Journal of Finance

1946 - 2025

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Volume 32, issue 5, 1977

Capital Rationing: n Authors in Search of a Plot pp. 1403-31

H Martin Weingartner

The Theory of Recapitalizations and the Evidence of Dual Purpose Funds pp. 1433-55

Robert H Litzenberger and Howard B Sosin

Standardized Unexpected Earnings-A Progress Report pp. 1457-65

Henry A Latane and Charles P Jones

A Model of Corporate Financing Decisions pp. 1467-84

Taggart, Robert A,

Optimal Investment and Financing Patterns for a Firm Subject to Regulation with a Lag pp. 1485-1500

Edwin J Elton and Martin J Gruber

Comparison of Historical Cost and General Price Level Adjusted Cost Rate Base Regulation pp. 1501-12

Myron J Gordon

An Industry Study of the Profitability of Mergers in the United Kingdom pp. 1513-25

J R Franks, J E Broyles and M J Hecht

Co-Insurance and Conglomerate Merger pp. 1527-37

Li Way Lee

On the Incidence of Selective Credit and Related Policies in a Multi-Asset Framework pp. 1539-56

James M O'Brien

Installment Credit Controls, Consumer Expenditures and the Allocation of Real Resources pp. 1557-69

Michael J Hamburger and Burton Zwick

Illiquidity, the Demand for Residential Housing, and Monetary Policy pp. 1571-86

J R Kearl and Frederic Mishkin

The Impact of De Novo Commercial Bank Entry pp. 1587-1604

Alan S McCall and Manferd O Peterson

The Effects of Regulation on Bank Balance Sheet Decisions pp. 1605-16

John J Mingo and Benjamin Wolkowitz

An Analysis of the Effectiveness of FHLBB Liquidity Policy, 1971-1975 pp. 1617-37

Maurice D Weinrobe

Evaluation of Some Money Stock Forecasting Models pp. 1639-46

Philip Pfaff

Commercial Bank Bidding on Municipal Revenue Bonds: New Evidence pp. 1647-56

Michael H Hopewell and George G Kaufman

The Stability of Exchange Rate Expectations and Canadian Capital Flows pp. 1657-69

Steven W Kohlhagen

Intertemporal Determination of the Market Price of Risk pp. 1671-81

Yoram Landskroner

On the Utility Theoretic Foundations of Mean-Variance Analysis pp. 1683-97

David P Baron

Convertible Bonds: Valuation and Optimal Strategies for Call and Conversion pp. 1699-1715

Michael Brennan and Eduardo S Schwartz

Pareto-Optimality of Authentic Information pp. 1717-28

David S Ng

On Some Definitional Problems with the Method of Certainty Equivalents pp. 1729-37

Sasson Bar-Yosef and Roger Mesznik

The Effect of Bond Refunding on Shareholder Wealth pp. 1738-46

Jess B Yawitz and James A Anderson

A Theory of Humpbacked Bond Yield Curves pp. 1747-51

Miles Livingston

Income Velocity and Commercial Bank Portfolios pp. 1752-58

Ronald J Sutherland

Grouping Procedures for Portfolio Formation pp. 1759-65

I G Morgan

FHA and VA Mortgage Discount Points and Housing Prices pp. 1766-73

Robert H Zerbst and William B Brueggeman

Regional Differences in Mortgage Financing Costs: A Reexamination pp. 1774-78

James R Ostas

Cost of Capital for a Division of a Firm: Comment pp. 1779-80

J Fred Weston and Wayne Y Lee

Cost of Capital for a Division of a Firm: Reply pp. 1781-82

Myron J Gordon and Paul J Halpern

Analysis of a Commercial Bank Minority Lending Program: Comment pp. 1783-89

Timothy Bates and Donald D Hester

Improving the Selection of Credit Risks: An Analysis of a Commercial Bank Minority Lending Program: Reply pp. 1790-94

Robert H Edelstein

Additional Evidence on the Time Series Properties of Reported Earnings Per Share: Comment pp. 1795-1801

