Journal of Finance

1946 - 2025

From American Finance Association
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Volume 61, issue 6, 2006

Can Mutual Fund “Stars” Really Pick Stocks? New Evidence from a Bootstrap Analysis pp. 2551-2595

Robert Kosowski, Allan Timmermann, Russell Wermers and Halbert White

Political Connections and Corporate Bailouts pp. 2597-2635

Mara Faccio, Ronald Masulis and J. McCONNELL John

A Theory of Pyramidal Ownership and Family Business Groups pp. 2637-2680

Heitor V. Almeida and Daniel Wolfenzon

Optimal Security Design and Dynamic Capital Structure in a Continuous‐Time Agency Model pp. 2681-2724

Peter DeMarzo and Yuliy Sannikov

Does the Contribution of Corporate Cash Holdings and Dividends to Firm Value Depend on Governance? A Cross‐country Analysis pp. 2725-2751

Lee Pinkowitz, René Stulz and Rohan Williamson

Estimating the Gains from Trade in Limit‐Order Markets pp. 2753-2804

Burton Hollifield, Robert A. Miller, Patrik Sandås and Joshua Slive

Trading Volume: Implications of an Intertemporal Capital Asset Pricing Model pp. 2805-2840

Andrew Lo and Jiang Wang

Model Uncertainty and Option Markets with Heterogeneous Beliefs pp. 2841-2897

Andrea Buraschi and Alexei Jiltsov

Information, Trading, and Volatility: Evidence from Weather‐Sensitive Markets pp. 2899-2930

Jeff Fleming, Chris Kirby and Barbara Ostdiek

Insider Trading, News Releases, and Ownership Concentration pp. 2931-2973

Jana P. Fidrmuc, Marc Goergen and Luc Renneboog

When Financial Institutions Are Large Shareholders: The Role of Macro Corporate Governance Environments pp. 2975-3007

Donghui Li, Fariborz Moshirian, Peter Kien Pham and Jason Zein

Analyst Coverage and Financing Decisions pp. 3009-3048

Xin Chang, Sudipto Dasgupta and Gilles Hilary

Tax‐Loss Selling and the January Effect: Evidence from Municipal Bond Closed‐End Funds pp. 3049-3067

Laura T. Starks, Li Yong and Lu Zheng

Derivative Pricing 60 Years before Black–Scholes: Evidence from the Johannesburg Stock Exchange pp. 3069-3098

Lyndon Moore and Steve Juh

Volume 61, issue 5, 2006

Options and the Bubble pp. 2071-2102

Robert Battalio and Paul Schultz

The Evolution of Security Designs pp. 2103-2135

Thomas Noe, Michael J. Rebello and Jun Wang

Informed Lending and Security Design pp. 2137-2162

Roman Inderst and Holger M. Mueller

The Value Premium and the CAPM pp. 2163-2185

Eugene F. Fama and Kenneth French

Dynamic Portfolio Selection by Augmenting the Asset Space pp. 2187-2217

Michael W. Brandt and Pedro Santa‐clara

Liquidity and Credit Risk pp. 2219-2250

Jan Ericsson and Olivier Renault

Bayesian Alphas and Mutual Fund Persistence pp. 2251-2288

Jeffrey A. Busse and Paul J. Irvine

Are IPO Allocations for Sale? Evidence from Mutual Funds pp. 2289-2324

Jonathan Reuter

A Nonlinear Factor Analysis of S&P 500 Index Option Returns pp. 2325-2363

Christopher S. Jones

Liquidity and Autocorrelations in Individual Stock Returns pp. 2365-2394

Doron Avramov, Tarun Chordia and Amit Goyal

Automation versus Intermediation: Evidence from Treasuries Going Off the Run pp. 2395-2414

Michael J. Barclay, Terrence Hendershott and Kenneth Kotz

Business Groups and Tunneling: Evidence from Private Securities Offerings by Korean Chaebols pp. 2415-2449

Jae‐seung Baek, Jun‐koo Kang and Inmoo Lee

Retail Investor Sentiment and Return Comovements pp. 2451-2486

Alok Kumar and Charles Lee

Executive Stock Options: Early Exercise Provisions and Risk‐taking Incentives pp. 2487-2509

