The Journal of Finance

Cover image for Vol. 30 Issue 2

May 1975

Volume 30, Issue 2

Pages i–x, 257–696

  1. Front Matter

    1. Top of page
    2. Front Matter
    3. A Note on this Proceedings Issue
    4. Presidential Address
    5. Diversification of Commercial Bank and Non-Bank Activities
    6. The Interest Rate Under Capital Asset Pricing Theory
    7. Internationalization of Commercial Banking
    8. Financial Models of Regulated Firms
    9. Recognizing the Impact of Inflation
    10. Recognizing the Impact of Growth
    11. Current Problems in Public Finance
    12. The Allocation of Wealth to Risky Assets
    13. Empirical Research on Capital Markets
    14. New Developments in the Secondary Mortgage Market
    15. Business Proceedings, Report of the Executive Secretary and Treasurer and Report of the Managing Editor
    16. Style Instructions
    17. Back Matter
    1. Front Matter (pages i–vii)

      Version of Record online: 31 DEC 2015 | DOI: 10.1111/j.1540-6261.1975.tb00522.x

  2. A Note on this Proceedings Issue

    1. Top of page
    2. Front Matter
    3. A Note on this Proceedings Issue
    4. Presidential Address
    5. Diversification of Commercial Bank and Non-Bank Activities
    6. The Interest Rate Under Capital Asset Pricing Theory
    7. Internationalization of Commercial Banking
    8. Financial Models of Regulated Firms
    9. Recognizing the Impact of Inflation
    10. Recognizing the Impact of Growth
    11. Current Problems in Public Finance
    12. The Allocation of Wealth to Risky Assets
    13. Empirical Research on Capital Markets
    14. New Developments in the Secondary Mortgage Market
    15. Business Proceedings, Report of the Executive Secretary and Treasurer and Report of the Managing Editor
    16. Style Instructions
    17. Back Matter
    1. A NOTE ON THIS PROCEEDINGS ISSUE (pages 257–258)

      Myron Gordon

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1975.tb01808.x

  3. Presidential Address

    1. Top of page
    2. Front Matter
    3. A Note on this Proceedings Issue
    4. Presidential Address
    5. Diversification of Commercial Bank and Non-Bank Activities
    6. The Interest Rate Under Capital Asset Pricing Theory
    7. Internationalization of Commercial Banking
    8. Financial Models of Regulated Firms
    9. Recognizing the Impact of Inflation
    10. Recognizing the Impact of Growth
    11. Current Problems in Public Finance
    12. The Allocation of Wealth to Risky Assets
    13. Empirical Research on Capital Markets
    14. New Developments in the Secondary Mortgage Market
    15. Business Proceedings, Report of the Executive Secretary and Treasurer and Report of the Managing Editor
    16. Style Instructions
    17. Back Matter
    1. INFLATION AND SECURITY RETURNS (pages 259–280)

      John Lintner

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1975.tb01809.x

  4. Diversification of Commercial Bank and Non-Bank Activities

    1. Top of page
    2. Front Matter
    3. A Note on this Proceedings Issue
    4. Presidential Address
    5. Diversification of Commercial Bank and Non-Bank Activities
    6. The Interest Rate Under Capital Asset Pricing Theory
    7. Internationalization of Commercial Banking
    8. Financial Models of Regulated Firms
    9. Recognizing the Impact of Inflation
    10. Recognizing the Impact of Growth
    11. Current Problems in Public Finance
    12. The Allocation of Wealth to Risky Assets
    13. Empirical Research on Capital Markets
    14. New Developments in the Secondary Mortgage Market
    15. Business Proceedings, Report of the Executive Secretary and Treasurer and Report of the Managing Editor
    16. Style Instructions
    17. Back Matter
    1. THE REGULATION OF BANK HOLDING COMPANIES (pages 281–292)

      Samuel B. Chase Jr., John J. Mingo and Sherman J. Maisel

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1975.tb01810.x

    2. FREEDOM FOR BANKS (pages 293–302)

      Thomas I. Storrs

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1975.tb01811.x

    3. DISCUSSION (pages 303–305)

      Joan G. Walters

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1975.tb01812.x

  5. The Interest Rate Under Capital Asset Pricing Theory

    1. Top of page
    2. Front Matter
    3. A Note on this Proceedings Issue
    4. Presidential Address
    5. Diversification of Commercial Bank and Non-Bank Activities
    6. The Interest Rate Under Capital Asset Pricing Theory
    7. Internationalization of Commercial Banking
    8. Financial Models of Regulated Firms
    9. Recognizing the Impact of Inflation
    10. Recognizing the Impact of Growth
    11. Current Problems in Public Finance
    12. The Allocation of Wealth to Risky Assets
    13. Empirical Research on Capital Markets
    14. New Developments in the Secondary Mortgage Market
    15. Business Proceedings, Report of the Executive Secretary and Treasurer and Report of the Managing Editor
    16. Style Instructions
    17. Back Matter
    1. THE EXPECTED HOLDING PERIOD RETURN, UNCERTAINTY AND THE TERM STRUCTURE OF INTEREST RATES (pages 307–323)

