Journal of Finance

1946 - 2025

From American Finance Association
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Volume 58, issue 6, 2003

The Dynamics of Institutional and Individual Trading pp. 2285-2320

John M. Griffin, Jeffrey Harris and Selim Topaloglu

Equity Volatility and Corporate Bond Yields pp. 2321-2350

John Campbell and Glen B. Taksler

Institutional Investors and Executive Compensation pp. 2351-2374

Jay C. Hartzell and Laura T. Starks

Intraday Price Formation in U.S. Equity Index Markets pp. 2375-2400

Joel Hasbrouck

Financial Development, Property Rights, and Growth pp. 2401-2436

Stijn Claessens and Luc Laeven

The Behavior of Bid‐Ask Spreads and Volume in Options Markets during the Competition for Listings in 1999 pp. 2437-2463

Patrick De Fontnouvelle, Raymond P. H. Fishe and Jeffrey Harris

Model Misspecification and Underdiversification pp. 2465-2486

Raman Uppal and Tan Wang

Regulation Fair Disclosure and Earnings Information: Market, Analyst, and Corporate Responses pp. 2487-2514

Warren Bailey, Haitao Li, Connie X. Mao and Rui Zhong

Momentum Investing and Business Cycle Risk: Evidence from Pole to Pole pp. 2515-2547

John M. Griffin, Xiuqing Ji and J. Spencer Martin

Equilibrium “Anomalies” pp. 2549-2580

Michael F. Ferguson and Richard L. Shockley

What Type of Process Underlies Options? A Simple Robust Test pp. 2581-2610

Peter Carr and Liuren Wu

Do Price Discreteness and Transactions Costs Affect Stock Returns? Comparing Ex‐Dividend Pricing before and after Decimalization pp. 2611-2636

John R. Graham, Roni Michaely and Michael Roberts

Competition among Trading Venues: Information and Trading on Electronic Communications Networks pp. 2637-2665

Michael J. Barclay, Terrence Hendershott and D. Timothy McCormick

Capital Structure and Financial Risk: Evidence from Foreign Debt Use in East Asia pp. 2667-2710

George Allayannis, Gregory W. Brown and Leora Klapper

Divestitures and Divisional Investment Policies pp. 2711-2744

Amy Dittmar and Anil Shivdasani

Is the International Convergence of Capital Adequacy Regulation Desirable? pp. 2745-2782

Viral Acharya

Shareholder Taxes in Acquisition Premiums: The Effect of Capital Gains Taxation pp. 2783-2801

Benjamin C. Ayers, Craig E. Lefanowicz and John R. Robinson

Volume 58, issue 5, 2003

Stock Valuation and Learning about Profitability pp. 1749-1789

Lubos Pastor and Veronesi Pietro

Currency Orders and Exchange Rate Dynamics: An Explanation for the Predictive Success of Technical Analysis pp. 1791-1819

Carol L. Osler

S&P 500 Index Additions and Earnings Expectations pp. 1821-1840

Diane K. Denis, John J. McConnell, Alexei Ovtchinnikov and Yun Yu

The Presidential Puzzle: Political Cycles and the Stock Market pp. 1841-1872

Pedro Santa‐Clara and Rossen Valkanov

Risk Management with Derivatives by Dealers and Market Quality in Government Bond Markets pp. 1873-1904

Narayan Y. Naik and Pradeep K. Yadav

Empirical Tests for Stochastic Dominance Efficiency pp. 1905-1931

Thierry Post

An Empirical Analysis of Analysts' Target Prices: Short‐term Informativeness and Long‐term Dynamics pp. 1933-1967

Alon Brav and Reuven Lehavy

Value versus Glamour pp. 1969-1995

Jennifer Conrad, Michael Cooper and Gautam Kaul

Corporate Board Composition, Protocols, and Voting Behavior: Experimental Evidence pp. 1997-2031

Ann B. Gillette, Thomas H. Noe and Michael J. Rebello

How Investors Interpret Past Fund Returns pp. 2033-2058

Anthony W. Lynch and David K. Musto

Financing and Advising: Optimal Financial Contracts with Venture Capitalists pp. 2059-2085

Catherine Casamatta

Do Spin‐offs Expropriate Wealth from Bondholders? pp. 2087-2108

William F. Maxwell and Ramesh Rao

Anticompetitive Financial Contracting: The Design of Financial Claims pp. 2109-2141

