The Journal of Finance

Cover image for The Journal of Finance

May 1971

Volume 26, Issue 2

Pages 243–660

  1. Article

    1. Top of page
    2. Article
    3. Session Topic: Balance of Payments Adjustment
    4. Article
    5. Discussion
    6. Session Topic: Lessons of the Penn Central Debacle
    7. Article
    8. Discussion
    9. Session Topic: Financial Constraints and Minority Economic Development
    10. Article
    11. Discussion
    12. Session Topic: Business Finance Issues
    13. Article
    14. Discussion
    15. Session Topic: Evaluation of Government Expenditures
    16. Article
    17. Discussion
    18. Session Topic: Trends in Banking Structure and Regulation
    19. Article
    20. Discussion
    21. American Finance Association Business Proceedings
    1. DOMESTIC EXPANSION AND EXTERNAT., RESPONSIBILITIES (pages 243–250)

      Paul A. Volcker

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1971.tb00894.x

  2. Session Topic: Balance of Payments Adjustment

    1. Top of page
    2. Article
    3. Session Topic: Balance of Payments Adjustment
    4. Article
    5. Discussion
    6. Session Topic: Lessons of the Penn Central Debacle
    7. Article
    8. Discussion
    9. Session Topic: Financial Constraints and Minority Economic Development
    10. Article
    11. Discussion
    12. Session Topic: Business Finance Issues
    13. Article
    14. Discussion
    15. Session Topic: Evaluation of Government Expenditures
    16. Article
    17. Discussion
    18. Session Topic: Trends in Banking Structure and Regulation
    19. Article
    20. Discussion
    21. American Finance Association Business Proceedings
    1. THE EFFECT OF THE BUSINESS CYCLE ON TRADE FLOWS OF INDUSTRIAL COUNTRIES (pages 251–268)

      Robert Solomon, F. Gerard Adams and Helen B. Junz

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1971.tb00895.x

  3. Article

    1. Top of page
    2. Article
    3. Session Topic: Balance of Payments Adjustment
    4. Article
    5. Discussion
    6. Session Topic: Lessons of the Penn Central Debacle
    7. Article
    8. Discussion
    9. Session Topic: Financial Constraints and Minority Economic Development
    10. Article
    11. Discussion
    12. Session Topic: Business Finance Issues
    13. Article
    14. Discussion
    15. Session Topic: Evaluation of Government Expenditures
    16. Article
    17. Discussion
    18. Session Topic: Trends in Banking Structure and Regulation
    19. Article
    20. Discussion
    21. American Finance Association Business Proceedings
    1. CAPITAL MOVEMENTS AMONG MAJOR OECD COUNTRIES: SOME PRELIMINARY RESULTS (pages 269–286)

      William H. Branson and Raymond D. Hill Jr.

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1971.tb00896.x

    2. THE WELFARE ECONOMICS OF INTERNATIONAL ADJUSTMENT (pages 287–302)

      Thomas O. Willett and Edward Tower

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1971.tb00897.x

  4. Discussion

    1. Top of page
    2. Article
    3. Session Topic: Balance of Payments Adjustment
    4. Article
    5. Discussion
    6. Session Topic: Lessons of the Penn Central Debacle
    7. Article
    8. Discussion
    9. Session Topic: Financial Constraints and Minority Economic Development
    10. Article
    11. Discussion
    12. Session Topic: Business Finance Issues
    13. Article
    14. Discussion
    15. Session Topic: Evaluation of Government Expenditures
    16. Article
    17. Discussion
    18. Session Topic: Trends in Banking Structure and Regulation
    19. Article
    20. Discussion
    21. American Finance Association Business Proceedings
    1. DISCUSSION (pages 303–309)

      Lawrence B. Krause, Donald R. Hodgman and Robert M. Stern

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1971.tb00898.x

  5. Session Topic: Lessons of the Penn Central Debacle

    1. Top of page
    2. Article
    3. Session Topic: Balance of Payments Adjustment
    4. Article
    5. Discussion
    6. Session Topic: Lessons of the Penn Central Debacle
    7. Article
    8. Discussion
    9. Session Topic: Financial Constraints and Minority Economic Development
    10. Article
    11. Discussion
    12. Session Topic: Business Finance Issues
    13. Article
    14. Discussion
    15. Session Topic: Evaluation of Government Expenditures
    16. Article
    17. Discussion
    18. Session Topic: Trends in Banking Structure and Regulation
    19. Article
    20. Discussion
    21. American Finance Association Business Proceedings
    1. THE INDUSTRIAL ECONOMICS BACKGROUND OF THE PENN CENTRAL BANKRUPTCY (pages 311–326)