      Ramon Johnson Johnson and John S. McCallum

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1975.tb01813.x

    2. THE USE OF AVERAGE MATURITY AS A RISK PROXY IN INVESTMENT PORTFOLIOS (pages 325–333)

      Jess B. Yawitz, George H. Hempel and William J. Marshall

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1975.tb01814.x

    3. DISCUSSION (pages 334–340)

      John S. Bilbersee and Jacob Bichaelsen

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1975.tb01815.x

  6. Internationalization of Commercial Banking

    1. Top of page
    2. Front Matter
    3. A Note on this Proceedings Issue
    4. Presidential Address
    5. Diversification of Commercial Bank and Non-Bank Activities
    6. The Interest Rate Under Capital Asset Pricing Theory
    7. Internationalization of Commercial Banking
    8. Financial Models of Regulated Firms
    9. Recognizing the Impact of Inflation
    10. Recognizing the Impact of Growth
    11. Current Problems in Public Finance
    12. The Allocation of Wealth to Risky Assets
    13. Empirical Research on Capital Markets
    14. New Developments in the Secondary Mortgage Market
    15. Business Proceedings, Report of the Executive Secretary and Treasurer and Report of the Managing Editor
    16. Style Instructions
    17. Back Matter
    1. GROWTH OF AMERICAN INTERNATIONAL BANKING: IMPLICATIONS FOR PUBLIC POLICY (pages 341–363)

      LawrenceB. Krause, Andrew F. Brimmer and Frederick R. Dahl

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1975.tb01816.x

    2. MONETARY INDEPENDENCE UNDER FLOATING EXCHANGE RATES (pages 365–376)

      Robert Z. Aliber

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1975.tb01817.x

    3. A QUALITATIVE ANALYSIS OF EURO-CURRENCY CONTROLS (pages 377–400)

      John Hewson and Eisuke Sakakibara

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1975.tb01818.x

  7. Financial Models of Regulated Firms

    1. Top of page
    2. Front Matter
    3. A Note on this Proceedings Issue
    4. Presidential Address
    5. Diversification of Commercial Bank and Non-Bank Activities
    6. The Interest Rate Under Capital Asset Pricing Theory
    7. Internationalization of Commercial Banking
    8. Financial Models of Regulated Firms
    9. Recognizing the Impact of Inflation
    10. Recognizing the Impact of Growth
    11. Current Problems in Public Finance
    12. The Allocation of Wealth to Risky Assets
    13. Empirical Research on Capital Markets
    14. New Developments in the Secondary Mortgage Market
    15. Business Proceedings, Report of the Executive Secretary and Treasurer and Report of the Managing Editor
    16. Style Instructions
    17. Back Matter
    1. VALUATION, OPTIMUM INVESTMENT AND FINANCING FOR THE FIRM SUBJECT TO REGULATION (pages 401–425)

      Franco Modigliani, Edwin J. Elton, Martin J. Gruber and Zvi Lieber

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1975.tb01819.x

    2. MARKET EFFICIENCY AND THE COST OF CAPITAL: THE STRANGE CASE OF FIRE AND CASUALTY INSURANCE COMPANIES (pages 427–445)

      G. David Quirin and William R. Waters

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1975.tb01820.x

    3. DISCUSSION (pages 446–450)

      M. J. Brennan, Willard T. Carleton and Stewart C. Myers

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1975.tb01821.x

  8. Recognizing the Impact of Inflation

    1. Top of page
    2. Front Matter
    3. A Note on this Proceedings Issue
    4. Presidential Address
    5. Diversification of Commercial Bank and Non-Bank Activities
    6. The Interest Rate Under Capital Asset Pricing Theory
    7. Internationalization of Commercial Banking
    8. Financial Models of Regulated Firms
    9. Recognizing the Impact of Inflation
    10. Recognizing the Impact of Growth
    11. Current Problems in Public Finance
    12. The Allocation of Wealth to Risky Assets
    13. Empirical Research on Capital Markets
    14. New Developments in the Secondary Mortgage Market
    15. Business Proceedings, Report of the Executive Secretary and Treasurer and Report of the Managing Editor
    16. Style Instructions
    17. Back Matter
    1. THE ASSESSMENT OF INFLATION AND PORTFOLIO SELECTION (pages 451–467)

