Journal of Finance

1946 - 2025

From American Finance Association
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Volume 54, issue 6, 1999

The Corporate Cost of Capital and the Return on Corporate Investment pp. 1939-1967

Eugene F. Fama and Kenneth French

Corporate Cash Reserves and Acquisitions pp. 1969-1997

Jarrad Harford

Executive Compensation, Strategic Competition, and Relative Performance Evaluation: Theory and Evidence pp. 1999-2043

Rajesh Aggarwal and Andrew Samwick

Home Bias at Home: Local Equity Preference in Domestic Portfolios pp. 2045-2073

Joshua D. Coval and Tobias J. Moskowitz

Can the Gains from International Diversification Be Achieved without Trading Abroad? pp. 2075-2107

Vihang Errunza, Ked Hogan and Mao‐Wei Hung

The Dynamics of Discrete Bid and Ask Quotes pp. 2109-2142

Joel Hasbrouck

A Unified Theory of Underreaction, Momentum Trading, and Overreaction in Asset Markets pp. 2143-2184

Harrison Hong and Jeremy Stein

Bank Deposit Rate Clustering: Theory and Empirical Evidence pp. 2185-2214

Charles Kahn, George Pennacchi and Ben Sopranzetti

International Evidence on the Value of Corporate Diversification pp. 2215-2239

Karl Lins and Henri Servaes

Tax Incentives to Hedge pp. 2241-2262

John R. Graham and Clifford W. Smith

Herding and Feedback Trading by Institutional and Individual Investors pp. 2263-2295

John R. Nofsinger and Richard W. Sias

The Impact of Trader Type on the Futures Volatility‐Volume Relation pp. 2297-2316

Robert T. Daigler and Marilyn K. Wiley

Call Options, Points, and Dominance Restrictions on Debt Contracts pp. 2317-2337

Kenneth B. Dunn and Chester S. Spatt

The Stochastic Volatility of Short‐Term Interest Rates: Some International Evidence pp. 2339-2359

Clifford A. Ball and Walter N. Torous

The Delisting Bias in CRSP's Nasdaq Data and Its Implications for the Size Effect pp. 2361-2379

Tyler Shumway and Vincent A. Warther

Volume 54, issue 5, 1999

Optimal Investment, Growth Options, and Security Returns pp. 1553-1607

Jonathan B. Berk, Richard Green and Vasant Naik

Estimating Portfolio and Consumption Choice: A Conditional Euler Equations Approach pp. 1609-1645

Michael W. Brandt

Data‐Snooping, Technical Trading Rule Performance, and the Bootstrap pp. 1647-1691

Ryan Sullivan, Allan Timmermann and Halbert White

What is the Intrinsic Value of the Dow? pp. 1693-1741

Charles Lee, James Myers and Bhaskaran Swaminathan

Performance Evaluation with Transactions Data: The Stock Selection of Investment Newsletters pp. 1743-1775

Andrew Metrick

Inefficiency in Analysts' Earnings Forecasts: Systematic Misreaction or Systematic Optimism? pp. 1777-1797

John C. Easterwood and Stacey R. Nutt

Preferencing, Internalization, Best Execution, and Dealer Profits pp. 1799-1828

Oliver Hansch, Narayan Y. Naik and S Viswanathan

CEO Involvement in the Selection of New Board Members: An Empirical Analysis pp. 1829-1853

Anil Shivdasani and David Yermack

The Equity Performance of Firms Emerging from Bankruptcy pp. 1855-1868

Allan C. Eberhart, Edward Altman and Reena Aggarwal

The Slope of the Credit Yield Curve for Speculative‐Grade Issuers pp. 1869-1884

Jean Helwege and Christopher M. Turner

Liquidity Provision and Noise Trading: Evidence from the “Investment Dartboard” Column pp. 1885-1899

Jason Greene and Scott Smart

Price Formation and Liquidity in the U.S. Treasury Market: The Response to Public Information pp. 1901-1915

