The Journal of Finance

Cover image for The Journal of Finance

May 1981

Volume 36, Issue 2

Pages 217–567

  1. Presidential Address

    1. Top of page
    2. Presidential Address
    3. The Allocation Role of the Stock Market
    4. Are Markets Efficient? Tests of Alternative Hypotheses
    5. Empirical Tests of Multi- Factor Pricing Model
    6. Impact of Regulation on Economic Behavior
    7. International Finance
    8. GNMA Passthrough Securities
    9. Current Monetary Policy Research at the Federal Reserve Board
    10. Credit Unions: Theory, Empirical Evidence and Public Regulation
    11. American Finance Association
    12. Report of the Managing Editor of the Journal of Finance for 1980
    1. Decentralized Investment Management (pages 217–234)

      W. F. SHARPE

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00436.x

  2. The Allocation Role of the Stock Market

    1. Top of page
    2. Presidential Address
    3. The Allocation Role of the Stock Market
    4. Are Markets Efficient? Tests of Alternative Hypotheses
    5. Empirical Tests of Multi- Factor Pricing Model
    6. Impact of Regulation on Economic Behavior
    7. International Finance
    8. GNMA Passthrough Securities
    9. Current Monetary Policy Research at the Federal Reserve Board
    10. Credit Unions: Theory, Empirical Evidence and Public Regulation
    11. American Finance Association
    12. Report of the Managing Editor of the Journal of Finance for 1980
    1. Pareto Optimality and Competition (pages 235–251)

      JOSEPH E. STIGLITZ

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00437.x

    2. The Allocational Role of Takeover Bids in Situations of Asymmetric Information (pages 253–270)

      SANFORD J. GROSSMAN and OLIVER D. HART

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00438.x

    3. The Prevention of Default (pages 271–276)

      FRANKLIN ALLEN

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00439.x

  3. Are Markets Efficient? Tests of Alternative Hypotheses

    1. Top of page
    2. Presidential Address
    3. The Allocation Role of the Stock Market
    4. Are Markets Efficient? Tests of Alternative Hypotheses
    5. Empirical Tests of Multi- Factor Pricing Model
    6. Impact of Regulation on Economic Behavior
    7. International Finance
    8. GNMA Passthrough Securities
    9. Current Monetary Policy Research at the Federal Reserve Board
    10. Credit Unions: Theory, Empirical Evidence and Public Regulation
    11. American Finance Association
    12. Report of the Managing Editor of the Journal of Finance for 1980
    1. The Effect of Inflation on Stock Prices: International Evidence (pages 277–289)

      RICHARD A. COHN and DONALD R. LESSARD

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00440.x

    2. The Use of Volatility Measures in Assessing Market Efficiency (pages 291–304)

      ROBERT J. SHILLER

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00441.x

    3. DISCUSSION (pages 304–307)

      JOHN B. LONG JR.

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00442.x

    4. DISCUSSION (pages 307–311)

      JOHN LINTNER

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00443.x

  4. Empirical Tests of Multi- Factor Pricing Model

    1. Top of page
    2. Presidential Address
    3. The Allocation Role of the Stock Market
    4. Are Markets Efficient? Tests of Alternative Hypotheses
    5. Empirical Tests of Multi- Factor Pricing Model
    6. Impact of Regulation on Economic Behavior
    7. International Finance
    8. GNMA Passthrough Securities
    9. Current Monetary Policy Research at the Federal Reserve Board
    10. Credit Unions: Theory, Empirical Evidence and Public Regulation
    11. American Finance Association
    12. Report of the Managing Editor of the Journal of Finance for 1980
    1. The Arbitrage Pricing Theory: Some Empirical Results (pages 313–321)

