Journal of Finance

1946 - 2025

From American Finance Association
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Volume 36, issue 5, 1981

Estimating the Divisional Cost of Capital: An Analysis of the Pure-Play Technique pp. 997-1009

Russell J Fuller and Halbert S Kerr

The Meaning of Internal Rates of Return pp. 1011-21

Robert Dorfman

Time Dominance Efficiency Analysis pp. 1023-34

Steinar Ekern

Forward and Futures Prices: Evidence from the Foreign Exchange Markets pp. 1035-45

Bradford Cornell and Marc R Reinganum

Estimating the Information Value of Immediate Disclosure of the FOMC Policy Directive pp. 1047-61

James M O'Brien

Market Response to the Weekly Money Supply Announcements in the 1970s pp. 1063-72

Thomas Urich and Paul Wachtel

Bank Reserves and Financial Stability pp. 1073-84

Jeremy J Siegel

Market Interest Rates and Commercial Bank Profitability: An Empirical Investigation pp. 1085-1101

Mark Flannery

The Determinants of the Treasury Security Yield Curve pp. 1103-26

V Vance Roley

The Effect of Taxation on Immunization Rules and Duration Estimation pp. 1127-42

Christopher A Hessel and Lucy Huffman

On Diversification Given Asymmetry in Returns pp. 1143-55

Conine, Thomas E, and Tamarkin, Maurry, J

The Economic Impact of the Federal Credit Union Usury Ceiling pp. 1157-68

John Wolken and Frank J Navratil

A Note on Taxes and the Pricing of Treasury Bill Futures Contracts pp. 1169-76

Bradford Cornell

One Way Arbitrage, Foreign Exchange and Securities Markets: A Note pp. 1177-86

Philippe Callier

The Pricing of Corporate Debt: A Note pp. 1187-89

C Jevons Lee

Potential Corporate Takeovers and Market Efficiency: A Note pp. 1191-97

Gerald P Madden

Flotation Cost Allowance in Rate of Return Regulation: A Note pp. 1199-1202

Enrique Arzac and Matityahu Marcus

An Examination of the Relationship between Pure Residual and Market Risk: A Note pp. 1203-09

Son-Nan Chen and Arthur J Keown

Volume 36, issue 4, 1981

A Re-examination of Traditional Hypotheses about the Term Structure of Interest Rates pp. 769-99

John C Cox, Ingersoll, Jonathan E, and Stephen Ross

Pension Funding, Share Prices, and National Savings pp. 801-24

Martin Feldstein and Stephanie Seligman

A Theoretical Framework for Evaluating the Impact of Universal Reserve Requirements pp. 825-40

Case M Sprenkle and Bryan E Stanhouse

Effects of the 1970 Bank Holding Company Act: Evidence from Capital Markets pp. 841-53

Joseph Aharony and Itzhak Swary

Merger Announcements and Insider Trading Activity: An Empirical Investigation pp. 855-69

Arthur J Keown and John M Pinkerton

Portfolio Analysis with Factors and Scenarios pp. 871-77

Harry Markowitz and Andre F Perold

A Possible Explanation of the Small Firm Effect pp. 879-88

Richard Roll

Performance Hypothesis Testing with the Sharpe and Treynor Measures pp. 889-908

J D Jobson and Bob M Korkie

Optimal Regulation under Uncertainty pp. 909-21

William J Marshall, Jess B Yawitz and Edward Greenberg

On the Effects of Barriers to International Investment pp. 923-34

René Stulz

Reserve Requirements and the Structure of the CD Market: A Note pp. 935-40

Thomas A Lawler

Risk Decomposition and Portfolio Diversification When Beta Is Nonstationary: A Note pp. 941-47

Son-Nan Chen and Arthur J Keown

Reinsurance under Conditions of Capital Market Equilibrium: A Note pp. 949-53

N A Doherty and Seha Tinic

Fisher, Phillips, Friedman and the Measured Impact of Inflation on Interest: A Comment pp. 955-62

Herbert Taylor

Fisher, Phillips, Friedman and the Measured Impact of Inflation on Interest: A Reply pp. 963-69

