The Journal of Finance

Cover image for Vol. 35 Issue 2

May 1980

Volume 35, Issue 2

Pages i–xvii, 221–626

  1. Front Matter

    1. Top of page
    2. Front Matter
    3. Photograph
    4. Presidential Address
    5. Security Market Microstructures
    6. Empirical Research on Capital Markets
    7. Informationally Efficient Markets
    8. Financial Issues For Regulated Firms
    9. The Term Structures
    10. Impacts of Taxes on Financial Decisions
    11. Future Contracts
    12. Issues in Financial Accountings
    13. Investment Managements
    14. American Finance Association Business Proceedings
    15. Report of the Managing Editor of the Journal of Finance for 1979
    16. Preliminary Program Thirty-Ninth Annual Meeting American Finance Association
    17. Style Instructions
    18. Back Matter
    1. Front Matter (pages i–vii)

      Version of Record online: 20 JAN 2016 | DOI: 10.1111/j.1540-6261.1980.tb00617.x

  2. Photograph

    1. Top of page
    2. Front Matter
    3. Photograph
    4. Presidential Address
    5. Security Market Microstructures
    6. Empirical Research on Capital Markets
    7. Informationally Efficient Markets
    8. Financial Issues For Regulated Firms
    9. The Term Structures
    10. Impacts of Taxes on Financial Decisions
    11. Future Contracts
    12. Issues in Financial Accountings
    13. Investment Managements
    14. American Finance Association Business Proceedings
    15. Report of the Managing Editor of the Journal of Finance for 1979
    16. Preliminary Program Thirty-Ninth Annual Meeting American Finance Association
    17. Style Instructions
    18. Back Matter
  3. Presidential Address

    1. Top of page
    2. Front Matter
    3. Photograph
    4. Presidential Address
    5. Security Market Microstructures
    6. Empirical Research on Capital Markets
    7. Informationally Efficient Markets
    8. Financial Issues For Regulated Firms
    9. The Term Structures
    10. Impacts of Taxes on Financial Decisions
    11. Future Contracts
    12. Issues in Financial Accountings
    13. Investment Managements
    14. American Finance Association Business Proceedings
    15. Report of the Managing Editor of the Journal of Finance for 1979
    16. Preliminary Program Thirty-Ninth Annual Meeting American Finance Association
    17. Style Instructions
    18. Back Matter
  4. Security Market Microstructures

    1. Top of page
    2. Front Matter
    3. Photograph
    4. Presidential Address
    5. Security Market Microstructures
    6. Empirical Research on Capital Markets
    7. Informationally Efficient Markets
    8. Financial Issues For Regulated Firms
    9. The Term Structures
    10. Impacts of Taxes on Financial Decisions
    11. Future Contracts
    12. Issues in Financial Accountings
    13. Investment Managements
    14. American Finance Association Business Proceedings
    15. Report of the Managing Editor of the Journal of Finance for 1979
    16. Preliminary Program Thirty-Ninth Annual Meeting American Finance Association
    17. Style Instructions
    18. Back Matter
    1. On The Dynamic Behavior of Prices in Disequilibrium (pages 235–248)

      AVRAHAM BEJA and M. BARRY GOLDMAN

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02151.x

    2. Implications of Microstructure Theory for Empirical Research on Stock Price Behavior (pages 249–257)

      KALMAN J. COHEN, GABRIEL A. HAWAWINI, STEVEN F. MAIER, ROBERT A. SCHWARTZ and DAVID K. WHITCOMB

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02152.x

    3. On Dealer Markets Under Competition (pages 259–267)

      THOMAS HO and HANS R. STOLL

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02153.x

    4. DISCUSSION (pages 267–268)

      JAMES C. VAN HORNE

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02154.x

  5. Empirical Research on Capital Markets

    1. Top of page
    2. Front Matter
    3. Photograph
    4. Presidential Address
    5. Security Market Microstructures
    6. Empirical Research on Capital Markets
    7. Informationally Efficient Markets
    8. Financial Issues For Regulated Firms
    9. The Term Structures
    10. Impacts of Taxes on Financial Decisions
    11. Future Contracts
    12. Issues in Financial Accountings
    13. Investment Managements
    14. American Finance Association Business Proceedings
    15. Report of the Managing Editor of the Journal of Finance for 1979
    16. Preliminary Program Thirty-Ninth Annual Meeting American Finance Association
    17. Style Instructions
    18. Back Matter
    1. DISCUSSION (pages 281–283)