      Michael Adler and Nahum Biger

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1975.tb01822.x

    2. EFFECTS OF UNCERTAIN INFLATION ON THE INVESTMENT AND FINANCING DECISIONS OF A FIRM (pages 469–483)

      A. H. Chen and A. J. Boness

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1975.tb01823.x

    3. DISCUSSION (pages 503–507)

      Donald L. Tuttle and Patric H. Hendershott

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1975.tb01825.x

  9. Recognizing the Impact of Growth

    1. Top of page
    2. Front Matter
    3. A Note on this Proceedings Issue
    4. Presidential Address
    5. Diversification of Commercial Bank and Non-Bank Activities
    6. The Interest Rate Under Capital Asset Pricing Theory
    7. Internationalization of Commercial Banking
    8. Financial Models of Regulated Firms
    9. Recognizing the Impact of Inflation
    10. Recognizing the Impact of Growth
    11. Current Problems in Public Finance
    12. The Allocation of Wealth to Risky Assets
    13. Empirical Research on Capital Markets
    14. New Developments in the Secondary Mortgage Market
    15. Business Proceedings, Report of the Executive Secretary and Treasurer and Report of the Managing Editor
    16. Style Instructions
    17. Back Matter
    1. THE IMPACT OF CORPORATE GROWTH ON THE RISK OF COMMON STOCKS (pages 525–531)

      David R. Fewings

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1975.tb01827.x

    2. GROWTH STOCKS AND CORPORATE CAPITAL STRUCTURE THEORY (pages 533–547)

      Prem Kumar

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1975.tb01828.x

    3. DISCUSSION (pages 548–555)

      Burton G. Malkiel, Fred D. Arditti and Manak C. Gupta

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1975.tb01829.x

  10. Current Problems in Public Finance

    1. Top of page
    2. Front Matter
    3. A Note on this Proceedings Issue
    4. Presidential Address
    5. Diversification of Commercial Bank and Non-Bank Activities
    6. The Interest Rate Under Capital Asset Pricing Theory
    7. Internationalization of Commercial Banking
    8. Financial Models of Regulated Firms
    9. Recognizing the Impact of Inflation
    10. Recognizing the Impact of Growth
    11. Current Problems in Public Finance
    12. The Allocation of Wealth to Risky Assets
    13. Empirical Research on Capital Markets
    14. New Developments in the Secondary Mortgage Market
    15. Business Proceedings, Report of the Executive Secretary and Treasurer and Report of the Managing Editor
    16. Style Instructions
    17. Back Matter
    1. THE USES OF SHARED REVENUE (pages 557–565)

      Nancy Teeters and Richard P. Nathan

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1975.tb01830.x

    2. THE SOCIAL SECURITY PAYROLL TAX: SOME ALTERNATIVES FOR REFORM (pages 567–578)

      Benjamin A. Okner

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1975.tb01831.x

    3. DISCUSSION (pages 579–584)

      Gail R. Wilensky and Wayne Vroman

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1975.tb01832.x

  11. The Allocation of Wealth to Risky Assets

    1. Top of page
    2. Front Matter
    3. A Note on this Proceedings Issue
    4. Presidential Address
    5. Diversification of Commercial Bank and Non-Bank Activities
    6. The Interest Rate Under Capital Asset Pricing Theory
    7. Internationalization of Commercial Banking
    8. Financial Models of Regulated Firms
    9. Recognizing the Impact of Inflation
    10. Recognizing the Impact of Growth
    11. Current Problems in Public Finance
    12. The Allocation of Wealth to Risky Assets
    13. Empirical Research on Capital Markets
    14. New Developments in the Secondary Mortgage Market
    15. Business Proceedings, Report of the Executive Secretary and Treasurer and Report of the Managing Editor
    16. Style Instructions
    17. Back Matter
    1. THE ASSET STRUCTURE OF INDIVIDUAL PORTFOLIOS AND SOME IMPLICATIONS FOR UTILITY FUNCTIONS (pages 585–603)

      James C. Van Horne, Marshall E. Blume and Irwin Friend

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1975.tb01833.x

    2. INDIVIDUAL INVESTOR RISK AVERSION AND INVESTMENT PORTFOLIO COMPOSITION (pages 605–620)

      Richard A. Cohn, Wilbur G. Lewellen, Ronald C. Lease and Gary G. Schlarbaum

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1975.tb01834.x

    3. DISCUSSION (pages 621–629)

      Keith V. Smith and Robert H. Litzenberger

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1975.tb01835.x

  12. Empirical Research on Capital Markets

    1. Top of page
    2. Front Matter
    3. A Note on this Proceedings Issue
    4. Presidential Address
    5. Diversification of Commercial Bank and Non-Bank Activities
    6. The Interest Rate Under Capital Asset Pricing Theory
    7. Internationalization of Commercial Banking
    8. Financial Models of Regulated Firms
    9. Recognizing the Impact of Inflation
    10. Recognizing the Impact of Growth
    11. Current Problems in Public Finance
    12. The Allocation of Wealth to Risky Assets
    13. Empirical Research on Capital Markets
    14. New Developments in the Secondary Mortgage Market
    15. Business Proceedings, Report of the Executive Secretary and Treasurer and Report of the Managing Editor
    16. Style Instructions
    17. Back Matter
    1. BOND RATING METHODS: COMPARISON AND VALIDATION (pages 631–640)