Michael Fleming and Eli Remolona

Erratum from the Editor pp. 1929-1929

René Stulz

Volume 54, issue 4, 1999

Presidential Address: Expected Return, Realized Return, and Asset Pricing Tests pp. 1199-1220

Edwin J. Elton

A Critique of the Stochastic Discount Factor Methodology pp. 1221-1248

Raymond Kan and Guofu Zhou

Do Industries Explain Momentum? pp. 1249-1290

Tobias J. Moskowitz and Mark Grinblatt

Optimal Leverage and Aggregate Investment pp. 1291-1323

Bruno Biais and Catherine Casamatta

Conditioning Variables and the Cross Section of Stock Returns pp. 1325-1360

Wayne E. Ferson and Campbell Harvey

Transition Densities for Interest Rate and Other Nonlinear Diffusions pp. 1361-1395

Yacine Aït‐Sahalia

The Financial and Operating Performance of Privatized Firms during the 1990s pp. 1397-1438

Juliet D'souza and William L. Megginson

Local Return Factors and Turnover in Emerging Stock Markets pp. 1439-1464

K. Rouwenhorst

Market Risk and Model Risk for a Financial Institution Writing Options pp. 1465-1499

T. Clifton Green and Stephen Figlewski

Fed Policy, Financial Market Efficiency, and Capital Flows pp. 1501-1507

David M. Jones

Reforming the Global Economic Architecture: Lessons from Recent Crises pp. 1508-1521

Joseph Stiglitz

Minutes of the Annual Membership Meeting pp. 1523-1524

David H. Pyle

Report of the Executive Secretary and Treasurer pp. 1525-1529

Michael Keenan

Report of the Editor of the Journal of Finance for the Year 1998 pp. 1531-1546

René M. Stultz

Report of the Representative to the National Bureau of Economic Research pp. 1547-1548

Robert S. Hamada

Volume 54, issue 3, 1999

The Performance of Hedge Funds: Risk, Return, and Incentives pp. 833-874

Carl Ackermann, Richard McEnally and David Ravenscraft

Are Some Mutual Fund Managers Better Than Others? Cross‐Sectional Patterns in Behavior and Performance pp. 875-899

Judith Chevalier and Glenn Ellison

Is Money Smart? A Study of Mutual Fund Investors' Fund Selection Ability pp. 901-933

Lu Zheng

Investment Decisions Depend on Portfolio Disclosures pp. 935-952

David K. Musto

Global Stock Markets in the Twentieth Century pp. 953-980

Philippe Jorion and William Goetzmann

The Effects of Market Segmentation and Investor Recognition on Asset Prices: Evidence from Foreign Stocks Listing in the United States pp. 981-1013

Stephen R. Foerster and G. Andrew Karolyi

The Persistence of IPO Mispricing and the Predictive Power of Flipping pp. 1015-1044

Laurie Krigman, Wayne H. Shaw and Kent Womack

The Going‐Public Decision and the Development of Financial Markets pp. 1045-1082

Avanidhar Subrahmanyam and Sheridan Titman

Merging Markets pp. 1083-1107

Tom Arnold, Philip Hersch, J. Harold Mulherin and Jeffry Netter

Evidence on the Determinants of Credit Terms Used in Interfirm Trade pp. 1109-1129

Chee K. Ng, Janet Kiholm Smith and Richard L. Smith

A Reexamination of the Conglomerate Merger Wave in the 1960s: An Internal Capital Markets View pp. 1131-1152

R. Glenn Hubbard and Darius Palia

Ex Ante Bond Returns and the Liquidity Preference Hypothesis pp. 1153-1167

Jacob Boudoukh, Matthew Richardson, Tom Smith and Robert F. Whitelaw

Number of Shareholders and Stock Prices: Evidence from Japan pp. 1169-1184

Yakov Amihud, Haim Mendelson and Jun Uno

Volume 54, issue 2, 1999

Were the Good Old Days That Good? Changes in Managerial Stock Ownership Since the Great Depression pp. 435-469

