The Journal of Finance

Cover image for Vol. 31 Issue 2

May 1976

Volume 31, Issue 2

Pages 351–760, i–xiii

  1. Front Matter

    1. Top of page
    2. Front Matter
    3. Session Topic: Report of the Program Chairman
    4. Session Topic: Presidential Address
    5. Session Topic: Studies in the Economics of Bank Regulation
    6. Session Topic: is There a Capital Shortage
    7. Session Topic: The Pricing of Options
    8. Session Topic: Inflation and Structural Changes in the Residential Mortgage Market
    9. Session Topic: Inflation and Stock Prices
    10. Session Topic: Studies in Business Finance
    11. Session Topic: Allocational Efficiency of Security Markets Under Uncertainty
    12. Session Topic: Finance and Accounting
    13. Session Topic: Finance and Industrial Organization
    14. Back Matter
    1. Front Matter (pages i–vii)

      Version of Record online: 1 FEB 2016 | DOI: 10.1111/j.1540-6261.1976.tb00575.x

  2. Session Topic: Report of the Program Chairman

    1. Top of page
    2. Front Matter
    3. Session Topic: Report of the Program Chairman
    4. Session Topic: Presidential Address
    5. Session Topic: Studies in the Economics of Bank Regulation
    6. Session Topic: is There a Capital Shortage
    7. Session Topic: The Pricing of Options
    8. Session Topic: Inflation and Structural Changes in the Residential Mortgage Market
    9. Session Topic: Inflation and Stock Prices
    10. Session Topic: Studies in Business Finance
    11. Session Topic: Allocational Efficiency of Security Markets Under Uncertainty
    12. Session Topic: Finance and Accounting
    13. Session Topic: Finance and Industrial Organization
    14. Back Matter
  3. Session Topic: Presidential Address

    1. Top of page
    2. Front Matter
    3. Session Topic: Report of the Program Chairman
    4. Session Topic: Presidential Address
    5. Session Topic: Studies in the Economics of Bank Regulation
    6. Session Topic: is There a Capital Shortage
    7. Session Topic: The Pricing of Options
    8. Session Topic: Inflation and Structural Changes in the Residential Mortgage Market
    9. Session Topic: Inflation and Stock Prices
    10. Session Topic: Studies in Business Finance
    11. Session Topic: Allocational Efficiency of Security Markets Under Uncertainty
    12. Session Topic: Finance and Accounting
    13. Session Topic: Finance and Industrial Organization
    14. Back Matter
    1. A PORTFOLIO THEORY OF THE SOCIAL DISCOUNT RATE AND THE PUBLIC DEBT (pages 199–214)

      Myron J. Gordon

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1976.tb01881.x

  4. Session Topic: Studies in the Economics of Bank Regulation

    1. Top of page
    2. Front Matter
    3. Session Topic: Report of the Program Chairman
    4. Session Topic: Presidential Address
    5. Session Topic: Studies in the Economics of Bank Regulation
    6. Session Topic: is There a Capital Shortage
    7. Session Topic: The Pricing of Options
    8. Session Topic: Inflation and Structural Changes in the Residential Mortgage Market
    9. Session Topic: Inflation and Stock Prices
    10. Session Topic: Studies in Business Finance
    11. Session Topic: Allocational Efficiency of Security Markets Under Uncertainty
    12. Session Topic: Finance and Accounting
    13. Session Topic: Finance and Industrial Organization
    14. Back Matter
    1. A TRANSACTIONS COST APPROACH TO THE THEORY OF FINANCIAL INTERMEDIATION (pages 215–231)

      Myron Scholes, George J. Benston and Clifford W. Smith Jr.

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1976.tb01882.x

    2. DISCUSSION (pages 252–255)

      James L. Bicksler

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1976.tb01884.x

  5. Session Topic: is There a Capital Shortage

    1. Top of page
    2. Front Matter
    3. Session Topic: Report of the Program Chairman
    4. Session Topic: Presidential Address
    5. Session Topic: Studies in the Economics of Bank Regulation
    6. Session Topic: is There a Capital Shortage
    7. Session Topic: The Pricing of Options
    8. Session Topic: Inflation and Structural Changes in the Residential Mortgage Market
    9. Session Topic: Inflation and Stock Prices
    10. Session Topic: Studies in Business Finance
    11. Session Topic: Allocational Efficiency of Security Markets Under Uncertainty
    12. Session Topic: Finance and Accounting
    13. Session Topic: Finance and Industrial Organization
    14. Back Matter
    1. IS THERE A CAPITAL SHORTAGE: THEORY AND RECENT EMPIRICAL EVIDENCE (pages 257–268)