Gerald L Salamon and E Dan Smith

Reply to Salamon and Smith: [Additional Evidence on the Time Series Properties of Reported Earnings Per Share] pp. 1802-08

Ray Ball and Ross Watts

On the Effects of Statutory Interest Rate Ceilings: Comment pp. 1809-10

Richard L Peterson

On the Effects of Statutory Interest Rate Ceilings: Reply pp. 1811-13

Kenneth L Avio

A Negative View of the Negative Money Multiplier: Comment pp. 1814-17

Robert D Auerbach and Jack L Rutner

The Negative View of the Negative Money Multiplier: Reply pp. 1818-21

Frank G Steindl

Volume 32, issue 4, 1977

The Theory of Speculation under Alternative Regimes of Markets pp. 975-99

Jack Hirshleifer

Intertemporal Stability of the Relationship between Interest Rates and Price Changes pp. 1001-15

Thomas Cargill and Robert A Meyer

Stock Returns, Money Supply and the Direction of Causality pp. 1017-30

Richard J Rogalski and Joseph D Vinso

Inflation and the Market Value of the Firm: Theory and Tests pp. 1031-48

Hai Hong

Investor Recognition of Corporate International Diversification pp. 1049-55

Tamir Agmon and Donald Lessard

New Issue Corporate Bonds, Seasoned Market Efficiency and Yield Spreads pp. 1057-67

John R Lindvall

A Reexamination of Stock Splits Using Moving Betas pp. 1069-80

Sasson Bar-Yosef and Lawrence D Brown

A Simple Model of Non-Stationarity of Systematic Risk pp. 1081-92

Menachem Brenner and Seymour Smidt

Stability Tests for Alphas and Betas over Bull and Bear Market Conditions pp. 1093-99

Frank Fabozzi and Jack Clark Francis

Indexation, the Risk-Free Asset, and Capital Market Equilibrium pp. 1101-07

Jeremy J Siegel and Jerold B Warner

Marketability Restrictions and the Valuation of Capital Assets under Uncertainty pp. 1109-23

Ney O Brito

Market Value and Systematic Risk pp. 1125-42

Stuart M Turnbull

Externalities and Risky Investments pp. 1143-49

Jess B Yawitz

Risk, Uncertainty, and Divergence of Opinion pp. 1151-68

Edward M Miller

Rate Ceiling Implications of the Cost Structure of Consumer Finance Companies pp. 1169-94

George J Benston

Adam Smith on Usury Laws pp. 1195-1200

Joseph M Jadlow

Price Distortions Induced by the Revenue Structure of Federally-Sponsored Mortgage Loan Programs pp. 1201-06

John J McConnell

Market Structure, Risk and Profitability in Commercial Banking pp. 1207-16

Arnold A Heggestad

A Micro-Econometric Investigation of Multi-Objective Firms pp. 1217-33

William L Beedles

On the Theory of Conglomerate Mergers pp. 1235-50

Scott, James H,

Inputs, Outputs, and a Theory of Production and Cost at Depository Financial Institutions pp. 1251-66

Sealey, Calvin W, and James T Lindley

Determining an Optimal Capital Standard for the Banking Industry pp. 1267-82

Anthony M Santomero and Ronald D Watson

A Spatial Model of the Banking Industry pp. 1283-1303

Mukhtar M Ali and Stuart I Greenbaum

An Optimal Temporary Loan Model for State Borrowers pp. 1305-12

Arthur D Butler and Stanton A Warren

Intra-Equilibrium and Inter-Equilibrium Analysis in Capital Market Theory: A Clarification pp. 1313-19

Menachem Brenner and Marti G Subrahmanyam

Canadian Evidence of Heteroscedasticity in the Market Model pp. 1320-24

Ahmed Belkaoui

Foreign Exchange Market Efficiency under Flexible Exchange Rates pp. 1325-30

John Burt, Fred R Kaen and G Geoffrey Booth

Some Observations on Risk-Adjusted Discount Rates pp. 1331-37

Wilbur G Lewellen

Usury Legislation and Market Structure: An Alternative Approach: Comment pp. 1339-44