      MARC R. REINGANUM

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00444.x

    2. Three Factors, Interest Rate Differentials and Stock Groups (pages 323–335)

      H. RUSSELL FOGLER, ROSE JOHN and JAMES TIPTON

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00445.x

    3. Treasury Bill Factors and Common Stock Returns (pages 337–350)

      GEORGE S. OLDFIELD JR. and RICHARD J. ROGALSKI

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00446.x

    4. DISCUSSION (pages 350–352)

      IRWIN FRIEND

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00447.x

    5. DISCUSSION (pages 352–353)

      M. J. BRENNAN

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00448.x

  5. Impact of Regulation on Economic Behavior

    1. Top of page
    2. Presidential Address
    3. The Allocation Role of the Stock Market
    4. Are Markets Efficient? Tests of Alternative Hypotheses
    5. Empirical Tests of Multi- Factor Pricing Model
    6. Impact of Regulation on Economic Behavior
    7. International Finance
    8. GNMA Passthrough Securities
    9. Current Monetary Policy Research at the Federal Reserve Board
    10. Credit Unions: Theory, Empirical Evidence and Public Regulation
    11. American Finance Association
    12. Report of the Managing Editor of the Journal of Finance for 1980
    1. Institutional Investors and Concentration of Financial Power: Berle and Means Revisited (pages 369–381)

      DONALD E. FARRAR and LANCE GIRTON

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00450.x

    2. Rate-of-Return Regulation and Utility Capital Structure Decisions (pages 383–393)

      ROBERT A. TAGGART JR.

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00451.x

    3. DISCUSSION (pages 393–395)

      A. W. SAMETZ

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00452.x

    4. DISCUSSION (pages 395–397)

      S. M. TINIC

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00453.x

    5. DISCUSSION (pages 397–399)

      R. S. BOWER

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00454.x

  6. International Finance

    1. Top of page
    2. Presidential Address
    3. The Allocation Role of the Stock Market
    4. Are Markets Efficient? Tests of Alternative Hypotheses
    5. Empirical Tests of Multi- Factor Pricing Model
    6. Impact of Regulation on Economic Behavior
    7. International Finance
    8. GNMA Passthrough Securities
    9. Current Monetary Policy Research at the Federal Reserve Board
    10. Credit Unions: Theory, Empirical Evidence and Public Regulation
    11. American Finance Association
    12. Report of the Managing Editor of the Journal of Finance for 1980
    1. The Effects of International Operations on the Market Value of the Firm: Theory and Evidence (pages 401–417)

      VIHANG R. ERRUNZA and LEMMA W. SENBET

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00455.x

    2. The Numeraire Problem and Foreign Exchange Risk (pages 419–426)

      MARK R. EAKER

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00456.x

    3. Corporate Exchange Risk Management: Theme and Aberrations (pages 427–439)

      RITA M. RODRIGUEZ

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00457.x

    4. DISCUSSION (pages 439–440)

      D. E. LOGUE

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00458.x

    5. DISCUSSION (pages 440–442)

      J. H. MAKIN

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00459.x

    6. DISCUSSION (pages 442–444)

      R. G. HAWKINS

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00460.x

  7. GNMA Passthrough Securities

    1. Top of page
    2. Presidential Address
    3. The Allocation Role of the Stock Market
    4. Are Markets Efficient? Tests of Alternative Hypotheses
    5. Empirical Tests of Multi- Factor Pricing Model
    6. Impact of Regulation on Economic Behavior
    7. International Finance
    8. GNMA Passthrough Securities
    9. Current Monetary Policy Research at the Federal Reserve Board
    10. Credit Unions: Theory, Empirical Evidence and Public Regulation
    11. American Finance Association
    12. Report of the Managing Editor of the Journal of Finance for 1980
    1. Futures Trading and Volatility in the GNMA Market (pages 445–456)

      STEPHEN FIGLEWSKI

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00461.x

    2. The Impact of the GNMA Pass-through Program on FHA Mortgage Costs (pages 457–469)

      DEBORAH G. BLACK, KENNETH D. GARBADE and WILLIAM L. SILBER

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00462.x

    3. A Comparison of Alternative Models for Pricing GNMA Mortgage-Backed Securities (pages 471–484)

      KENNETH B. DUNN and JOHN J. McCONNELL

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00463.x

    4. DISCUSSION (pages 484–486)

      DAVID P. SEIDERS

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00464.x

    5. DISCUSSION (pages 486–487)

      ANTHONY J. CURLEY

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00465.x

  8. Current Monetary Policy Research at the Federal Reserve Board

    1. Top of page
    2. Presidential Address
    3. The Allocation Role of the Stock Market
    4. Are Markets Efficient? Tests of Alternative Hypotheses
    5. Empirical Tests of Multi- Factor Pricing Model
    6. Impact of Regulation on Economic Behavior
    7. International Finance
    8. GNMA Passthrough Securities
    9. Current Monetary Policy Research at the Federal Reserve Board
    10. Credit Unions: Theory, Empirical Evidence and Public Regulation
    11. American Finance Association
    12. Report of the Managing Editor of the Journal of Finance for 1980
    1. The Impact of Uncertainty on the Feasibility of Humphrey-Hawkins Objectives (pages 489–496)

