Journal of Finance

最新文章

• Evidence on Information Flow Explanations of the Asymmetric Lead-Lag Phenomenon AI翻译
  作者：Connolly, Robert A.; Stivers, Christopher T.
  作者单位：University of North Carolina; University of North Carolina Chapel Hill
• Testing for Spanning with Futures Contracts and Nontraded Assets: A General Approach AI翻译
  作者：De Roon, Frans A.; Nijman, Theo E.; Werker, Bas J. M.
  作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
• The Effects of Market Segmentation and Illiquidity on Asset Prices: Evidence from Foreign Stocks Listing in the United States AI翻译
  作者：Foerster, Stephen R.; Karolyi, G. Andrew
  作者单位：Western University (University of Western Ontario); University Western Ontario Hospital
• What Do Stock Splits Really Signal? AI翻译
  作者：Ikenberry, David L.; Rankine, Graeme; Stice, Earl K.
  作者单位：Rice University
• The Long Term Return to Investors in Share Issue Privatizations AI翻译
  作者：Megginson, William L.; Nash, Robert C.; Netter, Jeffry M.
  作者单位：University System of Georgia; University of Georgia
• Institutional equity trading costs: NYSE versus Nasdaq AI翻译
  作者：Chan, LKC; Lakonishok, J
  摘要：We compare execution costs (market impact plus commission) on the New York Stock Exchange (NYSE) and Nasdaq for institutional investors. The differences in cost generally conform to each market's area of specialization. Controlling for firm size, trade size, and the money management firm's identity, costs are lower on Nasdaq for trades in comparatively smaller firms, while costs for trading the larger stocks are lower on NYSE. The cost differences estimated from a regression model are, however...
• Risk premia and variance bounds AI翻译
  作者：Balduzzi, P; Kallal, H
  摘要：If a pricing kernel assigns a premium to a risk variable that differs from the one assigned by the minimum-variance admissible kernel, then the pricing kernel must exhibit more variability than the minimum-variance kernel. Based on this intuition, we derive a variance bound that is more stringent than that of Hansen and Jagannathan (1991). When we apply our bound to the kernel of a representative consumer with power utility, we find that the consumption risk premium increases the severity of t...
• The operating performance of firms conducting seasoned equity offerings AI翻译
  作者：Loughran, T; Ritter, JR
  作者单位：State University System of Florida; University of Florida
  摘要：Recent studies have documented that firms conducting seasoned equity offerings have inordinately low stock returns during the five years after the offering, following a sharp run-up in the year prior to the offering. This article documents that the operating performance of issuing firms shows substantial improvement prior to the offering, but then deteriorates. The multiples at the time of the offering, however, do not reflect an expectation of deteriorating performance. Issuing firms are disp...
• Legal Determinants of External Finance AI翻译
  作者：La Porta, Rafael; Opez-De-Silanesa, Lorenciol; Shleifer, Ndrei
  作者单位：Harvard University
• Funding Risk and Hedge Valuation AI翻译
  作者：Mello, Antonio S.; Parsons, John E.
  作者单位：University of Wisconsin System; University of Wisconsin Madison