Journal of Finance

1946 - 2025

From American Finance Association
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Volume 28, issue 5, 1973

Optimizing the Portfolio Selection for Mutual Funds pp. 1087-1102

Sang M Lee and A J Lerro

Selective Credit Controls and the Real Investment Mix: A General Equilibrium Approach pp. 1103-18

D C Rao and Ira Kaminow

The Relationship Between Money, Income and Prices in the Short and Long Run pp. 1119-30

Samuel A Morley

Alternative Theories and Tests of U.S. Short-Term Foreign Investment pp. 1131-50

Norman C Miller and Marina v N Whitman

Note on the Validity of the Random Walk for European Stock Prices pp. 1151-59

Bruno H Solnik

French Mutual Fund Performance: Evaluation of Internationally-Diversified Portfolios pp. 1161-80

John G McDonald

Debt Capacity, Diversification and Conglomerate Mergers pp. 1163-73

Arie Melnik and M A Pollatschek

A Note on the Market Model and the Two-Parameter Model pp. 1181-85

Eugene Fama

Some Aspects of the Performance of Non-Convertible Preferred Stocks pp. 1187-1201

John S Bildersee

Estimating the Dependence Structure of Share Prices-Implications for Portfolio Selection pp. 1203-32

Edwin J Elton and Martin J Gruber

A Note on Using Cross-Sectional Information in Bayesian Estimation of Security Betas pp. 1233-39

Oldrich A Vasicek

Ambiguities in the Cross-Section Analysis of Per Share Financial Data pp. 1241-48

E G Davis, D M Dunn and W H Williams

On Optimal Financing of Cyclical Cash Needs pp. 1249-54

Dennis J Aigner and C M Sprenkle

A Note on Sensitivity Analysis of Rates of Return pp. 1255-61

O Maurice Joy and Jerry O Bradley

Economic Implications of Multiple Rates of Return in the Leveraged Lease Context pp. 1275-86

Robert C Wiar

The Influence of Bank Regulation of the Operating Efficiency of Commercial Banks pp. 1287-1301

Kalish, Lionel, and R. Gilbert

Some Evidence on Differential Lending Practices at Commercial Banks pp. 1303-11

Duane G Harris

Interest Rates, the Business Demand for Funds, and the Residential Mortgage Market: A Sectoral Econometric Study pp. 1313-26

Terrence M Clauretie

The Cost Structure of Consumer Finance Small-Loan Operations pp. 1327-37

Ernest A Nagata

An Evaluation of Municipal "Bankruptcy" Laws and Procedures pp. 1339-51

George H Hempel

God as Portfolio Manager pp. 1353-55

Harry Weber

Portfolio Selection when Future Prices of Consumption Goods May Change: Comment pp. 1357-60

Osamu Kamoike

Portfolio Selection when Future Prices of Consumption Goods May Change: Reply pp. 1361

Donald G Heckerman

Monetary Policy Effectiveness: The Case of a Positively Sloped I-S Curve: Comment pp. 1362-64

Richard H Puckett

Monetary Policy Effectiveness: The Case of a Positively Sloped I-S Curve: Reply pp. 1365

William L Silber

Leverage, Dividend Policy and the Cost of Capital: Comment pp. 1366-70

Dan B Hemmings

Volume 28, issue 4, 1973

Competitive Commissions on the New York Stock Exchange pp. 795-819

Irwin Friend and Marshall E Blume

Break-Even Analysis for Lockheed's Tri Star: An Application of Financial Theory pp. 821-38

U E Reinhardt

Private Property and Dispersion of Ownership in Large Corporations pp. 839-51

Louis De Alessi

Rules Versus Discretion: A Simulation Study pp. 853-65

Richard H Puckett and Susan Vroman

The Euro-Dollar Multiplier pp. 867-74

Boyden E Lee

The Demand for Euro-Dollar Borrowings by U.S. Banks pp. 875-79

Steve B Steib

Deposit Costs and Bank Portfolio Policy pp. 881-95

Stanley C Silverberg

Random Walks, Martingales and the OTC pp. 897-909

Robert L Hagerman and Richard D Richmond

A State-Preference Model of Optimal Financial Leverage pp. 911-22

Alan Kraus and Robert H Litzenberger

The Economics of Security Divisibility and Financial Intermediation pp. 923-31

Michael A Klein

An Alternative to the Yield Spread as a Measure of Risk pp. 933-55

J B Silvers

Volatility Behavior of Industrial Stock Price Indices pp. 957-71

Robert A Schwartz and Edward Altman

100" Margins: Combating Speculation in Individual Security Issues pp. 973-86

Largay, James A,

The Diametric Effects of the Capital Gains Tax on the Stability of Stock Prices pp. 987-96

Robert A Haugen and Dean W Wichern

A Note on Interest Rates and Prices in General Equilibrium pp. 997-1000

Anthony M Santomero

The Weighted Average Cost of Capital: Some Questions on its Definition, Interpretation, and Use pp. 1001-07