Eric Brucker

Usury Legislation and Market Structure: Reply pp. 1345-47

Douglas F Greer

The Cost of Capital and Valuation of a Two-Country Firm: Comment pp. 1348-53

Michael A Goldberg and Wayne Y Lee

The Cost of Capital and Valuation of a Two-Country Firm: Reply pp. 1354-57

Michael Adler

An Inter-Temporal Approach to the Optimization of Dividend Policy with Pre-Determined Investment: A Further Comment pp. 1358-61

Cheng F Lee and Manak Gupta

An Inter-Temporal Approach to the Optimization of Dividend Policy with Pre-Determined Investment: Reply pp. 1362

Günter Franke

A Note on the Inclusion of Earnings Risk in Measures of Return: A Comment pp. 1363-66

James L Pappas

A Note on the Inclusion of Earnings Risk in Measures of Return: A Reply pp. 1367

Richard P Brief and Joel Owen

An Investor Expectations Stock Price Predictive Model Using Closed-End Fund Premiums: Comment pp. 1368-71

Mark Hanna

International Reserve Flows: A Comment pp. 1372-73

Sergio Pereira Leite

Volume 32, issue 3, 1977

The Competitive Condition of U. S. Banking Markets and the Impact of Structural Reform pp. 649-61

Arnold A Heggestad and John J Mingo

Investment Performance of Common Stocks in Relation to Their Price-Earnings Ratios: A Test of the Efficient Market Hypothesis pp. 663-82

S Basu

Investment Banking: An Economic Analysis of Optimal Underwriting Contracts pp. 683-94

Gershon Mandelker and Artur Raviv

Graduated Interest Rate Ceilings and Operating Costs by Size of Small Consumer Cash Loans pp. 695-707

George J Benston

Dynamic Portfolio-Balance Behavior of Time Deposits and 'Money.' pp. 709-17

Suleman A Moosa

The Fisher Effect: Graphical Treatment and Some Econometric Implications pp. 719-33

W A Bomberger and G E Makinen

The Demand for Money and Price Expectations in Australia pp. 735-48

T J Valentine

An Empirical Test of the Larson-Gonedes Exchange Ratio Determination Model pp. 749-59

Robert L Conn and James F Nielsen

'White-Noise' in Imperfect Markets: The Case of the Franc/Dollar Exchange Rate pp. 761-68

Dennis E Logue and Richard James Sweeney

Relative Risk-Aversion and the Demand for Cash Balances pp. 769-74

Syed Ahsan

Evidence of Non-Homogeneity of Capital Costs within "Risk-Classes." pp. 775-87

A James Boness and George M Frankfurter

Capital Structure Rearrangements and Me-First Rules in an Efficient Capital Market pp. 789-809

E Han Kim, John J McConnell and Paul R Greenwood

Joint Determination of Rate of Return and Capital Structure: An Econometric Analysis pp. 811-21

Willard T Carleton and Irwin H Silberman

Valuation Parameters of Property-Liability Companies pp. 823-35

George J Foster

Portfolio Performance and the "Cost" of Timing Decisions pp. 837-46

Dwight Grant

The Valuation of Closed-End Investment-Company Shares pp. 847-59

Burton G Malkiel

Industry Movements of Common Stocks pp. 861-74

Miles Livingston

Pitfalls in the Application of Discriminant Analysis in Business, Finance, and Economics pp. 875-900

Robert Eisenbeis

The Institutional pp. 901-07

Robert C Klemkosky and Donald L Tuttle

The Doctoral Origins of Contributors to the Journal of Finance from 1964 through 1975 pp. 908-10

Carl Schweser

The Stability of the Demand for Money Function, 1900-1974 pp. 911-16

G S Laumas and Y P Mehra

On the St. Louis Equation and an Alternative Definition of the Money Supply pp. 917-20

Ronald S Koot

Stochastic Choice in Insurance and Risk Sharing pp. 921-26

N A Doherty

The Demand for Assets under Conditions of Risk: Comment pp. 927-29

Varouj Aivazian

The Demand for Assets under Conditions of Risk: Reply pp. 930-32

Haim Levy

Ambiguities in the Cross-Section Analysis of Per Share Financial Data: Comment pp. 933-36