      Mary A. Hines, James S. Ang and Kiritkumar A. Patel

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1975.tb01836.x

    2. FEDERAL RESERVE MEMBERSHIP AND BANK PERFORMANCE: THE EVIDENCE FROM TEXAS (pages 641–658)

      Donald R. Fraser, Peter S. Rose and Gary L. Schugart

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1975.tb01837.x

    3. SYSTEMATIC RISK FOR HETEROGENEOUS TIME HORIZONS (pages 659–673)

      John M. Hasty Jr and Bruce D. Fielitz

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1975.tb01838.x

    4. DISCUSSION (pages 674–676)

      Robert R. Glauber and Lawrence S. Ritter

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1975.tb01839.x

  13. New Developments in the Secondary Mortgage Market

    1. Top of page
    2. Front Matter
    3. A Note on this Proceedings Issue
    4. Presidential Address
    5. Diversification of Commercial Bank and Non-Bank Activities
    6. The Interest Rate Under Capital Asset Pricing Theory
    7. Internationalization of Commercial Banking
    8. Financial Models of Regulated Firms
    9. Recognizing the Impact of Inflation
    10. Recognizing the Impact of Growth
    11. Current Problems in Public Finance
    12. The Allocation of Wealth to Risky Assets
    13. Empirical Research on Capital Markets
    14. New Developments in the Secondary Mortgage Market
    15. Business Proceedings, Report of the Executive Secretary and Treasurer and Report of the Managing Editor
    16. Style Instructions
    17. Back Matter
    1. THE ROLE AND VIABILITY OF MUTUAL BANKS (Abstract) (pages 677–679)

      Oliver H. Jones, Lawrence D. Jones and R. Richardson Pettit

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1975.tb01840.x

  14. Business Proceedings, Report of the Executive Secretary and Treasurer and Report of the Managing Editor

    1. Top of page
    2. Front Matter
    3. A Note on this Proceedings Issue
    4. Presidential Address
    5. Diversification of Commercial Bank and Non-Bank Activities
    6. The Interest Rate Under Capital Asset Pricing Theory
    7. Internationalization of Commercial Banking
    8. Financial Models of Regulated Firms
    9. Recognizing the Impact of Inflation
    10. Recognizing the Impact of Growth
    11. Current Problems in Public Finance
    12. The Allocation of Wealth to Risky Assets
    13. Empirical Research on Capital Markets
    14. New Developments in the Secondary Mortgage Market
    15. Business Proceedings, Report of the Executive Secretary and Treasurer and Report of the Managing Editor
    16. Style Instructions
    17. Back Matter
  15. Style Instructions

    1. Top of page
    2. Front Matter
    3. A Note on this Proceedings Issue
    4. Presidential Address
    5. Diversification of Commercial Bank and Non-Bank Activities
    6. The Interest Rate Under Capital Asset Pricing Theory
    7. Internationalization of Commercial Banking
    8. Financial Models of Regulated Firms
    9. Recognizing the Impact of Inflation
    10. Recognizing the Impact of Growth
    11. Current Problems in Public Finance
    12. The Allocation of Wealth to Risky Assets
    13. Empirical Research on Capital Markets
    14. New Developments in the Secondary Mortgage Market
    15. Business Proceedings, Report of the Executive Secretary and Treasurer and Report of the Managing Editor
    16. Style Instructions
    17. Back Matter
    1. STYLE INSTRUCTIONS (page 696)

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1975.tb01843.x

  16. Back Matter

    1. Top of page
    2. Front Matter
    3. A Note on this Proceedings Issue
    4. Presidential Address
    5. Diversification of Commercial Bank and Non-Bank Activities
    6. The Interest Rate Under Capital Asset Pricing Theory
    7. Internationalization of Commercial Banking
    8. Financial Models of Regulated Firms
    9. Recognizing the Impact of Inflation
    10. Recognizing the Impact of Growth
    11. Current Problems in Public Finance
    12. The Allocation of Wealth to Risky Assets
    13. Empirical Research on Capital Markets
    14. New Developments in the Secondary Mortgage Market
    15. Business Proceedings, Report of the Executive Secretary and Treasurer and Report of the Managing Editor
    16. Style Instructions
    17. Back Matter
    1. Back Matter (pages viii–x)

      Version of Record online: 31 DEC 2015 | DOI: 10.1111/j.1540-6261.1975.tb00523.x

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