Neil Brisley

Lending Booms and Lending Standards pp. 2511-2546

Giovanni Dell'ariccia and Robert Marquez

Volume 61, issue 4, 2006

Household Finance pp. 1553-1604

John Campbell

Market Reactions to Tangible and Intangible Information pp. 1605-1643

Kent Daniel and Sheridan Titman

Investor Sentiment and the Cross‐Section of Stock Returns pp. 1645-1680

Malcolm Baker and Jeffrey Wurgler

How Persistent Is the Impact of Market Timing on Capital Structure? pp. 1681-1710

Aydoğan Alti

Predicting Returns with Managerial Decision Variables: Is There a Small‐Sample Bias? pp. 1711-1730

Malcolm Baker, Ryan Taliaferro and Jeffrey Wurgler

Can Managers Successfully Time the Maturity Structure of Their Debt Issues? pp. 1731-1758

Alexander Butler, Gustavo Grullon and James P. Weston

CEO Turnover after Acquisitions: Are Bad Bidders Fired? pp. 1759-1811

Kenneth M. Lehn and Mengxin Zhao

CEOs' Outside Employment Opportunities and the Lack of Relative Performance Evaluation in Compensation Contracts pp. 1813-1844

Shivaram Rajgopal, Terry Shevlin and Valentina Zamora

Information Control, Career Concerns, and Corporate Governance pp. 1845-1896

Fenghua Song and Anjan Thakor

Do Banks Affect the Level and Composition of Industrial Volatility? pp. 1897-1925

Borja Larrain

Industry Concentration and Average Stock Returns pp. 1927-1956

Kewei Hou and David Robinson

Corporate Financial Policy and the Value of Cash pp. 1957-1990

Michael Faulkender and Rong Wang

Does Corporate Headquarters Location Matter for Stock Returns? pp. 1991-2015

Christo Pirinsky and Qinghai Wang

The Disposition Effect and Underreaction to News pp. 2017-2046

Andrea Frazzini

Report of the Editor of The Journal of Finance for the Year 2005 pp. 2047-2062

Robert Stambaugh

Volume 61, issue 3, 2006

Corporate Investment and Asset Price Dynamics: Implications for SEO Event Studies and Long‐Run Performance pp. 1009-1034

Murray Carlson, Adlai Fisher and Ron Giammarino

Credit Ratings and Capital Structure pp. 1035-1072

Darren J. Kisgen

Asset Float and Speculative Bubbles pp. 1073-1117

Harrison Hong, Jose Scheinkman and Wei Xiong

The Effect of Short Selling on Bubbles and Crashes in Experimental Spot Asset Markets pp. 1119-1157

Ernan Haruvy and Charles Noussair

Analysts' Selective Coverage and Subsequent Performance of Newly Public Firms pp. 1159-1185

Somnath Das, Re‐jin Guo and Huai Zhang

Investor Sentiment and Pre‐IPO Markets pp. 1187-1216

Francesca Cornelli, David Goldreich and Alexander Ljungqvist

Corporate Equity Ownership and the Governance of Product Market Relationships pp. 1217-1251

C. Edward Fee, Charles J. Hadlock and Shawn Thomas

The Costs of Bankruptcy: Chapter 7 Liquidation versus Chapter 11 Reorganization pp. 1253-1303

Arturo Bris, Ivo Welch and Ning Zhu

Do Dividend Clienteles Exist? Evidence on Dividend Preferences of Retail Investors pp. 1305-1336

John R. Graham and Alok Kumar

Does a Parent–Subsidiary Structure Enhance Financing Flexibility? pp. 1337-1360

Anand M. Vijh

Secondary Trading Costs in the Municipal Bond Market pp. 1361-1397

Lawrence E. Harris and Michael S. Piwowar

Capital Gains Tax Overhang and Price Pressure pp. 1399-1431

Li Jin

Uncovering the Risk–Return Relation in the Stock Market pp. 1433-1463

Hui Guo and Robert F. Whitelaw

Distance Constraints: The Limits of Foreign Lending in Poor Economies pp. 1465-1505

Atif Mian

Which Investors Fear Expropriation? Evidence from Investors' Portfolio Choices pp. 1507-1547

