasbrouck

Rank‐Order Tournaments and Incentive Alignment: The Effect on Firm Performance pp. 1479-1512

Jayant R. Kale, Ebru Reis and Anand Venkateswaran

Volume 64, issue 2, 2009

Sensation Seeking, Overconfidence, and Trading Activity pp. 549-578

Mark Grinblatt and Matti Keloharju

Equilibrium Portfolio Strategies in the Presence of Sentiment Risk and Excess Volatility pp. 579-629

Bernard Dumas, Alexander Kurshev and Raman Uppal

Risk in Dynamic Arbitrage: The Price Effects of Convergence Trading pp. 631-655

Péter Kondor

Catastrophic Risk and Credit Markets pp. 657-707

Mark J. Garmaise and Tobias J. Moskowitz

Investor Inattention and Friday Earnings Announcements pp. 709-749

Stefano DellaVigna and Joshua M. Pollet

What Drives the Disposition Effect? An Analysis of a Long‐Standing Preference‐Based Explanation pp. 751-784

Nicholas Barberis and Wei Xiong

Work Ethic, Employment Contracts, and Firm Value pp. 785-821

Bruce Ian Carlin and Simon Gervais

Creditor Rights, Enforcement, and Bank Loans pp. 823-860

Kee‐hong Bae and Vidhan Goyal

Securitization and the Declining Impact of Bank Finance on Loan Supply: Evidence from Mortgage Originations pp. 861-889

Elena Loutskina and Philip E. Strahan

Financial Constraints, Debt Capacity, and the Cross‐section of Stock Returns pp. 891-921

Jaehoon Hahn and Hangyong Lee

Cash Flow, Consumption Risk, and the Cross‐section of Stock Returns pp. 923-956

Zhi Da

Real Options, Product Market Competition, and Asset Returns pp. 957-983

Felipe L. Aguerrevere

Hedge Fund Risk Dynamics: Implications for Performance Appraisal pp. 985-1035

Nicolas P.B. Bollen and Robert E. Whaley

Income Risk and Portfolio Choice: An Empirical Study pp. 1037-1055

Xiaohong Angerer and Pok‐sang Lam

Volume 64, issue 1, 2009

High‐Water Marks: High Risk Appetites? Convex Compensation, Long Horizons, and Portfolio Choice pp. 1-36

Stavros Panageas and Mark Westerfield

It's SHO Time! Short‐Sale Price Tests and Market Quality pp. 37-73

Karl B. Diether, Kuan‐hui Lee and Ingrid M. Werner

Should Investors Bet on the Jockey or the Horse? Evidence from the Evolution of Firms from Early Business Plans to Public Companies pp. 75-115

Steven Kaplan, Berk A. Sensoy and Per Stromberg

Share Repurchases and Pay‐Performance Sensitivity of Employee Compensation Contracts pp. 117-150

Ilona Babenko

Financing Innovation and Growth: Cash Flow, External Equity, and the 1990s R&D Boom pp. 151-185

James Brown, Steven Fazzari and Bruce Petersen

Entrepreneurial Shareholder Activism: Hedge Funds and Other Private Investors pp. 187-229

April Klein and Emanuel Zur

CEO Compensation and Board Structure pp. 231-261

Vidhi Chhaochharia and Yaniv Grinstein

Access to Capital, Capital Structure, and the Funding of the Firm pp. 263-308

Omer Brav

Do Entrenched Managers Pay Their Workers More? pp. 309-339

Henrik Cronqvist, Fredrik Heyman, Mattias Nilsson, Helena Svaleryd and Jonas Vlachos

Labor and Corporate Governance: International Evidence from Restructuring Decisions pp. 341-374

Julian Atanassov and E. Han Kim

Market Sidedness: Insights into Motives for Trade Initiation pp. 375-423

Asani Sarkar and Robert A. Schwartz

Private Benefits of Control, Ownership, and the Cross‐listing Decision pp. 425-466

Craig Doidge, G. Karolyi, Karl Lins, Darius P. Miller and René Stulz

Are Liquidity and Information Risks Priced in the Treasury Bond Market? pp. 467-503

Haitao Li, Junbo Wang, Chunchi Wu and Yan He

Public Information, IPO Price Formation, and Long‐Run Returns: Japanese Evidence pp. 505-546

Kenji Kutsuna, Janet Smith and Richard Smith