      Ernest T. Baughman and Leonall C. Andersen

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1976.tb01885.x

    2. CAPITAL SHORTAGES: MYTH OR REALITY? (pages 269–286)

      Paul Wachtel, Arnold Sametz and Harry Shuford

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1976.tb01886.x

    3. DISCUSSION (pages 309–312)

      Benjamin M. Friedman

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1976.tb01888.x

    4. DISCUSSION (pages 312–315)

      Sally S. Ronk

      Version of Record online: 1 FEB 2016 | DOI: 10.1111/j.1540-6261.1976.tb00576.x

    5. DISCUSSION (pages 315–318)

      Charles Upton

      Version of Record online: 1 FEB 2016 | DOI: 10.1111/j.1540-6261.1976.tb00577.x

  6. Session Topic: The Pricing of Options

    1. Top of page
    2. Front Matter
    3. Session Topic: Report of the Program Chairman
    4. Session Topic: Presidential Address
    5. Session Topic: Studies in the Economics of Bank Regulation
    6. Session Topic: is There a Capital Shortage
    7. Session Topic: The Pricing of Options
    8. Session Topic: Inflation and Structural Changes in the Residential Mortgage Market
    9. Session Topic: Inflation and Stock Prices
    10. Session Topic: Studies in Business Finance
    11. Session Topic: Allocational Efficiency of Security Markets Under Uncertainty
    12. Session Topic: Finance and Accounting
    13. Session Topic: Finance and Industrial Organization
    14. Back Matter
    1. TAXES AND THE PRICING OF OPTIONS (pages 319–332)

      Fischer Black and Myron Scholes

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1976.tb01889.x

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      VALUING CORPORATE SECURITIES: SOME EFFECTS OF BOND INDENTURE PROVISIONS (pages 351–367)

      Fischer Black and John C. Cox

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1976.tb01891.x

    3. STANDARD DEVIATIONS OF STOCK PRICE RATIOS IMPLIED IN OPTION PRICES (pages 369–381)

      Henry A. Latané and Richard J. Rendleman Jr.

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1976.tb01892.x

    4. A SURVEY OF SOME NEW RESULTS IN FINANCIAL OPTION PRICING THEORY (pages 383–402)

      John C. Cox and Stephen A. Ross

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1976.tb01893.x

  7. Session Topic: Inflation and Structural Changes in the Residential Mortgage Market

    1. Top of page
    2. Front Matter
    3. Session Topic: Report of the Program Chairman
    4. Session Topic: Presidential Address
    5. Session Topic: Studies in the Economics of Bank Regulation
    6. Session Topic: is There a Capital Shortage
    7. Session Topic: The Pricing of Options
    8. Session Topic: Inflation and Structural Changes in the Residential Mortgage Market
    9. Session Topic: Inflation and Stock Prices
    10. Session Topic: Studies in Business Finance
    11. Session Topic: Allocational Efficiency of Security Markets Under Uncertainty
    12. Session Topic: Finance and Accounting
    13. Session Topic: Finance and Industrial Organization
    14. Back Matter
    1. RECENT RESEARCH ON INDEXATION AND THE HOUSING MARKET (pages 403–413)

      Jack Guttentag, Richard A. Cohn and Donald R. Lessard

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1976.tb01894.x

    2. AN EMPIRICAL STUDY OF MORTGAGE PAYMENT TO INCOME RATIOS IN A VARIABLE RATE MORTGAGE PROGRAM (pages 415–425)

      Stanley R. Stansell and James A. Millar

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1976.tb01895.x

    3. DISCUSSION (pages 437–446)

      Alan J. Donziger, Richard V. Eastin and Robert H. Edelstein

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1976.tb01897.x

  8. Session Topic: Inflation and Stock Prices

    1. Top of page
    2. Front Matter
    3. Session Topic: Report of the Program Chairman
    4. Session Topic: Presidential Address
    5. Session Topic: Studies in the Economics of Bank Regulation
    6. Session Topic: is There a Capital Shortage
    7. Session Topic: The Pricing of Options
    8. Session Topic: Inflation and Structural Changes in the Residential Mortgage Market
    9. Session Topic: Inflation and Stock Prices
    10. Session Topic: Studies in Business Finance
    11. Session Topic: Allocational Efficiency of Security Markets Under Uncertainty
    12. Session Topic: Finance and Accounting
    13. Session Topic: Finance and Industrial Organization
    14. Back Matter
    1. THE “FISHER EFFECT” FOR RISKY ASSETS: AN EMPIRICAL INVESTIGATION (pages 447–458)