      Leonard Silk, George Garvy and J. Fred Weston

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1971.tb00899.x

  6. Article

    1. Top of page
    2. Article
    3. Session Topic: Balance of Payments Adjustment
    4. Article
    5. Discussion
    6. Session Topic: Lessons of the Penn Central Debacle
    7. Article
    8. Discussion
    9. Session Topic: Financial Constraints and Minority Economic Development
    10. Article
    11. Discussion
    12. Session Topic: Business Finance Issues
    13. Article
    14. Discussion
    15. Session Topic: Evaluation of Government Expenditures
    16. Article
    17. Discussion
    18. Session Topic: Trends in Banking Structure and Regulation
    19. Article
    20. Discussion
    21. American Finance Association Business Proceedings
    1. THE PENN CENTRAL DEBACLE: LESSONS FOR FINANCIAL ANALYSIS (pages 327–332)

      Roger F. Murray

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1971.tb00900.x

    2. RAILROAD BANKRUPTCY PROPENSITY (pages 333–345)

      Edward I. Altman

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1971.tb00901.x

    3. TOWARDS A THEORY OF FINANCIAL DISTRESS (pages 347–356)

      M. J. Gordon

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1971.tb00902.x

  7. Discussion

    1. Top of page
    2. Article
    3. Session Topic: Balance of Payments Adjustment
    4. Article
    5. Discussion
    6. Session Topic: Lessons of the Penn Central Debacle
    7. Article
    8. Discussion
    9. Session Topic: Financial Constraints and Minority Economic Development
    10. Article
    11. Discussion
    12. Session Topic: Business Finance Issues
    13. Article
    14. Discussion
    15. Session Topic: Evaluation of Government Expenditures
    16. Article
    17. Discussion
    18. Session Topic: Trends in Banking Structure and Regulation
    19. Article
    20. Discussion
    21. American Finance Association Business Proceedings
    1. DISCUSSION (pages 357–358)

      Peter L. Bernstein and William C. Freund

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1971.tb00903.x

  8. Session Topic: Financial Constraints and Minority Economic Development

    1. Top of page
    2. Article
    3. Session Topic: Balance of Payments Adjustment
    4. Article
    5. Discussion
    6. Session Topic: Lessons of the Penn Central Debacle
    7. Article
    8. Discussion
    9. Session Topic: Financial Constraints and Minority Economic Development
    10. Article
    11. Discussion
    12. Session Topic: Business Finance Issues
    13. Article
    14. Discussion
    15. Session Topic: Evaluation of Government Expenditures
    16. Article
    17. Discussion
    18. Session Topic: Trends in Banking Structure and Regulation
    19. Article
    20. Discussion
    21. American Finance Association Business Proceedings
    1. WEALTH ACCUMULATION OF BLACK AND WHITE FAMILIES: THE EMPIRICAL EVIDENCE (pages 363–377)

      The Honorable Andrew F. Brimmer and Henry S. Terrell

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1971.tb00904.x

  9. Article

    1. Top of page
    2. Article
    3. Session Topic: Balance of Payments Adjustment
    4. Article
    5. Discussion
    6. Session Topic: Lessons of the Penn Central Debacle
    7. Article
    8. Discussion
    9. Session Topic: Financial Constraints and Minority Economic Development
    10. Article
    11. Discussion
    12. Session Topic: Business Finance Issues
    13. Article
    14. Discussion
    15. Session Topic: Evaluation of Government Expenditures
    16. Article
    17. Discussion
    18. Session Topic: Trends in Banking Structure and Regulation
    19. Article
    20. Discussion
    21. American Finance Association Business Proceedings
    1. THE BLACK BANKS: AN ASSESSMENT OF PERFORMANCE AND PROSPECTS (pages 379–405)

      Andrew F. Brimmer

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1971.tb00905.x

    2. BLACK BANKING—PROBLEMS AND PROSPECTS (pages 407–425)

      Edward D. Irons

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1971.tb00906.x

    3. HOUSING THE UNDERHOUSED IN THE INNER CITY (pages 427–444)

      Fred E. Case

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1971.tb00907.x

    4. THE SMALL BUSINESS CAPITAL GAP: THE SPECIAL CASE OF MINORITY ENTERPRISE (pages 445–457)

      W. J. Garvin

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1971.tb00908.x

  10. Discussion

    1. Top of page
    2. Article
    3. Session Topic: Balance of Payments Adjustment
    4. Article
    5. Discussion
    6. Session Topic: Lessons of the Penn Central Debacle
    7. Article
    8. Discussion
    9. Session Topic: Financial Constraints and Minority Economic Development
    10. Article
    11. Discussion
    12. Session Topic: Business Finance Issues
    13. Article
    14. Discussion
    15. Session Topic: Evaluation of Government Expenditures
    16. Article
    17. Discussion
    18. Session Topic: Trends in Banking Structure and Regulation
    19. Article
    20. Discussion
    21. American Finance Association Business Proceedings
    1. DISCUSSION (pages 458–465)

