Journal of Finance

1946 - 2025

From American Finance Association
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Volume 62, issue 6, 2007

The Risk‐Adjusted Cost of Financial Distress pp. 2557-2586

Heitor Almeida and Thomas Philippon

Security Design with Investor Private Information pp. 2587-2632

Ulf Axelson

Strategic Actions and Credit Spreads: An Empirical Investigation pp. 2633-2671

Sergei A. Davydenko and Ilya Strebulaev

The U.S. Treasury Buyback Auctions: The Cost of Retiring Illiquid Bonds pp. 2673-2693

Bing Han, Francis Longstaff and Craig Merrill

Bidding into the Red: A Model of Post‐Auction Bankruptcy pp. 2695-2723

Simon Board

How Smart Is Smart Money? A Two‐Sided Matching Model of Venture Capital pp. 2725-2762

Morten Sørensen

U.S. Banking Deregulation, Small Businesses, and Interstate Insurance of Personal Income pp. 2763-2801

Yuliya Demyanyk, Charlotte Ostergaard and Bent Sorensen

How Laws and Institutions Shape Financial Contracts: The Case of Bank Loans pp. 2803-2834

Jun Qian and Philip E. Strahan

Adaptive Traders and the Design of Financial Markets pp. 2835-2863

Sébastien Pouget

Long‐Term Return Reversals: Overreaction or Taxes? pp. 2865-2896

Thomas J. George and Chuan‐yang Hwang

Vote Trading and Information Aggregation pp. 2897-2929

Susan Christoffersen, Christopher Geczy, David K. Musto and Adam Reed

Measuring Distress Risk: The Effect of R&D Intensity pp. 2931-2967

Laurel A. Franzen, Kimberly J. Rodgers and Timothy Simin

Is the Corporate Loan Market Globally Integrated? A Pricing Puzzle pp. 2969-3007

Mark Carey and Greg Nini

Habit Formation and Macroeconomic Models of the Term Structure of Interest Rates pp. 3009-3063

Andrea Buraschi and Alexei Jiltsov

Volume 62, issue 5, 2007

Supply and Demand Shifts in the Shorting Market pp. 2061-2096

Lauren Cohen, Karl B. Diether and Christopher Malloy

Short‐Sales Constraints and Price Discovery: Evidence from the Hong Kong Market pp. 2097-2121

Eric C. Chang, Joseph W. Cheng and Yinghui Yu

Portfolio Choice over the Life‐Cycle when the Stock and Labor Markets Are Cointegrated pp. 2123-2167

Luca Benzoni, Pierre Collin‐dufresne and Robert S. Goldstein

Multimarket Trading and Liquidity: Theory and Evidence pp. 2169-2200

Shmuel Baruch, G. Karolyi and Michael L. Lemmon

Liquidity and the Law of One Price: The Case of the Futures‐Cash Basis pp. 2201-2234

Richard Roll, Eduardo Schwartz and Avanidhar Subrahmanyam

Episodic Liquidity Crises: Cooperative and Predatory Trading pp. 2235-2274

Bruce Ian Carlin, Miguel Sousa Lobo and S Viswanathan

Liquidity Coinsurance, Moral Hazard, and Financial Contagion pp. 2275-2302

Sandro Brusco and Fabio Castiglionesi

Liquidity or Credit Risk? The Determinants of Very Short‐Term Corporate Yield Spreads pp. 2303-2328

Dan Covitz and Chris Downing

Liquidity Premia and Transaction Costs pp. 2329-2366

Bong‐gyu Jang, Hyeng Keun Koo, Hong Liu and Mark Loewenstein

Analyst Disagreement, Mispricing, and Liquidity* pp. 2367-2403

Ronnie Sadka and Anna Scherbina

Taking a View: Corporate Speculation, Governance, and Compensation pp. 2405-2443

Christopher Geczy, Bernadette A. Minton and Catherine M. Schrand

Financial Constraints, Competition, and Hedging in Industry Equilibrium pp. 2445-2473

Tim Adam, Sudipto Dasgupta and Sheridan Titman

Exchange Rates and Cash Flows in Differentiated Product Industries: A Simulation Approach pp. 2475-2502