Mariassunta Giannetti and Andrei Simonov

Volume 61, issue 2, 2006

Bank Mergers and Crime: The Real and Social Effects of Credit Market Competition pp. 495-538

Mark J. Garmaise and Tobias J. Moskowitz

A Consumption‐Based Explanation of Expected Stock Returns pp. 539-580

Motohiro Yogo

Do the Fama–French Factors Proxy for Innovations in Predictive Variables? pp. 581-612

Ralitsa Petkova

Risk, Reputation, and IPO Price Support pp. 613-653

Katharina Lewellen

Does Weak Governance Cause Weak Stock Returns? An Examination of Firm Operating Performance and Investors' Expectations pp. 655-687

John E. Core, Wayne R. Guay and Tjomme O. Rusticus

Are Busy Boards Effective Monitors? pp. 689-724

Eliezer M. Fich and Anil Shivdasani

Does Investor Misvaluation Drive the Takeover Market? pp. 725-762

Ming Dong, David Hirshleifer, Scott Richardson and Siew Hong Teoh

Offering versus Choice in 401(k) Plans: Equity Exposure and Number of Funds pp. 763-801

Gur Huberman and Wei Jiang

The Entrepreneur's Choice between Private and Public Ownership pp. 803-836

Arnoud Boot, Radhakrishnan Gopalan and Anjan Thakor

Market Valuation of Tax‐Timing Options: Evidence from Capital Gains Distributions pp. 837-865

J. B. Chay, Dosoung Choi and Jeffrey Pontiff

Banks' Advantage in Hedging Liquidity Risk: Theory and Evidence from the Commercial Paper Market pp. 867-892

Evan Gatev and Philip E. Strahan

Firm Value and Hedging: Evidence from U.S. Oil and Gas Producers pp. 893-919

Yanbo Jin and Philippe Jorion

Pension Plan Funding and Stock Market Efficiency pp. 921-956

Francesco Franzoni and Jose Marin

How Do Crises Spread? Evidence from Accessible and Inaccessible Stock Indices pp. 957-1003

Brian H. Boyer, Tomomi Kumagai and Kathy Yuan

Volume 61, issue 1, 2006

What Works in Securities Laws? pp. 1-32

Rafael La Porta, Florencio Lopez‐ de‐silanes and Andrei Shleifer

Investment and Financing Constraints: Evidence from the Funding of Corporate Pension Plans pp. 33-71

Joshua D. Rauh

Favoritism in Mutual Fund Families? Evidence on Strategic Cross‐Fund Subsidization pp. 73-104

José‐miguel Gaspar, Massimo Massa and Pedro Matos

Information Uncertainty and Stock Returns pp. 105-137

X. Frank Zhang

Asset Pricing Implications of Nonconvex Adjustment Costs and Irreversibility of Investment pp. 139-170

Ilan Cooper

Empirical Evidence on Capital Investment, Growth Options, and Security Returns pp. 171-194

Christopher W. Anderson and Luis Garcia‐feijóo

The Price Impact and Survival of Irrational Traders pp. 195-229

Leonid Kogan, Stephen Ross, Jiang Wang and Mark Westerfield

The Limits of Investor Behavior pp. 231-258

Mark Loewenstein and Gregory A. Willard

The Cross‐Section of Volatility and Expected Returns pp. 259-299

Andrew Ang, Robert Hodrick, Yuhang Xing and Xiaoyan Zhang

Competing for Securities Underwriting Mandates: Banking Relationships and Analyst Recommendations pp. 301-340

Alexander Ljungqvist, Felicia Marston and William J. Wilhelm

Unspanned Stochastic Volatility: Evidence from Hedging Interest Rate Derivatives pp. 341-378

Haitao Li and Feng Zhao

Wealth and Executive Compensation pp. 379-397

Bo Becker

Initial Public Offerings: An Analysis of Theory and Practice pp. 399-436

James C. Brau and Stanley E. Fawcett

Finance as a Barrier to Entry: Bank Competition and Industry Structure in Local U.S. Markets pp. 437-461

Nicola Cetorelli and Philip E. Strahan

Investor Tax Heterogeneity and Ex‐Dividend Day Trading Volume pp. 463-490

Dan Dhaliwal and Oliver Zhen Li