Fred D Arditti

A Note on Adjusting R2 pp. 1009-13

David B Montgomery and Donald G Morrison

Analysis of the Lease-or-Buy Decision: Comment pp. 1015-16

Robert A Clark, Joan M Jantorni and Robert R Gann

Analysis of the Lease-or-Buy Decision: Comment pp. 1017-18

Peter Lusztig

Analysis of the Lease-or-Buy Decision: Comment pp. 1019-21

Bierman, Harold,

Analysis of the Lease-or-Buy Decision: Comment pp. 1022-23

Baruch Lev and Yair E Orgler

Analysis of the Lease-or-Buy Decision: Reply pp. 1024-28

Robert W Johnson and Wilbur G Lewellen

Financial Disintermediation in a Macroeconomic Framework: Comment pp. 1029-32

Jack Vernon

Financial Disintermediation in a Macroeconomic Framework: Reply pp. 1033-34

Patric Hendershott

A Simultaneous Equation Approach to Financial Planning: Comment pp. 1035-38

E Eugene Carter

A Simultaneous Equation Approach to Financial Planning: Reply pp. 1039-42

James M Warren and John P Shelton

Volume 28, issue 3, 1973

Evidence on the "Growth-Optimum" Model pp. 551-66

Richard Roll

The Term-Structure of Interest Rates and Expectations of Price Increase and Devaluation pp. 567-75

H Ben-Shahar and Alex Cukierman

Treasury Bill Auction Procedures: An Empirical Investigation pp. 577-85

Steven Bolten

A Theory of Optimal Life Insurance: Development and Tests pp. 587-600

Peter Fortune

Regulation D and the Vault Cash Game pp. 601-07

Warren Coats

Identifying a Reserve Base for the Euro-Dollar System pp. 609-17

John Makin

International Portfolio Diversification: A Multivariate Analysis for a Group of Latin American Countries pp. 619-33

Donald Lessard

New Evidence on the Term Structure of Interest Rates: 1884-1900 pp. 635-46

Jean M Gray

Equilibrium Level of Transaction Services of Money pp. 647-60

Boris P Pesek

An Approach to the Valuation of Uncertain Income Streams pp. 661-74

Michael Brennan

A General Class of Three-Parameter Risk Measures pp. 675-85

Bernell K Stone

Valuation, Leverage, and the Cost of Capital in the Case of Depreciable Assets pp. 687-93

Haim Levy and Fred D Arditti

A Re-Examination of Market and Industry Factors in Stock Price Behavior pp. 695-705

Stephen L Meyers

A Note on Financial Analyst Evaluation pp. 707-12

Frank Mastrapasqua and Steven Bolten

The Valuation of Convertible Bonds pp. 713-32

James E Walter and Agustin V Que

Portfolio Returns and the Random Walk Theory: Comment pp. 733-41

Richard R West and Seha Tinic

Portfolio Returns and the Random Walk Theory: Reply pp. 742-45

Pao L Cheng and M King Deets

Price-Expectations Effects on Interest Rates: Comment pp. 746-50

James F McCollum

Price-Expectations Effects on Interest Rates: Reply pp. 751-53

William E Gibson

Performance of Conglomerate Firms: Comment pp. 754-58

Robert L Conn

Performance of Conglomerate Firms: Reply pp. 759

J Fred Weston and Surendra K Mansinghka

Volume 28, issue 2, 1973

Mythodology in Finance pp. 257-72

Irwin Friend

What Rate of Return Can You "Reasonably" Expect? pp. 273-82

Peter L Bernstein

Price, Beta, and Exchange Listing pp. 283-99

Marshall E Blume and Frank Husic

Expected Inflation Implied by Capital Market Rates pp. 301-14

Patric Hendershott and James C Van Horne

Causes and Predictions of Rates of Return on Stocks and Bonds: Discussion pp. 315-18

Myron Scholes

Causes and Predictions of Rates of Return on Stocks and Bonds: Discussion pp. 318-20

Myron J Gordon

An Operational Approach to Risk-Screening pp. 321-37

Richard S Bower and Donald Lessard

Corporate Financial Strategies and Market Measures of Risk and Return pp. 339-51

William J Breen and Eugene M Lerner

The Effect of Leverage on the Cost of Equity Capital of Electric Utility Firms pp. 353-67

Alexander A Robichek, Robert C Higgins and Michael Kinsman

Capital Management and Capital Theory: Discussion pp. 368-69

Edwin J Elton

Capital Management and Capital Theory: Discussion pp. 369-72

K Mantripragada

An Investigation Into the Effects of Independent Investor Relations Firms on Common Stock Prices pp. 373-80

Charles N Dennis

The Performance of Conglomerate Firms: Recent Risk and Return Experience pp. 381-88