Giacinta Cestone and Lucy White

Investment, Uncertainty, and Liquidity pp. 2143-2166

Glenn Boyle and Graeme Guthrie

Family Firms pp. 2167-2201

Mike Burkart, Fausto Panunzi and Andrei Shleifer

Asset Trading Volume with Dynamically Complete Markets and Heterogeneous Agents pp. 2203-2217

Kenneth Judd, Felix Kubler and Karl Schmedders

Hedging in the Possible Presence of Unspanned Stochastic Volatility: Evidence from Swaption Markets pp. 2219-2248

Rong Fan, Anurag Gupta and Peter Ritchken

The Determinants of Underpricing for Seasoned Equity Offers pp. 2249-2279

Shane A. Corwin

Volume 58, issue 4, 2003

Presidential Address: Liquidity and Price Discovery pp. 1335-1354

Maureen O'Hara

The Really Long‐Run Performance of Initial Public Offerings: The Pre‐Nasdaq Evidence pp. 1355-1392

Paul Gompers and Josh Lerner

Spurious Regressions in Financial Economics? pp. 1393-1413

Wayne E. Ferson, Sergei Sarkissian and Timothy T. Simin

Bookbuilding: How Informative Is the Order Book? pp. 1415-1443

Francesca Cornelli and David Goldreich

Ownership Structure, Corporate Governance, and Firm Value: Evidence from the East Asian Financial Crisis pp. 1445-1468

Michael L. Lemmon and Karl Lins

Does Shareholder Composition Matter? Evidence from the Market Reaction to Corporate Earnings Announcements pp. 1469-1498

Edith S. Hotchkiss and Deon Strickland

Rumors pp. 1499-1520

Jos Van Bommel

Momentum and Reversals in Equity‐Index Returns During Periods of Abnormal Turnover and Return Dispersion pp. 1521-1556

Robert Connolly and Chris Stivers

Incentive Compensation When Executives Can Hedge the Market: Evidence of Relative Performance Evaluation in the Cross Section pp. 1557-1582

Gerald Garvey and Todd Milbourn

Tax‐Induced Trading of Equity Securities: Evidence from the ADR Market pp. 1583-1612

Sandra Renfro Callaghan and Christopher B. Barry

Performance Incentives within Firms: The Effect of Managerial Responsibility pp. 1613-1650

Rajesh Aggarwal and Andrew Samwick

Risk Reduction in Large Portfolios: Why Imposing the Wrong Constraints Helps pp. 1651-1683

Ravi Jagannathan and Tongshu Ma

High‐Water Marks and Hedge Fund Management Contracts pp. 1685-1718

William Goetzmann, Jonathan E. Ingersoll and Stephen Ross

Book Review pp. 1719-1722

Moshe Milevsky

Volume 58, issue 3, 2003

Corporate Financing: An Artificial Agent‐based Analysis pp. 943-973

Thomas H. Noe, Michael J. Rebello and Jun Wang

Idiosyncratic Risk Matters! pp. 975-1007

Amit Goyal and Pedro Santa‐Clara

Good Day Sunshine: Stock Returns and the Weather pp. 1009-1032

David Hirshleifer and Tyler Shumway

Internal versus External Financing: An Optimal Contracting Approach pp. 1033-1062

Roman Inderst and Holger M. Müller

Long‐run Performance after Stock Splits: 1927 to 1996 pp. 1063-1085

Jinho Byun and Michael S. Rozeff

Too Busy to Mind the Business? Monitoring by Directors with Multiple Board Appointments pp. 1087-1111

Stephen P. Ferris, Murali Jagannathan and A. C. Pritchard

DotCom Mania: The Rise and Fall of Internet Stock Prices pp. 1113-1137

Eli Ofek and Matthew Richardson

Convertible Securities and Venture Capital Finance pp. 1139-1166

Klaus Schmidt

Integration of Lending and Underwriting: Implications of Scope Economies pp. 1167-1191

George Kanatas and Jianping Qi

Managerial Incentives and Internal Capital Markets pp. 1193-1220

Adolfo de Motta

What if Trading Location Is Different from Business Location? Evidence from the Jardine Group pp. 1221-1246

Kalok Chan, Allaudeen Hameed and Sie Ting Lau

Market Maker Quotation Behavior and Pretrade Transparency pp. 1247-1267

Yusif Simaan, Daniel G. Weaver and David K. Whitcomb

The Impact of Jumps in Volatility and Returns pp. 1269-1300

Bjørn Eraker, Michael Johannes and Nicholas Polson

Founding‐Family Ownership and Firm Performance: Evidence from the S&P 500 pp. 1301-1328