      ROLF W. BANZ

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02156.x

    2. Tests of the Black-Scholes and Cox Call Option Valuation Models (pages 285–301)

      JAMES D. MACBETH and LARRY J. MERVILLE

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02157.x

    3. DISCUSSION (pages 301–303)

      STEVEN MANASTER

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02158.x

    4. DISCUSSION (pages 319–321)

      Davidd Ownes

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02160.x

  6. Informationally Efficient Markets

    1. Top of page
    2. Front Matter
    3. Photograph
    4. Presidential Address
    5. Security Market Microstructures
    6. Empirical Research on Capital Markets
    7. Informationally Efficient Markets
    8. Financial Issues For Regulated Firms
    9. The Term Structures
    10. Impacts of Taxes on Financial Decisions
    11. Future Contracts
    12. Issues in Financial Accountings
    13. Investment Managements
    14. American Finance Association Business Proceedings
    15. Report of the Managing Editor of the Journal of Finance for 1979
    16. Preliminary Program Thirty-Ninth Annual Meeting American Finance Association
    17. Style Instructions
    18. Back Matter
    1. Disclosure Laws and Takeover Bids (pages 323–334)

      S. J. GROSSMAN and O. D. HART

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02161.x

    2. Distinguishing Beliefs and Preferences in Equilibrium Prices (pages 335–344)

      ALAN KRAUS and GORDON A. SICK

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02162.x

    3. DISCUSSION (pages 344–346)

      Beth Allen

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02163.x

  7. Financial Issues For Regulated Firms

    1. Top of page
    2. Front Matter
    3. Photograph
    4. Presidential Address
    5. Security Market Microstructures
    6. Empirical Research on Capital Markets
    7. Informationally Efficient Markets
    8. Financial Issues For Regulated Firms
    9. The Term Structures
    10. Impacts of Taxes on Financial Decisions
    11. Future Contracts
    12. Issues in Financial Accountings
    13. Investment Managements
    14. American Finance Association Business Proceedings
    15. Report of the Managing Editor of the Journal of Finance for 1979
    16. Preliminary Program Thirty-Ninth Annual Meeting American Finance Association
    17. Style Instructions
    18. Back Matter
    1. On the CAPM Approach to the Estimation of A Public Utility's Cost of Equity Capital (pages 369–383)

      ROBERT LITZENBERGER, KRISHNA RAMASWAMY and HOWARD SOSIN

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02166.x

    2. DISCUSSION (pages 383–385)

      Richard S. Bower

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02167.x

    3. DISCUSSION (pages 385–387)

      William Marshall

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02168.x

  8. The Term Structures

    1. Top of page
    2. Front Matter
    3. Photograph
    4. Presidential Address
    5. Security Market Microstructures
    6. Empirical Research on Capital Markets
    7. Informationally Efficient Markets
    8. Financial Issues For Regulated Firms
    9. The Term Structures
    10. Impacts of Taxes on Financial Decisions
    11. Future Contracts
    12. Issues in Financial Accountings
    13. Investment Managements
    14. American Finance Association Business Proceedings
    15. Report of the Managing Editor of the Journal of Finance for 1979
    16. Preliminary Program Thirty-Ninth Annual Meeting American Finance Association
    17. Style Instructions
    18. Back Matter
    1. An Analysis of Variable Rate Loan Contracts (pages 389–403)

      JOHN C. COX, JONATHAN E. INGERSOLL JR. and STEPHEN A. ROSS

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02169.x

    2. Conditional Predictions of Bond Prices and Returns (pages 405–417)

      MICHAEL J. BRENNAN and EDUARDO S. SCHWARTZ

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02170.x

    3. DISCUSSION (pages 417–419)

      STEPHEN M. SCHAEFER

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02171.x

    4. Equilibrium Term Structure Models: Test Methodology (pages 421–435)

      TERRY MARSH

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02172.x

    5. Discussion (pages 435–438)

      DOUGLAS T. BREEDEN

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02173.x

  9. Impacts of Taxes on Financial Decisions

    1. Top of page
    2. Front Matter
    3. Photograph
    4. Presidential Address
    5. Security Market Microstructures
    6. Empirical Research on Capital Markets
    7. Informationally Efficient Markets
    8. Financial Issues For Regulated Firms
    9. The Term Structures
    10. Impacts of Taxes on Financial Decisions
    11. Future Contracts
    12. Issues in Financial Accountings
    13. Investment Managements
    14. American Finance Association Business Proceedings
    15. Report of the Managing Editor of the Journal of Finance for 1979
    16. Preliminary Program Thirty-Ninth Annual Meeting American Finance Association
    17. Style Instructions
    18. Back Matter
    1. Optimal Liquidation of Assets in the Presence of Personal Taxes: Implications for Asset Pricing (pages 439–449)

