Journal of Economics and Finance

Publishes theoretical and empirical articles in the general areas of economics and finance. 

Articles from Vol. 31, No. 2, Summer

A Market Model of Analysts' Opinions to Explain Changes in the Dispersion of Opinions
AbstractThe demand for and supply of analysts' opinions in this model yield an equilibrium that demonstrates how the information content of the opinions reacts to changes in exogenous parameters. The model also shows how changes in the parameters make...
An Empirical Investigation of Going Private Decisions of U.S. Firms
AbstractAccording to many managers, the Sarbanes-Oxley Act of 2002 caused the costs of being public to increase. Subsequently, following the Act, many firms went private rather than incur the costs. We investigate the differences in the financial characteristics...
Does Attending Predominately-Female Schools Make a Difference? Labor Market Outcomes for Women
AbstractThis study explores the effects of attending predominately-female high schools on labor market outcomes. The existing literature about these schools is quite limited, and most research focuses on role-model effects at coeducational schools. Since...
Hedge Funds in Portfolios of Risk-Averse Investors
AbstractWe find that adding a hedge fund to an optimally weighted portfolio of stocks and T-bills generally increases the utility of an investor. From a sample of hedge funds with returns from 1996 to 2005, the certainty equivalent was an average of...
Inter-Market Competition for Exchange Traded Funds
AbstractWe examine how the different mix of informed and liquidity trading in the market for ETFs affects the nature of inter-market competition. We find that both the characteristics of the securities and the structures of the competing markets jointly...
Keiretsu and Risk: An Examination of the Risk Exposure of Keiretsu Banks in Japan
AbstractWe compare risk positions adopted by keiretsu and non-keiretsu banks in Japan and examine how the risk positions of Japanese banks changed following the conclusion in 1997 of an escalating series of banking crises in Japan and East-Asia. The...
Surviving Chapter 11: Why Small Firms Prefer Supplier Financing
AbstractThis research examines the value of trade credit relationships for small firms. We initially document the benefits of trade credit relationships and_explain why small firms in financial distress tend to prefer trade credit from suppliers over...