Clifford G. Holderness, Randall S. Kroszner and Dennis P. Sheehan

Corporate Ownership Around the World pp. 471-517

Rafael La Porta, Florencio Lopez‐ De‐Silanes and Andrei Shleifer

Capital Structure and Corporate Control: The Effect of Antitakeover Statutes on Firm Leverage pp. 519-546

Gerald T. Garvey and Gordon Hanka

Leverage and Corporate Performance: Evidence from Unsuccessful Takeovers pp. 547-580

Assem Safieddine and Sheridan Titman

Mutual Fund Herding and the Impact on Stock Prices pp. 581-622

Russell Wermers

Can Costs of Consumption Adjustment Explain Asset Pricing Puzzles? pp. 623-654

David A. Marshall and Nayan G. Parekh

The Sampling Error in Estimates of Mean‐Variance Efficient Portfolio Weights pp. 655-671

Mark Britten‐Jones

The Relationship between Firm Investment and Financial Status pp. 673-692

Sean Cleary

The Financing and Redeployment of Specific Assets pp. 693-720

Michel A. Habib and D. Bruce Johnsen

Differences in Trading Behavior across NYSE Specialist Firms pp. 721-745

Shane A. Corwin

A Specialist's Quoted Depth and the Limit Order Book pp. 747-771

Kenneth A. Kavajecz

On the Cross‐Sectional Relation between Expected Returns, Betas, and Size pp. 773-789

Robert R. Grauer

How Are Derivatives Used? Evidence from the Mutual Fund Industry pp. 791-816

Jennifer Koski and Jeffrey Pontiff

Book Reviews pp. 817-823

Stewart Mayhew and Frank Packer

Volume 54, issue 1, 1999

Effects of Market Reform on the Trading Costs and Depths of Nasdaq Stocks pp. 1-34

Michael J. Barclay, William G. Christie, Jeffrey Harris, Eugene Kandel and Paul H. Schultz

Payments for Order Flow on Nasdaq pp. 35-66

Eugene Kandel and Leslie Marx

Costs of Equity Capital and Model Mispricing pp. 67-121

Lubos Pastor and Robert Stambaugh

Incomplete Markets and Security Prices: Do Asset‐Pricing Puzzles Result from Aggregation Problems? pp. 123-163

Kris Jacobs

Improved Methods for Tests of Long‐Run Abnormal Stock Returns pp. 165-201

John D. Lyon, Brad Barber and Chih‐Ling Tsai

Two‐Pass Tests of Asset Pricing Models with Useless Factors pp. 203-235

Raymond Kan and Chu Zhang

Herding among Investment Newsletters: Theory and Evidence pp. 237-268

John R. Graham

An Empirical Comparison of Forward‐Rate and Spot‐Rate Models for Valuing Interest‐Rate Options pp. 269-305

Wolfgang Bühler, Marliese Uhrig‐Homburg, Ulrich Walter and Thomas Weber

Are Tax Effects Important in the Long‐Run Fisher Relationship? Evidence from the Municipal Bond Market pp. 307-317

William Crowder and Mark Wohar

Banks and Corporate Control in Japan pp. 319-339

Randall Morck and Masao Nakamura

How Long Do Junk Bonds Spend in Default? pp. 341-357

Jean Helwege

Optimal Risk Management Using Options pp. 359-375

Dong‐Hyun Ahn, Jacob Boudoukh, Matthew Richardson and Robert F. Whitelaw

Pricing Options under Generalized GARCH and Stochastic Volatility Processes pp. 377-402

Peter Ritchken and Rob Trevor

Determinants of the Consumer Bankruptcy Decision pp. 403-420

Ian Domowitz and Robert L. Sartain