      GEORGE M. CONSTANTINIDES and MYRON S. SCHOLES

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02174.x

    2. DISCUSSION (pages 450–452)

      Scott F. Richard

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02175.x

    3. Leverage and Dividend Irrelevancy Under Corporate and Personal Taxation (pages 453–464)

      HARRY DeANGELO and RONALD W. MASULIS

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02176.x

    4. DISCUSSION (pages 465–467)

      John J. McConnell

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02177.x

    5. Dividends, Short Selling Restrictions, Tax-Induced Investor Clienteles and Market Equilibrium (pages 469–482)

      ROBERT H. LITZENBERGER and KRISHNA RAMASWAMY

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02178.x

    6. DISCUSSION (pages 482–485)

      Patrick J. Hess

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02179.x

  10. Future Contracts

    1. Top of page
    2. Front Matter
    3. Photograph
    4. Presidential Address
    5. Security Market Microstructures
    6. Empirical Research on Capital Markets
    7. Informationally Efficient Markets
    8. Financial Issues For Regulated Firms
    9. The Term Structures
    10. Impacts of Taxes on Financial Decisions
    11. Future Contracts
    12. Issues in Financial Accountings
    13. Investment Managements
    14. American Finance Association Business Proceedings
    15. Report of the Managing Editor of the Journal of Finance for 1979
    16. Preliminary Program Thirty-Ninth Annual Meeting American Finance Association
    17. Style Instructions
    18. Back Matter
    1. Hedging and Joint Production: Theory and Illustrations (pages 487–498)

      RONALD W. ANDERSON and JEAN-PIERRE DANTHINE

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02180.x

    2. DISCUSSION (pages 498–501)

      Gordon C. Rausser

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02181.x

    3. Consumption Risk in Futures Markets (pages 503–520)

      DOUGLAS T. BREEDEN

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02182.x

  11. Issues in Financial Accountings

    1. Top of page
    2. Front Matter
    3. Photograph
    4. Presidential Address
    5. Security Market Microstructures
    6. Empirical Research on Capital Markets
    7. Informationally Efficient Markets
    8. Financial Issues For Regulated Firms
    9. The Term Structures
    10. Impacts of Taxes on Financial Decisions
    11. Future Contracts
    12. Issues in Financial Accountings
    13. Investment Managements
    14. American Finance Association Business Proceedings
    15. Report of the Managing Editor of the Journal of Finance for 1979
    16. Preliminary Program Thirty-Ninth Annual Meeting American Finance Association
    17. Style Instructions
    18. Back Matter
    1. Externalities and Financial Reporting (pages 521–533)

      GEORGE FOSTER

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02183.x

    2. DISCUSSION (pages 534–535)

      Stanley Baiman

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02184.x

    3. Toward a Theory of Financial Accounting (pages 537–547)

      JAMES A. OHLSON and A. GREGORY BUCKMAN

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02185.x

    4. DISCUSSION (pages 547–551)

      Mark A. Wolfson

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02186.x

    5. DISCUSSION (pages 565–568)

      Jerold L. Zimmermang

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02188.x

  12. Investment Managements

    1. Top of page
    2. Front Matter
    3. Photograph
    4. Presidential Address
    5. Security Market Microstructures
    6. Empirical Research on Capital Markets
    7. Informationally Efficient Markets
    8. Financial Issues For Regulated Firms
    9. The Term Structures
    10. Impacts of Taxes on Financial Decisions
    11. Future Contracts
    12. Issues in Financial Accountings
    13. Investment Managements
    14. American Finance Association Business Proceedings
    15. Report of the Managing Editor of the Journal of Finance for 1979
    16. Preliminary Program Thirty-Ninth Annual Meeting American Finance Association
    17. Style Instructions
    18. Back Matter
    1. Towards Indices of Real Estate Value and Return (pages 569–580)

