Journal of Finance

最新文章

• Book-to-Market across Firm Size, Exchange, and Seasonality: Is There an Effect? AI翻译
  作者：Loughran, Tim
  作者单位：University of Iowa
• The relation between default-free interest rates and expected economic growth is stronger than you think AI翻译
  作者：Kamara, A
  摘要：The relation between default-free interest rates and expected economic growth is substantially stronger than suggested by extant literature. Futures-implied Treasury bill yield spreads are more highly correlated with future real consumption, investment, and GNP growth than spot spreads. This stronger relation arises because using futures removes a component of the spot term structure that covaries negatively with real economic growth. Treasury forward rates from spot bills contain a premium fo...
• Intertemporal Asset Pricing with Incomplete Markets and Nontraded Assets AI翻译
  作者：Detemple, Jerome B.
  作者单位：McGill University
• Symposium on public policy issues in finance AI翻译
  作者：Leland, HE; Feldstein, M; Glauber, RR; Mullins, DW; Wallman, SMH
  作者单位：Harvard University; National Bureau of Economic Research
  摘要：The thesis of this symposium, organized by James Bicksler, was that while finance theory will surely inform practitioners, it seems appropriate to pay some attention to the opposite flow: practitioners can inform theory. Contributors include a distinguished group of practitioners with extensive backgrounds in economics, and economists with extensive public policy experience: Martin Feldstein, Robert Glauber, David Mullins, and Steven Wallman. Their topics range from privatizing social security...
• The Pricing of Country Funds from Emerging Markets: Theory and Evidence AI翻译
  作者：Errunza, Vihang; Hogan, Ked; Senbet, Lemma
  作者单位：McGill University
• Conflict of Interest and the Credibility of Underwriter Analyst Recommendations AI翻译
  作者：Michaely, Roni; Womack, Kent L.
  作者单位：Dartmouth College
• Are Investors Reluctant to Realize Their Losses? AI翻译
  作者：Odean, Terrance
  作者单位：University of California System; University of California Berkeley
• A Dynamic Equilibrium Model of International Risk Sharing Puzzles. AI翻译
  作者：Serrat, Angel A.
  作者单位：University of Chicago
• Price limit performance: Evidence from the Tokyo Stock Exchange AI翻译
  作者：Kim, KA; Rhee, SG
  摘要：Price limit advocates claim that price limits decrease stock price volatility, counter overreaction, and do not interfere with trading activity. Conversely, price limit critics claim that price limits cause higher volatility levels on subsequent days (volatility spillover hypothesis), prevent prices from efficiently reaching their equilibrium level (delayed price discovery hypothesis), and interfere with trading due to limitations imposed by price limits (trading interference hypothesis). Empi...
• When it's not the only game in town: The effect of bilateral search on the quality of a dealer market AI翻译
  作者：Lamoureux, CG; Schnitzlein, CR
  摘要：We report results from experimental asset markets with liquidity traders and an insider where we allow bilateral trade to take place, in addition to public trade with dealers. In the absence of the search alternative, dealer profits are large-unlike in models with risk-neutral, competitive dealers. However, when we allow traders to participate in the search market, dealer profits are close to zero. Dealers compete more aggressively with the alternative trading avenue than with each other. Ther...