      Katherine D. Miller, F. Jaffe Jeffrey and Gershon Mandelker

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1976.tb01898.x

    2. COMMON STOCKS AS A HEDGE AGAINST INFLATION (pages 459–470)

      Zvi Bodie

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1976.tb01899.x

    3. INFLATION AND RATES OF RETURN ON COMMON STOCKS (pages 471–483)

      Charles R. Nelson

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1976.tb01900.x

    4. DISCUSSION (pages 483–487)

      Donald A. Nichols

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1976.tb01901.x

  9. Session Topic: Studies in Business Finance

    1. Top of page
    2. Front Matter
    3. Session Topic: Report of the Program Chairman
    4. Session Topic: Presidential Address
    5. Session Topic: Studies in the Economics of Bank Regulation
    6. Session Topic: is There a Capital Shortage
    7. Session Topic: The Pricing of Options
    8. Session Topic: Inflation and Structural Changes in the Residential Mortgage Market
    9. Session Topic: Inflation and Stock Prices
    10. Session Topic: Studies in Business Finance
    11. Session Topic: Allocational Efficiency of Security Markets Under Uncertainty
    12. Session Topic: Finance and Accounting
    13. Session Topic: Finance and Industrial Organization
    14. Back Matter
    1. THE IMPACT OF OUTSTANDING CONVERTIBLE BONDS ON CORPORATE DIVIDEND POLICY (pages 489–506)

      James C. Van Horne and Dileep R. Mehta

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1976.tb01902.x

    2. VALUATION AND ASSET SELECTION UNDER ALTERNATIVE INVESTMENT OPPORTUNITIES (pages 525–539)

      Edwin J. Elton and Martin J. Gruber

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1976.tb01904.x

    3. DISCUSSION (pages 540–543)

      Manak C. Gupta

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1976.tb01905.x

    4. DISCUSSION (pages 543–546)

      S. Hamada Robert

      Version of Record online: 1 FEB 2016 | DOI: 10.1111/j.1540-6261.1976.tb00578.x

    5. DISCUSSION (pages 546–549)

      George E. Pinches

      Version of Record online: 1 FEB 2016 | DOI: 10.1111/j.1540-6261.1976.tb00579.x

  10. Session Topic: Allocational Efficiency of Security Markets Under Uncertainty

    1. Top of page
    2. Front Matter
    3. Session Topic: Report of the Program Chairman
    4. Session Topic: Presidential Address
    5. Session Topic: Studies in the Economics of Bank Regulation
    6. Session Topic: is There a Capital Shortage
    7. Session Topic: The Pricing of Options
    8. Session Topic: Inflation and Structural Changes in the Residential Mortgage Market
    9. Session Topic: Inflation and Stock Prices
    10. Session Topic: Studies in Business Finance
    11. Session Topic: Allocational Efficiency of Security Markets Under Uncertainty
    12. Session Topic: Finance and Accounting
    13. Session Topic: Finance and Industrial Organization
    14. Back Matter
    1. THE STRONG CASE FOR THE GENERALIZED LOGARITHMIC UTILITY MODEL AS THE PREMIER MODEL OF FINANCIAL MARKETS (pages 551–571)

      Robert Litzenberger and Mark Rubinstein

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1976.tb01906.x

    2. DISCUSSION (pages 602–604)

      Alan Kraus

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1976.tb01909.x

    3. DISCUSSION (pages 605–609)

      Frederick L. A. Grauer

      Version of Record online: 1 FEB 2016 | DOI: 10.1111/j.1540-6261.1976.tb00580.x

  11. Session Topic: Finance and Accounting

    1. Top of page
    2. Front Matter
    3. Session Topic: Report of the Program Chairman
    4. Session Topic: Presidential Address
    5. Session Topic: Studies in the Economics of Bank Regulation
    6. Session Topic: is There a Capital Shortage
    7. Session Topic: The Pricing of Options
    8. Session Topic: Inflation and Structural Changes in the Residential Mortgage Market
    9. Session Topic: Inflation and Stock Prices
    10. Session Topic: Studies in Business Finance
    11. Session Topic: Allocational Efficiency of Security Markets Under Uncertainty
    12. Session Topic: Finance and Accounting
    13. Session Topic: Finance and Industrial Organization
    14. Back Matter
    1. THE CAPITAL MARKET, THE MARKET FOR INFORMATION, AND EXTERNAL ACCOUNTING (pages 611–630)