Richard Friberg and Mattias Ganslandt

Momentum and Credit Rating pp. 2503-2520

Doron Avramov, Tarun Chordia, Gergana Jostova and Alexander Philipov

Price Convexity and Skewness pp. 2521-2552

Jianguo Xu

Volume 62, issue 4, 2007

Presidential Address: Issuers, Underwriter Syndicates, and Aftermarket Transparency pp. 1529-1550

Richard Green

Pay Me Later: Inside Debt and Its Role in Managerial Compensation pp. 1551-1588

Rangarajan K. Sundaram and David L. Yermack

Working Orders in Limit Order Markets and Floor Exchanges pp. 1589-1621

Kerry Back and Shmuel Baruch

Lazy Investors, Discretionary Consumption, and the Cross‐Section of Stock Returns pp. 1623-1661

Ravi Jagannathan and Yong Wang

Equilibrium Exhaustible Resource Price Dynamics pp. 1663-1703

Murray Carlson, Zeigham Khokher and Sheridan Titman

How Costly Is External Financing? Evidence from a Structural Estimation pp. 1705-1745

Christopher A. Hennessy and Toni Whited

Do Tests of Capital Structure Theory Mean What They Say? pp. 1747-1787

Ilya Strebulaev

Corporate Governance and Firm Value: The Impact of the 2002 Governance Rules pp. 1789-1825

Vidhi Chhaochharia and Yaniv Grinstein

The Takeover Deterrent Effect of Open Market Share Repurchases pp. 1827-1850

Matthew T. Billett and Hui Xue

Corporate Governance and Acquirer Returns pp. 1851-1889

Ronald Masulis, Cong Wang and Fei Xie

Incentive Effects of Stock and Option Holdings of Target and Acquirer CEOs pp. 1891-1933

Jie Cai and Anand M. Vijh

Executive Financial Incentives and Payout Policy: Firm Responses to the 2003 Dividend Tax Cut pp. 1935-1965

Jeffrey Brown, Nellie Liang and Scott Weisbenner

Sports Sentiment and Stock Returns pp. 1967-1998

Alex Edmans, Diego García and Oyvind Norli

Rational Inattention and Portfolio Selection pp. 1999-2040

Lixin Huang and Hong Liu

Report of the Editor of The Journal of Finance for the Year 2006 pp. 2041-2052

Campbell R. Harvey

Report of the Executive Secretary and Treasurer for the Year Ending September 30, 2006 pp. 2055-2056

David H. Pyle

Volume 62, issue 3, 2007

Why Do Firms Become Widely Held? An Analysis of the Dynamics of Corporate Ownership pp. 995-1028

Jean Helwege, Christo Pirinsky and René Stulz

Efficiency and the Bear: Short Sales and Markets Around the World pp. 1029-1079

Arturo Bris, William Goetzmann and Ning Zhu

Global Growth Opportunities and Market Integration pp. 1081-1137

Geert Bekaert, Campbell Harvey, Christian Lundblad and Stephan Siegel

Giving Content to Investor Sentiment: The Role of Media in the Stock Market pp. 1139-1168

Paul C. Tetlock

The Underwriter Persistence Phenomenon pp. 1169-1206

Gerard Hoberg

Simple Forecasts and Paradigm Shifts pp. 1207-1242

Harrison Hong, Jeremy Stein and Jialin Yu

Reputation Effects in Trading on the New York Stock Exchange pp. 1243-1271

Robert Battalio, Andrew Ellul and Robert Jennings

Participation Costs and the Sensitivity of Fund Flows to Past Performance pp. 1273-1311

Jennifer Huang, Kelsey D. Wei and Hong Yan

Financial Speculators' Underperformance: Learning, Self‐Selection, and Endogenous Liquidity pp. 1313-1340

Reza Mahani and Dan Bernhardt

Optimal Debt and Equity Values in the Presence of Chapter 7 and Chapter 11 pp. 1341-1377

Mark Broadie, Mikhail Chernov and Suresh Sundaresan

The Value of Corporate Risk Management pp. 1379-1419

Peter Mackay and Sara B. Moeller

Corporate Bond Market Transaction Costs and Transparency pp. 1421-1451

Amy Edwards, Lawrence E. Harris and Michael S. Piwowar

Model Specification and Risk Premia: Evidence from Futures Options pp. 1453-1490

Mark Broadie, Mikhail Chernov and Michael Johannes

Stochastic Volatilities and Correlations of Bond Yields pp. 1491-1524

Bing Han

Volume 62, issue 2, 2007

Fund Manager Use of Public Information: New Evidence on Managerial Skills pp. 485-528