      Marcus Alexis, Robert Lindsay and William G. Grigsby

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1971.tb00909.x

  11. Session Topic: Business Finance Issues

    1. Top of page
    2. Article
    3. Session Topic: Balance of Payments Adjustment
    4. Article
    5. Discussion
    6. Session Topic: Lessons of the Penn Central Debacle
    7. Article
    8. Discussion
    9. Session Topic: Financial Constraints and Minority Economic Development
    10. Article
    11. Discussion
    12. Session Topic: Business Finance Issues
    13. Article
    14. Discussion
    15. Session Topic: Evaluation of Government Expenditures
    16. Article
    17. Discussion
    18. Session Topic: Trends in Banking Structure and Regulation
    19. Article
    20. Discussion
    21. American Finance Association Business Proceedings
    1. DYNAMIC PROGRAMMING APPLICATIONS IN FINANCE (pages 473–506)

      Alexander A. Robichek, Edwin J. Elton and Martin J. Gruber

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1971.tb00910.x

  12. Article

    1. Top of page
    2. Article
    3. Session Topic: Balance of Payments Adjustment
    4. Article
    5. Discussion
    6. Session Topic: Lessons of the Penn Central Debacle
    7. Article
    8. Discussion
    9. Session Topic: Financial Constraints and Minority Economic Development
    10. Article
    11. Discussion
    12. Session Topic: Business Finance Issues
    13. Article
    14. Discussion
    15. Session Topic: Evaluation of Government Expenditures
    16. Article
    17. Discussion
    18. Session Topic: Trends in Banking Structure and Regulation
    19. Article
    20. Discussion
    21. American Finance Association Business Proceedings
    1. DIVIDEND POLICY AND NEW EQUITY FINANCING (pages 507–519)

      James C. Van Horne and John G. McDonald

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1971.tb00911.x

    2. A PURE FINANCIAL RATIONALE FOR THE CONGLOMERATE MERGER (pages 521–537)

      Wilbur G. Lewellen

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1971.tb00912.x

  13. Discussion

    1. Top of page
    2. Article
    3. Session Topic: Balance of Payments Adjustment
    4. Article
    5. Discussion
    6. Session Topic: Lessons of the Penn Central Debacle
    7. Article
    8. Discussion
    9. Session Topic: Financial Constraints and Minority Economic Development
    10. Article
    11. Discussion
    12. Session Topic: Business Finance Issues
    13. Article
    14. Discussion
    15. Session Topic: Evaluation of Government Expenditures
    16. Article
    17. Discussion
    18. Session Topic: Trends in Banking Structure and Regulation
    19. Article
    20. Discussion
    21. American Finance Association Business Proceedings
    1. DISCUSSION (pages 538–545)

      Stewart C. Myers, E. F. Brigham and Robert C. Higgins

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1971.tb00913.x

  14. Session Topic: Evaluation of Government Expenditures

    1. Top of page
    2. Article
    3. Session Topic: Balance of Payments Adjustment
    4. Article
    5. Discussion
    6. Session Topic: Lessons of the Penn Central Debacle
    7. Article
    8. Discussion
    9. Session Topic: Financial Constraints and Minority Economic Development
    10. Article
    11. Discussion
    12. Session Topic: Business Finance Issues
    13. Article
    14. Discussion
    15. Session Topic: Evaluation of Government Expenditures
    16. Article
    17. Discussion
    18. Session Topic: Trends in Banking Structure and Regulation
    19. Article
    20. Discussion
    21. American Finance Association Business Proceedings
    1. EFFECTS OF SUBOPTIMIZATION ON URBAN GOVERNMENT DECISION MAKING (pages 547–564)

      Carl S. Shoup and Donald C. Shoup

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1971.tb00914.x

  15. Article

    1. Top of page
    2. Article
    3. Session Topic: Balance of Payments Adjustment
    4. Article
    5. Discussion
    6. Session Topic: Lessons of the Penn Central Debacle
    7. Article
    8. Discussion
    9. Session Topic: Financial Constraints and Minority Economic Development
    10. Article
    11. Discussion
    12. Session Topic: Business Finance Issues
    13. Article
    14. Discussion
    15. Session Topic: Evaluation of Government Expenditures
    16. Article
    17. Discussion
    18. Session Topic: Trends in Banking Structure and Regulation
    19. Article
    20. Discussion
    21. American Finance Association Business Proceedings
    1. ON THE DEMISE OF THE SOCIAL DISCOUNT RATE (pages 565–578)