Maurice Levi and John Makin

FHLB Advances and the Cost and Availability of Funds to S&Ls: A Comment [A Note on the Impact of FHLB Advances and the Cost and Availability of Funds at S&Ls] pp. 971-74

Brian A Maris

Volume 36, issue 3, 1981

An Equilibrium Analysis of Debt Financing under Costly Tax Arbitrage and Agency Problems pp. 569-81

Amir Barnea, Robert A Haugen and Lemma W Senbet

Transaction Costs and the Pricing of Assets pp. 583-97

Joram Mayshar

Valuation of GNMA Mortgage-Backed Securities pp. 599-616

Kenneth B Dunn and John J McConnell

The Effects of Mission-Oriented Public R&D Spending on Private Industry pp. 617-27

Jeffrey Carmichael

Resolving the Agency Problems of External Capital through Options pp. 629-47

Robert A Haugen and Lemma W Senbet

The Weekend Eurodollar Game pp. 649-59

Warren Coats

Interest Rates, Uncertainty and the Livingston Data pp. 661-75

William A Bomberger and Frazer, William J,

The Impact of Federal Interest Rate Regulations on the Small Saver: Further Evidence pp. 677-84

Edward C Lawrence and Gregory E Elliehausen

Efficient Funds in a Financial Market with Options: A New Irrelevance Proposition pp. 685-95

Kose John

A Note on Exchange-Rate Expectations and Nominal Interest Differentials: A Test of the Fisher Hypothesis pp. 697-703

Robert Cumby and Maurice Obstfeld

A Note on the Efficiency of Black Markets in Foreign Currencies pp. 705-10

Sanjeev Gupta

A Note on Testing an Aggressive Investment Strategy Using Value Line Ranks pp. 711-19

Clark Holloway

A Note on Real and Nominal Efficient Sets pp. 721-37

Piet Sercu

Makin's MA RP: A Comment [Portfolio Theory and the Problem of Foreign Exchange Risk] pp. 739-41

Daniel Friedman

Portfolio Theory and the Problem of Foreign Exchange Risk: Reply pp. 743-45

John Makin

The Theoretical Relationship between Systematic Risk and Financial (Accounting) Variables: Comment pp. 747-48

Kee S Kim

The Theoretical Relationship between Systematic Risk and Financial (Accounting) Variables: Reply pp. 749-50

Robert G Bowman

Volume 36, issue 2, 1981

Decentralized Investment Management pp. 217-34

William Sharpe

Pareto Optimality and Competition pp. 235-51

Joseph Stiglitz

The Allocational Role of Takeover Bids in Situations of Asymmetric Information pp. 253-70

Sanford Grossman and Oliver Hart

The Prevention of Default pp. 271-76

Franklin Allen

The Effect of Inflation on Stock Prices: International Evidence pp. 277-89

Richard A Cohn and Donald Lessard

The Use of Volatility Measures in Assessing Market Efficiency pp. 291-304

Robert Shiller

Are Markets Efficient? Tests of Alternative Hypotheses: Discussion pp. 304-07

Long, John B,

Are Markets Efficient? Tests of Alternative Hypotheses: Discussion pp. 307-11

John Lintner

The Arbitrage Pricing Theory: Some Empirical Results pp. 313-21

Marc R Reinganum

Three Factors, Interest Rate Differentials and Stock Groups pp. 323-35

H Russell Fogler, Kose John and James Tipton

Treasury Bill Factors and Common Stock Returns pp. 337-50

Oldfield, George S, and Richard J Rogalski

Empirical Tests of Multi-Factor Pricing Model: Discussion pp. 350-52

Irwin Friend

Empirical Tests of Multi-Factor Pricing Model: Discussion pp. 352-53

Michael Brennan

Accelerating Inflation, Technological Innovation, and the Decreasing Effectiveness of Banking Regulation pp. 355-67

Edward Kane

Institutional Investors and Concentration of Financial Power: Berle and Means Revisited pp. 369-81