Marcin Kacperczyk and Amit Seru

Managerial Ability, Compensation, and the Closed‐End Fund Discount pp. 529-556

Jonathan B. Berk and Richard Stanton

Limits of Arbitrage: Theory and Evidence from the Mortgage‐Backed Securities Market pp. 557-595

Xavier Gabaix, Arvind Krishnamurthy and Olivier Vigneron

Banking Deregulation and Industry Structure: Evidence from the French Banking Reforms of 1985 pp. 597-628

Marianne Bertrand, Antoinette Schoar and David Thesmar

Information Asymmetry and Financing Arrangements: Evidence from Syndicated Loans pp. 629-668

Amir Sufi

Winners or Losers? The Effects of Banking Consolidation on Corporate Borrowers pp. 669-695

Emilia Bonaccorsi di Patti and Giorgio Gobbi

Growth Opportunities and the Choice of Leverage, Debt Maturity, and Covenants pp. 697-730

Matthew T. Billett, Tao‐hsien Dolly King and David C. Mauer

Smart Institutions, Foolish Choices: The Limited Partner Performance Puzzle pp. 731-764

Josh Lerner, Antoinette Schoar and Wan Wongsunwai

Financial Synergies and the Optimal Scope of the Firm: Implications for Mergers, Spinoffs, and Structured Finance pp. 765-807

Hayne Leland

A Theory of Takeovers and Disinvestment pp. 809-845

Bart M. Lambrecht and Stewart C. Myers

How Are Firms Sold? pp. 847-875

Audra L. Boone and J. Harold Mulherin

On the Importance of Measuring Payout Yield: Implications for Empirical Asset Pricing pp. 877-915

Jacob Boudoukh, Roni Michaely, Matthew Richardson and Michael Roberts

Decoupling CEO Wealth and Firm Performance: The Case of Acquiring CEOs pp. 917-949

Jarrad Harford and Kai Li

Corporate Governance, Idiosyncratic Risk, and Information Flow pp. 951-989

Miguel Ferreira and Paul A. Laux

Volume 62, issue 1, 2007

Why Do Firms Issue Equity? pp. 1-54

Amy Dittmar and Anjan Thakor

Why Is Long‐Horizon Equity Less Risky? A Duration‐Based Explanation of the Value Premium pp. 55-92

Martin Lettau and Jessica A. Wachter

Common Failings: How Corporate Defaults Are Correlated pp. 93-117

Sanjiv Das, Darrell Duffie, Nikunj Kapadia and Leandro Saita

Corporate Yield Spreads and Bond Liquidity pp. 119-149

Long Chen, David A. Lesmond and Jason Wei

Information Cascades: Evidence from a Field Experiment with Financial Market Professionals pp. 151-180

Jonathan Alevy, Michael S. Haigh and John List

Learning by Observing: Information Spillovers in the Execution and Valuation of Commercial Bank M&As pp. 181-216

Gayle Delong and Robert Deyoung

A Theory of Friendly Boards pp. 217-250

Renee Adams and Daniel Ferreira

Whom You Know Matters: Venture Capital Networks and Investment Performance pp. 251-301

Yael V. Hochberg, Alexander Ljungqvist and Yang Lu

Lower Salaries and No Options? On the Optimal Structure of Executive Pay pp. 303-343

Ingolf Dittmann and Ernst Maug

Interest Rate Caps “Smile” Too! But Can the LIBOR Market Models Capture the Smile? pp. 345-382

Robert Jarrow, Haitao Li and Feng Zhao

The Impact of Collateralization on Swap Rates pp. 383-410

Michael Johannes and Suresh Sundaresan

The Value of Embedded Real Options: Evidence from Consumer Automobile Lease Contracts pp. 411-445

Carmelo Giaccotto, Gerson M. Goldberg and Shantaram P. Hegde

The Initial Public Offerings of Listed Firms pp. 447-479

Francois Derrien and Ambrus Kecskés