Scott, James H,

Invariance and Scaling in the Per Share Analysis of Financial Data: Reply pp. 937-38

E G Davis, D M Dunn and W H Williams

The Interest-Induced Wealth Effect and the Behavior of Real and Nominal Interest Rates: A Comment pp. 939-48

Laurence H Meyer and Jess B Yawitz

The Interest-Induced Wealth Effect and the Behavior of Real and Nominal Interest Rates: A Reply pp. 949-50

Burton Zwick

Volume 32, issue 2, 1977

Debt and Taxes pp. 261-75

Merton Miller

Term Structure with Uncertain Inflation pp. 277-89

Richard Brealey and Stephen M Schaefer

Dynamic Market Processes and the Rewards to Up-to-Date Information pp. 291-304

Avraham Beja and Nils H Hakansson

Business Finance and Capital Market Theory: Discussion pp. 304-05

Alan Kraus

Dynamic Market Processes and the Rewards of Up-to-Date Information pp. 306

Irwin Tepper

Market Imperfections, Capital Market Equilibrium and Corporation Finance pp. 307-19

R C Stapleton and Marti G Subrahmanyam

Capital Budgeting and the Capital Asset Pricing Model: Good News and Bad News pp. 321-33

Stewart C Myers and Stuart M Turnbull

Corporate Finance and the Capital Asset Pricing Model: Discussion pp. 333-36

Robert S Hamada

Bankruptcy Costs: Some Evidence pp. 337-47

Jerold B Warner

Corporate Mergers and the Co-insurance of Corporate Debt pp. 349-65

E Han Kim and John J McConnell

Corporate Finance-Empirical Tests: Discussion pp. 366-68

Bernell K Stone

Corporate Finance-Empirical Tests: Discussion pp. 368-70

James C Van Horne

Informational Asymmetries, Financial Structure, and Financial Intermediation pp. 371-87

Hayne Leland and David H Pyle

On Value Maximization and Alternative Objectives of the Firm pp. 389-402

Sanford Grossman and Joseph Stiglitz

Value and Yield Risk on Outstanding Insured Residential Mortgages pp. 403-12

Anthony J Curley and Jack M Guttentag

Investments-Theoretical Issues: Discussion pp. 412-15

Stephen Ross

Investments-Theoretical Issues: Discussion pp. 415-16

Richard Brealey

Determinants of Common Stock Prices: A Time Series Analysis pp. 417-25

John Kraft and Arthur Kraft

Forecasting Stock Market Prices pp. 427-41

David A Umstead

Investments-Empirical Studies: Discussion pp. 442-45

David K Whitcomb

Investments-Empirical Studies: Discussion pp. 445-48

Enrique Arzac

The Valuation of American Put Options pp. 449-62

Michael Brennan and Eduardo S Schwartz

An Examination of Corporate Call Policies on Convertible Securities pp. 463-78

Ingersoll, Jonathan E,

The Role of the Multinational Firm in the Integration of Segmented Capital Markets pp. 479-92

Wayne Y Lee and Kanwal S Sachdeva

An Empirical Test of the Alternative Hypotheses of National and International Pricing of Risky Assets pp. 493-502

Richard E Stehle

Testing International Asset Pricing: Some Pessimistic Views pp. 503-12

Bruno H Solnik

International Finance-Problems of Segmented Capital Markets: Discussion pp. 512-15

Bernard Dumas

International Finance-Problems of Segmented Capital Markets: Discussion pp. 515-17

Scott, James H,

Tests of Theories of Exchange Rate Determination pp. 519-29

Bruce Brittain

Exchange Rate Flexibility and Demand for Money pp. 531-44

Nicholas P Sargen

Monetary Policy and the Exchange Rate: Discussion pp. 545-47

W Bradford Cornell

Monetary Policy and the Exchange Rate: Discussion pp. 547-49

Duncan M Ripley

Monetary Policy and the Exchange Rate: Discussion pp. 549-51

Aris Protopapadakis

Factors Affecting the Growth of Bank Credit Card and Check Credit pp. 553-64

Richard L Peterson

The Comparative Operating Efficiency of Black Savings and Loan Associations pp. 565-74