Donald E Farrar and Lance Girton

Rate-of-Return Regulation and Utility Capital Structure Decisions pp. 383-93

Taggart, Robert A,

Impact of Regulation on Economic Behavior: Discussion pp. 393-95

A W Sametz

Impact of Regulation on Economic Behavior: Discussion pp. 395-97

Seha Tinic

Impact of Regulation on Economic Behavior: Discussion pp. 397-99

R S Bower

The Effects of International Operations on the Market Value of the Firm: Theory and Evidence pp. 401-17

Vihang R Errunza and Lemma W Senbet

The Numeraire Problem and Foreign Exchange Risk pp. 419-26

Mark R Eaker

Corporate Exchange Risk Management: Theme and Aberrations pp. 427-38

Rita M Rodriguez

International Finance: Discussion pp. 439-40

D E Logue

International Finance: Discussion pp. 440-42

John Makin

International Finance: Discussion pp. 442-44

R G Hawkins

Futures Trading and Volatility in the GNMA Market pp. 445-56

Stephen Figlewski

The Impact of the GNMA Pass-through Program on FHA Mortgage Costs pp. 457-69

Deborah G Black, Kenneth Garbade and William L Silber

A Comparison of Alternative Models for Pricing GNMA Mortgage-Backed Securities pp. 471-84

Kenneth B Dunn and John J McConnell

GNMA Passthrough Securities: Discussion pp. 484-86

David F Seiders

GNMA Passthrough Securities: Discussion pp. 486-87

Anthony J Curley

The Impact of Uncertainty on the Feasibility of Humphrey-Hawkins Objectives pp. 489-96

Tinsley, P, et al

New Concepts of Aggregated Money pp. 497-505

William Barnett, Edward Offenbacher and Paul Spindt

Uncertainty in the Monetary Aggregates pp. 507-15

Pierce, David A, et al

Current Monetary Policy Research at the Federal Reserve Board: Discussion pp. 515-17

Christopher Sims

An Economic Theory of a Credit Union pp. 519-28

Donald J Smith, Thomas Cargill and Robert A Meyer

Credit Union Structure, Growth and Regulatory Problems pp. 529-38

Harold Black and Robert H Dugger

An Aggregate Model of the Credit Union Industry pp. 539-49

Frank J Navratil

Credit Unions: Discussion pp. 550-52

Richard Peterson

Credit Unions: Discussion pp. 552-54

Carl M Gambs

Credit Unions: Discussion pp. 554-56

Mark Flannery

Volume 36, issue 1, 1981

Taxation and Corporate Pension Policy pp. 1-13

Irwin Tepper

The Adjustment of Stock Prices to Information about Inflation pp. 15-29

G. Schwert

The Monetary Approach to Exchange Rate in an Efficient Foreign Exchange Market: Tests Based on Volatility pp. 31-41

Roger D Huang

Testing the Efficiency of the Canadian-U.S. Exchange Market under the Assumption of no Risk Premium pp. 43-49

David Longworth

Federal Deposit Insurance, Regulatory Policy, and Optimal Bank Capital pp. 51-60

Stephen A Buser, Andrew H Chen and Edward Kane

An Analysis of Countercyclical Policies of the FHLBB pp. 61-79

Richard Kent

On the Rate Structure of the American Life Insurance Market pp. 81-96

Ralph Winter

On the Matter of Parity among Financial Obligations pp. 97-111

Wilbur G Lewellen and Douglas R Emery

Variable Rate Debt Instruments and Corporate Debt Policy pp. 113-25

T Agmon, A R Ofer and A Tamir

Investment Policy Implications of the Capital Asset Pricing Model pp. 127-41

Robert R Grauer

An Equilibrium Model of Asset Trading with Sequential Information Arrival pp. 143-61

Robert H Jennings, Laura T Starks and John C Fellingham

Notes on Multiperiod Valuation and the Pricing of Options pp. 163-80

Sudipto Bhattacharya

A Note on Concentration and Checking Account Prices pp. 181-86

D K Osborne and Jeanne Wendel

Investor Recognition of Corporation International Diversification: Comment pp. 187-90

Michael Adler

Investor Recognition of Corporate International Diversification: Reply pp. 191-92

Tamir Agmon and Donald Lessard

A Note on Capital Budgeting Techniques and the Reinvestment Rate: Comment pp. 193-95

David J Nicol