Journal of Finance

1946 - 2025

From American Finance Association
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Volume 48, issue 5, 1993

The Trades of Market Makers: An Empirical Analysis of NYSE Specialists pp. 1565-93

Joel Hasabrouck and George Sofianos

An Analysis of Changes in Specialist Inventories and Quotations pp. 1595-1628

Ananth Madhavan and Seymour Smidt

Risk Management: Coordinating Corporate Investment and Financing Policies pp. 1629-58

Kenneth Froot, David Scharfstein and Jeremy Stein

Issue Size Choice and "Underpricing" in Thrift Mutual-to-Stock Conversions pp. 1659-92

Vojislav Maksimovic and Haluk Unal

Information Sharing in Credit Markets pp. 1693-1718

Marco Pagano and Tullio Jappelli

A New Approach to International Arbitrage Pricing pp. 1719-47

Ravi Bansal, David A Hsieh and S Viswanathan

Measuring and Testing the Impact of News on Volatility pp. 1749-78

Robert Engle and Victor K Ng

On the Relation between the Expected Value and the Volatility of the Nominal Excess Return on Stocks pp. 1779-1801

Lawrence R Glosten, Ravi Jagannathan and David E Runkle

Asset-Pricing Puzzles and Incomplete Markets pp. 1803-32

Chris Telmer

Jump Diffusion Option Valuation in Discrete Time pp. 1833-63

Kaushik I Amin

Currency Hedging for International Portfolios pp. 1865-86

Jack Glen and Philippe Jorion

Accounting for Forward Rates in Markets for Foreign Currency pp. 1887-1908

David Backus, Allan Gregory and Chris Telmer

Stock Market Crashes and the Performance of Circuit Breakers: Empirical Evidence pp. 1909-25

Beni Lauterbach and Uri Ben-Zion

Asset-Pricing Tests under Alternative Distributions pp. 1927-42

Guofu Zhou

The Impact of Large Portfolio Insurers on Asset Prices pp. 1943-55

R Glen Donaldson and Harald Uhlig

Why Option Prices Lag Stock Prices: A Trading-Based Explanation pp. 1957-67

Kalok Chan, Y Peter Chung and Herb Johnson

Option Valuation and Hedging Strategies with Jumps in the Volatility of Asset Returns pp. 1969-84

Vasanttilak Naik

The Determinants of Leveraged Buyout Activity: Free Cash Flow vs. Financial Distress Costs pp. 1985-99

Tim Opler and Sheridan Titman

Is a Bond Rating Downgrade Bad News, Good News, or No News for Stockholders? pp. 2001-08

Jeremy C Goh and Louis H Ederington

Moral Hazard and the Portfolio Management Problem pp. 2009-28

Neal M Stoughton

Volume 48, issue 4, 1993

Stock Price Volatility, Ordinary Dividends, and Other Cash Flows to Shareholders pp. 1147-60

Lucy Ackert and Brian F Smith

How Markets Process Information: News Releases and Volatility pp. 1161-91

Louis H Ederington and Jae Ha Lee

Fundamentals or Noise? Evidence from the Professional Basketball Betting Market pp. 1193-1209

William O Brown and Raymond Sauer

Imperfect Information and Cross-Autocorrelation among Stock Prices pp. 1211-30

Kalok Chan

No Arbitrage and Arbitrage Pricing: A New Approach pp. 1231-62

Ravi Bansal and S Viswanathan

A Test for the Number of Factors in an Approximate Factor Model pp. 1263-91

Gregory Connor and Robert Korajczyk

Ownership Concentration, Corporate Control Activity, and Firm Value: Evidence from the Death of Inside Blockholders pp. 1293-1321

Myron B Slovin and Marie E Sushka

The Reverse LBO Decision and Firm Performance: Theory and Evidence pp. 1323-48

Francois Degeorge and Richard Zeckhauser

Security Design pp. 1349-78

Arnoud Boot and Anjan Thakor

Brokerage Commission Schedules pp. 1379-1402

Michael Brennan and Tarun Chordia

Treasury Auction Bids and the Salomon Squeeze pp. 1403-19

Narasimhan Jegadeesh

Trading Patterns and Prices in the Interbank Foreign Exchange Market pp. 1421-43

Tim Bollerslev and Ian Domowitz

The Effect of Money Shocks on Interest Rates in the Presence of Conditional Heteroskedasticity pp. 1445-55

Kevin Grier and Mark J Perry

The Irrelevance of Margin: Evidence form the Crash of'87 pp. 1456-73

Paul J Seguin and Gregg A Jarrell

Crowding Out and the Informativeness of Security Prices pp. 1475-96

Jonathan M Paul

Short Selling and Efficient Sets pp. 1497-1506

Gordon Alexander

Alternative Information pp. 1507-22

Ronald Best and Hang Zhang

An Incentive Approach to Banking Regulation pp. 1523-42

Ronald M Giammarino, Tracy Lewis and David Sappington

Sensitivity of Multivariate Tests of the Capital Asset-Pricing Model to the Return Measurement Interval pp. 1543-51

Puneet Handa, S P Kothari and Charles Wasley

Volume 48, issue 3, 1993

The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems pp. 831-80

Michael Jensen

Option Valuation with Systematic Stochastic Volatility pp. 881-910

Kaushik I Amin and Victor K Ng

Measuring Asset Values for Cash Settlement in Derivative Markets: Hedonic Repeated Measures Indices and Perpetual Futures pp. 911-31