Lewis J Spellman, Osborne, Alfred E, and William Bradford

Financial Analysis in an Inflationary Environment pp. 575-88

George von Furstenberg and Burton G Malkiel

Money and Capital Markets: Discussion pp. 588-89

Lewis Mandell

Money and Capital Markets: Discussion pp. 589-90

Harold Black

Money and Capital Markets: Discussion pp. 591-92

Richard C Aspinwall

Risk on Consumer Finance Company Personal Loans pp. 593-607

George J Benston

The Equal Credit Opportunity Act of 1974: A Cost/Benefit Analysis pp. 609-22

James F Smith

Factors Affecting the Availability of Consumer Credit: Discussion pp. 622-25

Robert P Shay

The Principles of Corporate Pension Finance pp. 627-38

Jack L Treynor

Volume 32, issue 1, 1977

Bankruptcy, Secured Debt, and Optimal Capital Structure pp. 1-19

Scott, James H,

Bond Refunding: A Clarifying Analysis pp. 21-30

Aharon R Ofer and Taggart, Robert A,

The Impact of Compensating Balance Requirements on the Cash Balances of Manufacturing Corporations: An Empirical Study pp. 31-40

Tim Campbell and Leland Brendsel

The Time-Variance Relationship: Evidence on Autocorrelation in Common Stock Returns pp. 41-55

Robert A Schwartz and David K Whitcomb

The Effect of Model Misspecification on Tests of the Efficient Market Hypothesis pp. 57-66

Menachem Brenner

A Multidimensional Analysis of Institutional Investor Perception of Risk pp. 67-78

Philip L Cooley

The Impact and Efficiency of Institutional Net Trading Imbalances pp. 79-86

Robert C Klemkosky

Trading in Warrants by Mechanical Systems pp. 87-101

Richard J Rogalski

The Coupon Effect on Yield to Maturity pp. 103-15

John Caks

The Macroeconomic Impact of Changes in the Ceilings on Deposit Rates pp. 117-30

Marie Elizabeth Sushka and Myron B Slovin

Market Characteristics and Multibank Holding Company Acquisitions pp. 131-46

Gregory E Boczar

A Comparative Study of Bank Holding Company Affiliates and Independent Banks, 1969-1972 pp. 147-58

Lucille S Mayne

Bid-Asked Spreads on the Amex and the Big Board pp. 159-63

Ben Branch and Walter Freed

Capital Gains Taxation and Year-End Stock Market Behavior pp. 165-75

Edward A Dyl

The Capital Asset Pricing Model (CAPM), Short-Sale Restrictions and Related Issues pp. 177-83

Stephen Ross

A "Duration" Fallacy pp. 185-87

Miles Livingston and John Caks

Competitive Equilibrium Contingent Commodities and Information pp. 189-93

Martin Shubik

An Analysis of the Effects of the Removal of the Yield Ceiling on Federally Insured Mortgages in Canada pp. 195-201

Lawrence B Smith

An Examination of the Yields of Corporate Bonds and Stocks: Comment pp. 203-05

John S McCallum

An Examination of the Yields of Corporate Bonds and Stocks: Reply pp. 206-07

Richard L Norgaard

A Simple Model of Information and Lending Behavior: Comment pp. 208-10

Stephen Miller

Interactions of Corporate Financing and Investment Decisions-Implications for Capital Budgeting: Comment pp. 211-17

Sasson Bar-Yosef

Interactions of Corporate Financing and Investment Decisions-Implications for Capital Budgeting: Reply pp. 218-20

Stewart C Myers

Discounting the Components of an Income Stream: Comment pp. 221-23

Stuart M Turnbull

Discounting the Components of an Income Stream: Reply pp. 224-26

Fred D Arditti

The Uselessness of Transaction Demand Models: Comment pp. 227-30

Case M Sprenkle