Journal: The Journal of Finance

Found 93 papers in total
Are All Inside Directors the Same? Evidence from the External Directorship Market
Are All Inside Directors the Same? Evidence from the External Directorship Market
2011,
Agency theory and optimal contracting theory posit opposing roles and shareholder...
Employee Stock Options and Investment
Employee Stock Options and Investment
2011,
Exercises of employee stock options generate substantial cash inflows to the firm....
Financial Distress and the Cross-section of Equity Returns
Financial Distress and the Cross-section of Equity Returns
2011,
We explicitly consider financial leverage in a simple equity valuation model and study...
Intermediated Investment Management
Intermediated Investment Management
2011,
Intermediaries such as financial advisers serve as an interface between portfolio...
The Internal Governance of Firms
The Internal Governance of Firms
2011,
We develop a model of internal governance where the self‐serving actions of top...
Watch What I Do, Not What I Say: The Unintended Consequences of the Homeland Investment Act
Watch What I Do, Not What I Say: The Unintended Consequences of the Homeland Investment Act
2011,
The Homeland Investment Act provided a tax holiday for the repatriation of foreign...
The Illiquidity of Corporate Bonds
The Illiquidity of Corporate Bonds
2011,
This paper examines the illiquidity of corporate bonds and its asset‐pricing...
Municipal Debt and Marginal Tax Rates: Is There a Tax Premium in Asset Prices?
Municipal Debt and Marginal Tax Rates: Is There a Tax Premium in Asset Prices?
2011,
We study the marginal tax rate incorporated into short‐term municipal rates...
Estimation and Evaluation of Conditional Asset Pricing Models
Estimation and Evaluation of Conditional Asset Pricing Models
2011,
We find that several recently proposed consumption‐based models of stock...
Do Individual Investors Have Asymmetric Information Based on Work Experience?
Do Individual Investors Have Asymmetric Information Based on Work Experience?
2011,
Using a novel data set covering all individual investors’ stock market...
Stressed, Not Frozen: The Federal Funds Market in the Financial Crisis
Stressed, Not Frozen: The Federal Funds Market in the Financial Crisis
2011,
We examine the importance of liquidity hoarding and counterparty risk in the U.S....
Who Drove and Burst the Tech Bubble?
Who Drove and Burst the Tech Bubble?
2011,
From 1997 to March 2000, as technology stocks rose more than five‐fold,...
Did Structured Credit Fuel the LBO Boom?
Did Structured Credit Fuel the LBO Boom?
2011,
The leveraged buyout (LBO) boom of 2004 to 2007 was fueled by growth in collateralized...
Explaining the Magnitude of Liquidity Premia: The Roles of Return Predictability, Wealth Shocks, and State-Dependent Transaction Costs
Explaining the Magnitude of Liquidity Premia: The Roles of Return Predictability, Wealth Shocks, and State-Dependent Transaction Costs
2011,
Constantinides (1986) documents how the impact of transaction costs on...
Systemic Liquidation Risk and the Diversity–Diversification Trade-Off
Systemic Liquidation Risk and the Diversity–Diversification Trade-Off
2011,
This paper proposes a portfolio choice model in which investors are subject to...
Are Options on Index Futures Profitable for Risk-Averse Investors? Empirical Evidence
Are Options on Index Futures Profitable for Risk-Averse Investors? Empirical Evidence
2011,
American options on the S&P 500 index futures that violate the stochastic...
Rollover Risk and Market Freezes
Rollover Risk and Market Freezes
2011,
The debt capacity of an asset is the maximum amount that can be borrowed using the...
Presidential Address: Discount Rates
Presidential Address: Discount Rates
2011,
Discount‐rate variation is the central organizing question of current...
Public Pension Promises: How Big Are They and What Are They Worth?
Public Pension Promises: How Big Are They and What Are They Worth?
2011,
We calculate the present value of state employee pension liabilities using discount...
Individual Investors and Volatility
Individual Investors and Volatility
2011,
We show that retail trading activity has a positive effect on the volatility of stock...
A Unified Theory of Tobin's q, Corporate Investment, Financing, and Risk Management
A Unified Theory of Tobin's q, Corporate Investment, Financing, and Risk Management
2011,
We propose a model of dynamic investment, financing, and risk management for...
Overconfidence and Early-Life Experiences: The Effect of Managerial Traits on Corporate Financial Policies
Overconfidence and Early-Life Experiences: The Effect of Managerial Traits on Corporate Financial Policies
2011,
We show that measurable managerial characteristics have significant explanatory power...
Free Cash Flow, Issuance Costs, and Stock Prices
Free Cash Flow, Issuance Costs, and Stock Prices
2011,
We develop a dynamic model of a firm facing agency costs of free cash flow and...
Concentrating on Governance
Concentrating on Governance
2011,
This paper develops a novel trade‐off view of corporate governance. Using a...
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