Robert Shiller

Invisible Parameters in Option Prices pp. 933-47

Steven L Heston

Top-Management Compensation and Capital Structure pp. 949-74

Teresa A John and Kose John

Influence Costs and Capital Structure pp. 975-1008

Laurie Simon Bagwell and Josef Zechner

Market Integration and Price Execution for NYSE-Listed Securities pp. 1009-38

Charles Lee

The Investment Performance of U.S. Equity Pension Fund Managers: An Empirical Investigation pp. 1039-55

T Daniel Coggin, Frank Fabozzi and Shafiqur Rahman

Volume 48, issue 2, 1993

CEO Compensation in Financially Distressed Firms: An Empirical Analysis pp. 425-58

Stuart C Gilson and Michael R Vetsuypens

Market Discounts and Shareholder Gains for Placing Equity Privately pp. 459-85

Michael G Hertzel and Richard Smith

Limitation of Liability and the Ownership Structure of the Firm pp. 487-512

Andrew Winton

Incentive Conflicts, Bundling Claims, and the Interaction among Financial Claimants pp. 513-28

Chester S Spatt and Frederic P Sterbenz

A General Equilibrium Model of International Portfolio Choice pp. 529-53

Raman Uppal

Macroeconomic Influences and the Variability of the Commodity Futures Basis pp. 555-73

Warren Bailey and K C Chang

Tax-Induced Trading and the Turn-of-the-Year Anomaly: An Intraday Study pp. 575-98

Mark D Griffiths and Robert W White

A Semiautoregression Approach to the Arbitrage Pricing Theory pp. 599-620

Jianping Mei

Empirical Testing of Real Option-Pricing Models pp. 621-40

Laura Quigg

Predictable Stock Returns: The Role of Small Sample Bias pp. 641-61

Charles Nelson and Myung J Kim

Testing the Predictive Power of Dividend Yields pp. 663-79

William Goetzmann and Philippe Jorion

Calls of Warrants: Timing and Market Reaction pp. 681-96

Paul Schultz

Information, Ownership Structure, and Shareholder Voting: Evidence from Shareholder-Sponsored Corporate Governance Proposals pp. 697-718

Lilli A Gordon and John Pound

Do Short-Term Objectives Lead to Under- or Overinvestment in Long-Term Projects? pp. 719-29

Lucian Bebchuk and Lars Stole

The Strategic Role of Debt in Takeover Contests pp. 731-45

Bhagwan Chowdhry and Vikram Nanda

Disagreements among Shareholders over a Firm's Disclosure Policy pp. 747-60

Oliver Kim

Options, Short Sales, and Market Completeness pp. 761-77

Stephen Figlewski and Gwendolyn P Webb

A Reexamination of Traditional Hypotheses about the Term Structure: A Comment pp. 779-89

J. Huston McCulloch

Spanning with Short-Selling Restrictions pp. 791-93

Martin Raab and Robert Schwager

Are the Discounts on Closed-End Funds a Sentiment Index? pp. 795-800

Nai-fu Chen, Raymond Kan and Merton Miller

Yes, Discounts on Closed-End Funds Are a Sentiment Index pp. 801-808

Chopra, Navin, et al

Are the Discounts on Closed-End Funds a Sentiment Index? A Rejoinder pp. 809-10

Nai-fu Chen, Raymond Kan and Merton Miller

Yes, Discounts on Closed-End Funds Are a Sentiment Index: Summing Up pp. 811-12

Chopra, Navin, et al,

Volume 48, issue 1, 1993

What Moves the Stock and Bond Markets? A Variance Decomposition for Long-Term Asset Returns pp. 3-37

John Campbell and John Ammer

Long-Term Market Overreaction or Biases in Computed Returns? pp. 39-63

Jennifer Conrad and Gautam Kaul

Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency pp. 65-91

Narasimhan Jegadeesh and Sheridan Titman

Hot Hands in Mutual Funds: Short-Run Persistence of Relative Performance, 1974-1988 pp. 93-130

Darryll Hendricks, Jayendu Patel and Richard Zeckhauser

General Tests of Latent Variable Models and Mean-Variance Spanning pp. 131-56

Wayne E Ferson, Stephen R Foerster and Donald Keim

Price Information and Equilibrium Liquidity in Fragmented and Centralized Markets pp. 157-85

Bruno Biais

Variations in Trading Volume, Return Volatility, and Trading Costs: Evidence on Recent Price Formation Models pp. 187-211

Frederick Foster and S Viswanathan

Trading and Manipulation around Seasoned Equity Offerings pp. 213-45

Bruno Gerard and Vikram Nanda

The Value of Bank Durability: Borrowers as Bank Stakeholders pp. 247-66

Myron B Slovin, Marie E Sushka and John A Polonchek

On the Determinants of Corporate Hedging pp. 267-84

Deana R Nance, Smith, Clifford W, and Charles W Smithson

The Pricing of Initial Public Offerings: A Dynamic Model with Information Production pp. 285-304

Thomas Chemmanur

The Valuation Effects of Warrant Extensions pp. 305-14

John S Howe and Peihwang Wei

Liquidity, Reconstitution, and the Value of U.S. Treasury Strips pp. 315-29

Phillip R Daves and Michael C Ehrhardt

Tax-Induced Intra-Year Patterns in Bonds Yields pp. 331-44

Shalom J Hochman, Oded Palmon and Alex P Tang

Defaults of Original Issue High-Yield Convertible Bonds pp. 345-62

Eric Rosengren

Value of Latent Information: Alternative Event Study Methods pp. 363-85

Sankarshan Acharya

A Simple Measure of Price Adjustment Coefficients pp. 387-400

Aswath Damodaran