      JAMES W. HOAG

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02189.x

    2. Who Should Buy Portfolio Insurance? (pages 581–594)

      HAYNE E. LELAND

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02190.x

    3. DISCUSSION (pages 595–596)

      Eduardo S. Schwartz

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02191.x

    4. The “Market Model” In Investment Management (pages 597–607)

      ANDREW RUDD and BARR ROSENBERG

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02192.x

    5. DISCUSSION (pages 607–609)

      Walt McKibben

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02193.x

  13. American Finance Association Business Proceedings

    1. Top of page
    2. Front Matter
    3. Photograph
    4. Presidential Address
    5. Security Market Microstructures
    6. Empirical Research on Capital Markets
    7. Informationally Efficient Markets
    8. Financial Issues For Regulated Firms
    9. The Term Structures
    10. Impacts of Taxes on Financial Decisions
    11. Future Contracts
    12. Issues in Financial Accountings
    13. Investment Managements
    14. American Finance Association Business Proceedings
    15. Report of the Managing Editor of the Journal of Finance for 1979
    16. Preliminary Program Thirty-Ninth Annual Meeting American Finance Association
    17. Style Instructions
    18. Back Matter
  14. Report of the Managing Editor of the Journal of Finance for 1979

    1. Top of page
    2. Front Matter
    3. Photograph
    4. Presidential Address
    5. Security Market Microstructures
    6. Empirical Research on Capital Markets
    7. Informationally Efficient Markets
    8. Financial Issues For Regulated Firms
    9. The Term Structures
    10. Impacts of Taxes on Financial Decisions
    11. Future Contracts
    12. Issues in Financial Accountings
    13. Investment Managements
    14. American Finance Association Business Proceedings
    15. Report of the Managing Editor of the Journal of Finance for 1979
    16. Preliminary Program Thirty-Ninth Annual Meeting American Finance Association
    17. Style Instructions
    18. Back Matter
    1. Report of the Managing Editor of the Journal of Finance for 1979 (pages 615–618)

      MARSHALL E. BLUME

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02195.x

  15. Preliminary Program Thirty-Ninth Annual Meeting American Finance Association

    1. Top of page
    2. Front Matter
    3. Photograph
    4. Presidential Address
    5. Security Market Microstructures
    6. Empirical Research on Capital Markets
    7. Informationally Efficient Markets
    8. Financial Issues For Regulated Firms
    9. The Term Structures
    10. Impacts of Taxes on Financial Decisions
    11. Future Contracts
    12. Issues in Financial Accountings
    13. Investment Managements
    14. American Finance Association Business Proceedings
    15. Report of the Managing Editor of the Journal of Finance for 1979
    16. Preliminary Program Thirty-Ninth Annual Meeting American Finance Association
    17. Style Instructions
    18. Back Matter
  16. Style Instructions

    1. Top of page
    2. Front Matter
    3. Photograph
    4. Presidential Address
    5. Security Market Microstructures
    6. Empirical Research on Capital Markets
    7. Informationally Efficient Markets
    8. Financial Issues For Regulated Firms
    9. The Term Structures
    10. Impacts of Taxes on Financial Decisions
    11. Future Contracts
    12. Issues in Financial Accountings
    13. Investment Managements
    14. American Finance Association Business Proceedings
    15. Report of the Managing Editor of the Journal of Finance for 1979
    16. Preliminary Program Thirty-Ninth Annual Meeting American Finance Association
    17. Style Instructions
    18. Back Matter
    1. STYLE INSTRUCTIONS (page ix)

      Version of Record online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1980.tb02149.x

  17. Back Matter

    1. Top of page
    2. Front Matter
    3. Photograph
    4. Presidential Address
    5. Security Market Microstructures
    6. Empirical Research on Capital Markets
    7. Informationally Efficient Markets
    8. Financial Issues For Regulated Firms
    9. The Term Structures
    10. Impacts of Taxes on Financial Decisions
    11. Future Contracts
    12. Issues in Financial Accountings
    13. Investment Managements
    14. American Finance Association Business Proceedings
    15. Report of the Managing Editor of the Journal of Finance for 1979
    16. Preliminary Program Thirty-Ninth Annual Meeting American Finance Association
    17. Style Instructions
    18. Back Matter
    1. Back Matter (pages x–xvii)

      Version of Record online: 20 JAN 2016 | DOI: 10.1111/j.1540-6261.1980.tb00619.x

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