      P. TINSLEY, J. BERRY, G. FRIES, B. GARRETT, A. NORMAN, P. A. V. B. SWAMY and P. VON ZUR MUEHLEN

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00466.x

    2. New Concepts of Aggregated Money (pages 497–505)

      WILLIAM BARNETT, EDWARD OFFENBACHER and PAUL SPINDT

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00467.x

    3. Uncertainty in the Monetary Aggregates: Sources, Measurement and Policy Effects* (pages 507–515)

      DAVID A. PIERCE, DARREL W. PARKE, WILLIAM P. CLEVELAND and AGUSTIN MARAVALL

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00468.x

    4. DISCUSSION (pages 515–517)

      CHRISTOPHER A. SIMS

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00469.x

  9. Credit Unions: Theory, Empirical Evidence and Public Regulation

    1. Top of page
    2. Presidential Address
    3. The Allocation Role of the Stock Market
    4. Are Markets Efficient? Tests of Alternative Hypotheses
    5. Empirical Tests of Multi- Factor Pricing Model
    6. Impact of Regulation on Economic Behavior
    7. International Finance
    8. GNMA Passthrough Securities
    9. Current Monetary Policy Research at the Federal Reserve Board
    10. Credit Unions: Theory, Empirical Evidence and Public Regulation
    11. American Finance Association
    12. Report of the Managing Editor of the Journal of Finance for 1980
    1. CREDIT UNIONS: An Economic Theory of a Credit Union (pages 519–528)

      DONALD J. SMITH, THOMAS F. CARGILL and ROBERT A. MEYER

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00470.x

    2. Credit Union Structure, Growth and Regulatory Problems (pages 529–538)

      HAROLD BLACK and ROBERT H. DUGGER

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00471.x

    3. An Aggregate Model of the Credit Union Industry (pages 539–549)

      Frank J. Navratil

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00472.x

    4. DISCUSSION (pages 550–552)

      RICHARD L. PETERSON

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00473.x

    5. DISCUSSION (pages 552–554)

      CARL M. GAMBS

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00474.x

    6. DISCUSSION (pages 554–556)

      MARK J. FLANNERY

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00475.x

  10. American Finance Association

    1. Top of page
    2. Presidential Address
    3. The Allocation Role of the Stock Market
    4. Are Markets Efficient? Tests of Alternative Hypotheses
    5. Empirical Tests of Multi- Factor Pricing Model
    6. Impact of Regulation on Economic Behavior
    7. International Finance
    8. GNMA Passthrough Securities
    9. Current Monetary Policy Research at the Federal Reserve Board
    10. Credit Unions: Theory, Empirical Evidence and Public Regulation
    11. American Finance Association
    12. Report of the Managing Editor of the Journal of Finance for 1980
    1. AMERICAN FINANCE ASSOCIATION : Report of the Executive Secretary and Treasurer, November 30, 1980 (pages 557–559)

      Robert G. Hawkins

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00476.x

  11. Report of the Managing Editor of the Journal of Finance for 1980

    1. Top of page
    2. Presidential Address
    3. The Allocation Role of the Stock Market
    4. Are Markets Efficient? Tests of Alternative Hypotheses
    5. Empirical Tests of Multi- Factor Pricing Model
    6. Impact of Regulation on Economic Behavior
    7. International Finance
    8. GNMA Passthrough Securities
    9. Current Monetary Policy Research at the Federal Reserve Board
    10. Credit Unions: Theory, Empirical Evidence and Public Regulation
    11. American Finance Association
    12. Report of the Managing Editor of the Journal of Finance for 1980
    1. Report of the Managing Editor of the Journal of Finance for 1980 (pages 563–567)

      Article first published online: 30 APR 2012 | DOI: 10.1111/j.1540-6261.1981.tb00478.x

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