Ronald C. Anderson and David M. Reeb

Volume 58, issue 2, 2003

Fischer Black Prize for 2003 pp. v-vii

Raghuram Rajan

Pseudo Market Timing and the Long‐Run Underperformance of IPOs pp. 483-517

Paul Schultz

Entrenchment and Severance Pay in Optimal Governance Structures pp. 519-547

Andres Almazan and Javier Suarez

Cross‐Border Listings and Price Discovery: Evidence from U.S.‐Listed Canadian Stocks pp. 549-575

Cheol S. Eun and Sanjiv Sabherwal

Evidence of Information Spillovers in the Production of Investment Banking Services pp. 577-608

Lawrence M. Benveniste, Alexander Ljungqvist, William J. Wilhelm and Xiaoyun Yu

The Value Spread pp. 609-641

Randolph B. Cohen, Christopher Polk and Tuomo Vuolteenaho

The Level and Persistence of Growth Rates pp. 643-684

Louis K. C. Chan, Jason Karceski and Josef Lakonishok

Role of Speculative Short Sales in Price Formation: The Case of the Weekend Effect pp. 685-705

Honghui Chen and Vijay Singal

How Sensitive Is Investment to Cash Flow When Financing Is Frictionless? pp. 707-722

Aydoḡan Alti

IPO Pricing in the Dot‐com Bubble pp. 723-752

Alexander Ljungqvist and William J. Wilhelm

The Finite Moment Log Stable Process and Option Pricing pp. 753-777

Peter Carr and Liuren Wu

Incentive Fees and Mutual Funds pp. 779-804

Edwin J. Elton, Martin J. Gruber and Christopher R. Blake

A Generalization of the Brennan‐Rubinstein Approach for the Pricing of Derivatives pp. 805-819

António Câmara

Evaluation Periods and Asset Prices in a Market Experiment pp. 821-837

Uri Gneezy, Arie Kapteyn and Jan Potters

The Term Structure with Semi‐credible Targeting pp. 839-865

Heber Farnsworth and Richard Bass

Excessive Dollar Debt: Financial Development and Underinsurance pp. 867-893

Ricardo Caballero and Arvind Krishnamurthy

The Wealth Effects of Repurchases on Bondholders pp. 895-919

William F. Maxwell and Clifford P. Stephens

Investor Protection and Firm Liquidity pp. 921-937

Paul Brockman and Dennis Y. Chung

Volume 58, issue 1, 2003

The Quiet Period Goes out with a Bang pp. 1-36

Daniel J. Bradley, Bradford Jordan and Jay Ritter

Clearly Irrational Financial Market Behavior: Evidence from the Early Exercise of Exchange Traded Stock Options pp. 37-70

Allen M. Poteshman and Vitaly Serbin

Why Do Managers Diversify Their Firms? Agency Reconsidered pp. 71-118

Rajesh Aggarwal and Andrew Samwick

Modeling Sovereign Yield Spreads: A Case Study of Russian Debt pp. 119-159

Darrell Duffie, Lasse Pedersen and Kenneth Singleton

Asset Pricing with Conditioning Information: A New Test pp. 161-196

Kevin Q. Wang

New Evidence on the Market for Directors: Board Membership and Pennsylvania Senate Bill 1310 pp. 197-230

Jeffrey Coles and Chun‐Keung Hoi

Dynamic Asset Allocation with Event Risk pp. 231-259

Jun Liu, Francis Longstaff and Jun Pan

Dividend Taxes and Share Prices: Evidence from Real Estate Investment Trusts pp. 261-282

William M. Getry, Deen Kemsley and Christopher Mayer

Delegated Portfolio Management and Rational Prolonged Mispricing pp. 283-311

Eitan Goldman and Steve L. Slezak

Analyzing the Analysts: Career Concerns and Biased Earnings Forecasts pp. 313-351

Harrison Hong and Jeffrey D. Kubik

Trade Credit, Financial Intermediary Development, and Industry Growth pp. 353-374

Raymond Fisman and Inessa Love

Financial Distress and Bank Lending Relationships pp. 375-399

Sandeep Dahiya, Anthony Saunders and Anand Srinivasan

A Monte Carlo Method for Optimal Portfolios pp. 401-446

Jerome Detemple, René Garcia and Marcel Rindisbacher

Capital Gains, Dividend Yields, and Expected Inflation pp. 447-466

Eugene A. Pilotte