Journal of Economics and Finance

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

Articles from Vol. 28, No. 1, Spring

Budget Deficits and the Current Account Balance: New Evidence from Panel Data
AbstractThis study examines two distinguishing predictions of the finite-horizon open-economy macroeconomic models regarding the effect of fiscal policy on the current account balance: (1) Given the path of government expenditures, a fall in public savings...
EARLY INTERNET IPOs VERSUS SUBSEQUENT ENTRANTS
AbstractThis paper examines whether investors in early Internet IPOs earned superior returns to those who invested in later entrants. We document three differences between early public firms in a new Internet technology and their followers: underpricing,...
Empirical Evidence on the Effects of Delisting from the National Market System
AbstractThis study analyzes empirical evidence related to changes in market value and liquidity characteristics of stocks, which are delisted from the National Market System (NMS) due to an elevation of NMS listing standards. Our results are thus relatively...
Ipo Research Symposium Review
AbstractThe primary areas of IPO research are briefly reviewed. The five articles of this research symposium are placed within this body of research. The JEF editors indicate issues of particular interest for future IPO research submissions. (JEL: G24)The...
Managerial Bonding and Stock Liquidity: An Analysis of Dual-Class Firms
AbstractGiven the decision to create a second class of stock through a dual-class structure, we propose that management is more (less) likely to create a liquid secondary market for both classes of shares the lower (higher) its willingness to tie its...
The Effect of Firm Financial Characteristics and the Availability of Alternative Finance on Ipo Underpricing
AbstractThis article tests the hypothesis that the financial characteristics of the issuing firm, along with the availability of alternative sources of financing, are important determinants of the level of underpricing. While risk and its relationship...
The J-Curve Dynamics of U.S. Bilateral Trade
AbstractThree earlier studies examined the impact of dollar depreciation on bilateral trade between the United States and her six largest trading partners. They used different methodologies that resulted in different outcomes. In this paper we consider...
VALUATION UNCERTAINTY AND IPOs: INVESTMENT BANK VERSUS COMMERCIAL BANK UNDERWRITERS
AbstractThis paper tests commercial bank underwriting for the existence of a conflict of interest versus a certification role. Our tests compare samples of equity IPOs underwritten by both commercial and investment banks. We examine the degree of asymmetric...