Journal of Financial Economics

1974 - 2025

Current editor(s): G. William Schwert

From Elsevier
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Market efficiency around the clock Some supporting evidence using foreign-based derivatives pp. 161-180: Alastair Craig, Ajay Dravid and Matthew Richardson
Market underreaction to open market share repurchases pp. 181-208: David Ikenberry, Josef Lakonishok and Theo Vermaelen
Aggregate mutual fund flows and security returns pp. 209-235: Vincent A. Warther
Do corporations award CEO stock options effectively? pp. 237-269: David Yermack
Capital market imperfections and the incentive to lease pp. 271-294: Steven Sharpe and Hien H. Nguyen
Does Section 16b deter insider trading by target managers? pp. 295-319: Anup Agrawal and Jeffrey F. Jaffe
Tests of microstructural hypotheses in the foreign exchange market pp. 321-351: Richard Lyons
An analysis of value destruction in AT&T's acquisition of NCR pp. 353-378: Thomas Lys and Linda Vincent

Poison or placebo? Evidence on the deterrence and wealth effects of modern antitakeover measures pp. 3-43: Robert Comment and G. Schwert
Liquidation costs and capital structure pp. 45-69: Michael J. Alderson and Brian L. Betker
All in the family Nesting symmetric and asymmetric GARCH models pp. 71-104: Ludger Hentschel
Executive pay and performance Evidence from the U.S. banking industry pp. 105-130: Robert Hubbard and Darius Palia
Equity ownership and the two faces of debt pp. 131-157: John J. McConnell and Henri Servaes

Underperformance in long-run stock returns following seasoned equity offerings pp. 243-267: D. Katherine Spiess and John Affleck-Graves
Evaluating the performance of value versus glamour stocks The impact of selection bias pp. 269-296: Louis K. C. Chan, Narasimhan Jegadeesh and Josef Lakonishok
Valuing lease contracts A real-options approach pp. 297-331: Steven R. Grenadier
Coercive tender and exchange offers in distressed high-yield debt restructurings An empirical analysis pp. 333-360: Sris Chatterjee, Upinder S. Dhillon and Gabriel Ramirez
Investment analysis and price formation in securities markets pp. 361-381: Michael Brennan and Avanidhar Subrahmanyam

The challenges of investor communication The case of CUC International, Inc pp. 111-140: Paul M. Healy and Krishna G. Palepu
A reexamination of option values implicit in callable Treasury bonds pp. 141-162: Bradford Jordan, Susan D. Jordan and Randy D. Jorgensen
Executive compensation structure, ownership, and firm performance pp. 163-184: Hamid Mehran
Firm failure and managerial labor markets Evidence from Texas banking pp. 185-210: Albert A. Cannella , Donald R. Fraser and D. Scott Lee
The cash flow and informational effects of employee stock ownership plans pp. 211-240: Anne Beatty

Multifactor models do not explain deviations from the CAPM pp. 3-28: A. Craig MacKinlay
Firm performance, corporate governance, and top executive turnover in Japan pp. 29-58: Jun-Koo Kang and Anil Shivdasani
The use of warrants as underwriter compensation in initial public offerings pp. 59-78: Craig G. Dunbar
Problems in measuring portfolio performance An application to contrarian investment strategies pp. 79-107: Ray Ball, S. P. Kothari and Jay Shanken

Incentives, downsizing, and value creation at General Dynamics pp. 261-314: Jay Dial and Kevin Murphy
The Nestle crash pp. 315-339: Claudio Loderer and Andreas Jacobs
Closed-end fund premia and returns Implications for financial market equilibrium pp. 341-370: Jeffrey Pontiff
Anatomy of the trading process Empirical evidence on the behavior of institutional traders pp. 371-398: Donald Keim and Ananth Madhavan
Stock returns and volatility A firm-level analysis pp. 399-420: Greg Duffee

Causes of financial distress following leveraged recapitalizations pp. 129-157: David J. Denis and Diane K. Denis
CEO turnover and the firm's investment decisions pp. 159-188: Michael Weisbach
Increased debt and industry product markets An empirical analysis pp. 189-238: Gordon Phillips
Evidence on the strategic allocation of initial public offerings pp. 239-257: Kathleen Hanley and William J. Wilhelm

Asset sales, firm performance, and the agency costs of managerial discretion pp. 3-37: Larry Lang, Annette Poulsen and René Stulz
Diversification's effect on firm value pp. 39-65: Philip G. Berger and Eli Ofek
Corporate focus and stock returns pp. 67-87: Robert Comment and Gregg A. Jarrell
A comparison of the information conveyed by equity carve-outs, spin-offs, and asset sell-offs pp. 89-104: Myron B. Slovin, Marie E. Sushka and Steven R. Ferraro
Asset sales and increase in focus pp. 105-126: Kose John and Eli Ofek

Editorial data pp. 285-285: Michael C. Jensen, John Long, Wayne H. Mikkelson, Richard S. Ruback, G. William Schwert, Clifford Smith and Jerold B. Warner
The collapse of First Executive Corporation junk bonds, adverse publicity, and the 'run on the bank' phenomenon pp. 287-336: Harry DeAngelo, Linda DeAngelo and Stuart C. Gilson
What do firms do with cash windfalls? pp. 337-360: Olivier Blanchard, Florencio Lopez-de-Silanes and Andrei Shleifer
Cash flow variability and firm's pension choice: A role for operating leverage pp. 361-383: Mitchell A. Peterson

Financial policy, internal control, and performance Sealed Air Corporation's leveraged special dividend pp. 157-192: Karen Hopper Wruck
Organizational form and the consequences of highly leveraged transactions: Kroger's recapitalization and Safeway's LBO pp. 193-224: David J. Denis
Appointments of outsiders to Japanese boards: Determinants and implications for managers pp. 225-258: Steven Kaplan and Bernadette A. Minton
The governance structure of the Japanese financial keiretsu pp. 259-284: Erik Berglof and Enrico Perotti

Editorial data pp. 1-1: Michael C. Jensen, John Long, Wayne H. Mikkelson, Richard S. Ruback, G. William Schwert, Clifford Smith and Jerold B. Warner
Does industrial structure explain the benefits of international diversification? pp. 3-27: Steven L. Heston and K. Rouwenhorst
Finite sample properties of the generalized method of moments in tests of conditional asset pricing models pp. 29-55: Wayne E. Ferson and Stephen R. Foerster
Foreign ownership restrictions and stock prices in the Thai capital market pp. 57-87: Warren Bailey and Julapa Jagtiani
The nature of information conveyed by pure capital structure changes pp. 89-126: Kshitij Shah
Information, trading, and volatility pp. 127-154: Charles Jones, Gautam Kaul and Marc L. Lipson