      Harold M. Somers

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1971.tb00915.x

  16. Discussion

    1. Top of page
    2. Article
    3. Session Topic: Balance of Payments Adjustment
    4. Article
    5. Discussion
    6. Session Topic: Lessons of the Penn Central Debacle
    7. Article
    8. Discussion
    9. Session Topic: Financial Constraints and Minority Economic Development
    10. Article
    11. Discussion
    12. Session Topic: Business Finance Issues
    13. Article
    14. Discussion
    15. Session Topic: Evaluation of Government Expenditures
    16. Article
    17. Discussion
    18. Session Topic: Trends in Banking Structure and Regulation
    19. Article
    20. Discussion
    21. American Finance Association Business Proceedings
    1. DISCUSSION (pages 579–583)

      John F. Due and Bernard P. Herber

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1971.tb00916.x

  17. Session Topic: Trends in Banking Structure and Regulation

    1. Top of page
    2. Article
    3. Session Topic: Balance of Payments Adjustment
    4. Article
    5. Discussion
    6. Session Topic: Lessons of the Penn Central Debacle
    7. Article
    8. Discussion
    9. Session Topic: Financial Constraints and Minority Economic Development
    10. Article
    11. Discussion
    12. Session Topic: Business Finance Issues
    13. Article
    14. Discussion
    15. Session Topic: Evaluation of Government Expenditures
    16. Article
    17. Discussion
    18. Session Topic: Trends in Banking Structure and Regulation
    19. Article
    20. Discussion
    21. American Finance Association Business Proceedings
    1. FINANCIAL STRUCTURE AND REGULATION: SOME KNOTTY PROBLEMS (pages 585–598)

      Clifton H. Kreps and Samuel B. Chase Jr.

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1971.tb00917.x

  18. Article

    1. Top of page
    2. Article
    3. Session Topic: Balance of Payments Adjustment
    4. Article
    5. Discussion
    6. Session Topic: Lessons of the Penn Central Debacle
    7. Article
    8. Discussion
    9. Session Topic: Financial Constraints and Minority Economic Development
    10. Article
    11. Discussion
    12. Session Topic: Business Finance Issues
    13. Article
    14. Discussion
    15. Session Topic: Evaluation of Government Expenditures
    16. Article
    17. Discussion
    18. Session Topic: Trends in Banking Structure and Regulation
    19. Article
    20. Discussion
    21. American Finance Association Business Proceedings
    1. THE FUTURE SHAPE OF BANKING REGULATION (pages 599–604)

      Carter H. Golembe

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1971.tb00918.x

    2. A MORE CONSTRUCTIVE ROLE FOR DEPOSIT INSURANCE (pages 605–614)

      Clifton H. Keeps Jr. and Richard F. Wacht

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1971.tb00919.x

    3. ANTITRUST AND COMPETITIVE ISSUES IN UNITED STATES BANKING STRUCTURE (pages 615–646)

      Oscar R. Goodman

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1971.tb00920.x

  19. Discussion

    1. Top of page
    2. Article
    3. Session Topic: Balance of Payments Adjustment
    4. Article
    5. Discussion
    6. Session Topic: Lessons of the Penn Central Debacle
    7. Article
    8. Discussion
    9. Session Topic: Financial Constraints and Minority Economic Development
    10. Article
    11. Discussion
    12. Session Topic: Business Finance Issues
    13. Article
    14. Discussion
    15. Session Topic: Evaluation of Government Expenditures
    16. Article
    17. Discussion
    18. Session Topic: Trends in Banking Structure and Regulation
    19. Article
    20. Discussion
    21. American Finance Association Business Proceedings
    1. DISCUSSION (pages 647–651)

      Lucille S. Mayne and Charles Schotta

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1971.tb00921.x

  20. American Finance Association Business Proceedings

    1. Top of page
    2. Article
    3. Session Topic: Balance of Payments Adjustment
    4. Article
    5. Discussion
    6. Session Topic: Lessons of the Penn Central Debacle
    7. Article
    8. Discussion
    9. Session Topic: Financial Constraints and Minority Economic Development
    10. Article
    11. Discussion
    12. Session Topic: Business Finance Issues
    13. Article
    14. Discussion
    15. Session Topic: Evaluation of Government Expenditures
    16. Article
    17. Discussion
    18. Session Topic: Trends in Banking Structure and Regulation
    19. Article
    20. Discussion
    21. American Finance Association Business Proceedings
    1. MINUTES OF THE ANNUAL MEMBERSHIP MEETING DECEMBER 29, 1970 (pages 653–660)

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1971.tb00922.x

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