      William Beaver and Nicholas J. Gonedes

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1976.tb01910.x

    2. AN EMPIRICAL ANALYSIS OF DIFFERENTIAL CAPITAL MARKET REACTIONS TO EXTRAORDINARY ACCOUNTING ITEMS (pages 651–674)

      Robert K. Eskew and William F. Wright

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1976.tb01912.x

    3. DISCUSSION (pages 674–677)

      David H. Downes

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1976.tb01913.x

    4. DISCUSSION (pages 677–679)

      Ross L. Watts

      Version of Record online: 1 FEB 2016 | DOI: 10.1111/j.1540-6261.1976.tb00581.x

    5. DISCUSSION (pages 680–684)

      S. Sunder

      Version of Record online: 1 FEB 2016 | DOI: 10.1111/j.1540-6261.1976.tb00582.x

  12. Session Topic: Finance and Industrial Organization

    1. Top of page
    2. Front Matter
    3. Session Topic: Report of the Program Chairman
    4. Session Topic: Presidential Address
    5. Session Topic: Studies in the Economics of Bank Regulation
    6. Session Topic: is There a Capital Shortage
    7. Session Topic: The Pricing of Options
    8. Session Topic: Inflation and Structural Changes in the Residential Mortgage Market
    9. Session Topic: Inflation and Stock Prices
    10. Session Topic: Studies in Business Finance
    11. Session Topic: Allocational Efficiency of Security Markets Under Uncertainty
    12. Session Topic: Finance and Accounting
    13. Session Topic: Finance and Industrial Organization
    14. Back Matter
    1. MEASURING ALLOCATIVE EFFICIENCY WITH TECHNOLOGICAL UNCERTAINTY (pages 685–700)

      Stewart Myers and Clement G. Krouse

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1976.tb01914.x

    2. THE VALUE OF THE FIRM UNDER REGULATION (pages 701–713)

      Jeffrey F. Jaffe and Gershon Mandelker

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1976.tb01915.x

    3. MERGERS, ANTITRUST LAW ENFORCEMENT AND STOCKHOLDER RETURNS (pages 715–732)

      James C. Ellert

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1976.tb01916.x

    4. THE DETERMINANTS OF COMMON STOCK RETURNS VOLATILITY: AN INTERNATIONAL COMPARISON (pages 733–740)

      Kalman J. Cohen, Walter L. Ness Jr., Hitoshi Okuda, Robert A. Schwartz and David K. Whitcomb

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1976.tb01917.x

    5. DISCUSSION (pages 740–743)

      John B. Long

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1976.tb01918.x

    6. DISCUSSION (pages 743–747)

      J. Fred Weston and Edward M. Rice

      Version of Record online: 1 FEB 2016 | DOI: 10.1111/j.1540-6261.1976.tb00583.x

    7. DISCUSSION (pages 748–751)

      Stavros B. Thomadakis and Donald R. Lessard

      Version of Record online: 1 FEB 2016 | DOI: 10.1111/j.1540-6261.1976.tb00584.x

  13. Back Matter

    1. Top of page
    2. Front Matter
    3. Session Topic: Report of the Program Chairman
    4. Session Topic: Presidential Address
    5. Session Topic: Studies in the Economics of Bank Regulation
    6. Session Topic: is There a Capital Shortage
    7. Session Topic: The Pricing of Options
    8. Session Topic: Inflation and Structural Changes in the Residential Mortgage Market
    9. Session Topic: Inflation and Stock Prices
    10. Session Topic: Studies in Business Finance
    11. Session Topic: Allocational Efficiency of Security Markets Under Uncertainty
    12. Session Topic: Finance and Accounting
    13. Session Topic: Finance and Industrial Organization
    14. Back Matter
    1. Back Matter (pages viii–xiii)

      Version of Record online: 1 FEB 2016 | DOI: 10.1111/j.1540-6261.1976.tb00585.x

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