Ronald W Melicher and David F Rush

The Stability of Financial Patterns in Industrial Organizations pp. 389-96

George E Pinches, Kent A Mingo and J Kent Caruthers

Suboptimization in Mean-Variance Efficient Set Analysis pp. 397-403

William A Remaley

Finance and Investment: Refereed Papers I: Discussion pp. 404-05

Jeffrey Jarrett

Finance and Investment: Refereed Papers I: Discussion pp. 405-06

Patricia P Douglas

U.S. Direct Investment in Canada: Consequences for the U.S. Economy pp. 407-17

Raymond Vernon

Perspectives on Foreign Direct Investment from the Viewpoint of a Capital Receiving Country pp. 419-38

A E Safarian

Multi-National Banks and the Management of Monetary Policy in the United States pp. 439-54

Andrew F Brimmer

The Multinational Firm: Bane or Boon?: Discussion pp. 455-57

Andreas G Papandreou

The Multinational Firm: Bane or Boon?: Discussion pp. 457-62

C. Fred Bergsten

The Multinational Firm: Bane or Boon?: Discussion pp. 462-65

Guy E Noyes

A Budget Structured to Reflect Economic Objectives pp. 467-80

Arnold H Packer

Increased Taxation with Increased Acceptability-A Discussion of Net Worth Taxation as a Federal Revenue Alternative pp. 481-95

Martin David

The Federal Revenue System: Discussion pp. 496-99

William F Hellmuth

The Federal Revenue System: Discussion pp. 499-500

David J Ott

The Federal Revenue System: Discussion pp. 500-03

Benjamin A Okner

The Federal Revenue System: Discussion pp. 503-06

Darwin W Daicoff

Dynamic Interdependence in Demand for Savings Deposits pp. 507-14

Harish Batra

Discounts and Premiums on Closed-End Mutual Funds: A Study in Valuation pp. 515-22

Kenneth J Boudreaux

Quantitative Borrower Characteristics Associated with Defaults on Municipal General Obligations pp. 523-30

George H Hempel

Short-Run Bank Portfolio Behavior: An Examination of Selected Liquid Assets pp. 531-37

Donald R Fraser and Peter S Rose

Finance and Banking: Refereed Papers II: Discussion pp. 538-39

Joan G Walters

Finance and Banking: Refereed Papers II: Discussion pp. 539-41

Ronald Forbes

Finance and Banking: Refereed Papers II: Discussion pp. 541-44

Robert R Dince

Volume 28, issue 1, 1973

A Multivariate Analysis of Industrial Bond Ratings pp. 1-18

George E Pinches and Kent A Mingo

A New Look at the Capital Asset Pricing Model pp. 19-33

Marshall E Blume and Irwin Friend

Revealed Preference Methods and the Pure Theory of the Cost of Capital pp. 35-48

Irwin Tepper

Changes in the Supply of Money, the Firm's Market Value and Cost of Capital pp. 49-57

A P Budd and Robert H Litzenberger

Imperfections in International Financial Markets: Implications for Risk Premia and the Cost of Capital to Firms pp. 59-66

Richard A Cohn and John J Pringle

An Investor Expectations Stock Price Predictive Model Using Closed-End Fund Premiums pp. 67-78

Martin E Zweig

The Demand for Assets Under Conditions of Risk pp. 79-96

Haim Levy

Risk and Return on Short Positions in Common Stocks pp. 97-107

John G McDonald and Donald C Baron

A Generalized Model for Capital Investment pp. 109-18

Larry J Merville and Lee A Tavis

Capital Budgeting Under Uncertainty: A Reformulation pp. 119-29

Bierman, Harold, and Jerome E Hass

The Effect of Technology on Bank Economies of Scale for Demand Deposits pp. 131-46

Donnie L Daniel, William A Longbrake and Neil B Murphy

Administered Prices and the Market Reaction: The Case of Urban Core Property Insurance pp. 147-56

Richard F Syron

A Note on the Value of Rights in Estimating the Investor Capitalization Rate pp. 157-60

Howard E Thompson

A Note on Keeping Abreast of Developments in the Field of Finance pp. 161-65

John A Weber

A Mean-Variance Synthesis of Corporate Financial Theory pp. 167-81

Mark E Rubinstein

The Relationship Between Put and Call Option Prices: Comment pp. 183-84

Robert Merton

The Relationship Between Put and Call Option Prices: Reply pp. 185-87

Hans Stoll

The Relative Importance of Monetary and Fiscal Variables in Determining Price Level Movements: Comment pp. 188-90

Don Bellante

The Relative Importance of Monetary and Fiscal Variables in Determining Price Level Movements: Reply pp. 191-93

Peter S Rose and Hunt, Lacy H,

The Effect of FHLB Bond Operations on Savings Inflows at Savings and Loan Associations: Comment pp. 194-97

James C Van Horne

The Effect of FHLB Bond Operations on Savings Inflows at Savings and Loan Associations: Comment pp. 198-202

Leo Grebler

The Effect of FHLB Bond Operations on Savings Inflows at Savings and Loan Associations: Reply pp. 203-06

Jene K Kwon and Richard M Thornton

Interest Rate Expectations and the Demand for Money in Canada: Comment pp. 207-12

Kevin Clinton

Interest Rate Expectations and the Demand for Money in Canada: Reply pp. 213-14

Lawrence B Smith and John W L Winder