# Cambridge University Press

# Journal of Financial and Quantitative Analysis

Postal: Cambridge University Press, UPH, Shaftesbury Road, Cambridge CB2 8BS UK

Web page: http://journals.cambridge.org/jid_JFQ

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Web page: http://journals.cambridge.org/jid_JFQ

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### 1986, Volume 21, Issue 03

**279-292 Bayes-Stein Estimation for Portfolio Analysis***by*Jorion, Philippe**293-305 An Empirical Bayes Approach to Efficient Portfolio Selection***by*Frost, Peter A. & Savarino, James E.**307-321 A Shifting Regimes Approach to the Stationarity of the Market Model Parameters of Individual Securities***by*Hays, Patrick A. & Upton, David E.**323-333 SEC Trading Suspensions: Empirical Evidence***by*Howe, John S. & Schlarbaum, Gary G.**335-341 Skewness Persistence in Common Stock Returns***by*Singleton, J. Clay & Wingender, John**343-349 Interpreting Common Stock Returns around Proxy Statement Disclosures and Annual Shareholder Meetings***by*Brickley, James A.**351-359 Corporate Taxation and Leasing***by*Heaton, Hal

### 1986, Volume 21, Issue 02

**115-129 The Relationship between the Level of Capital Expenditures and Firm Value***by*Trueman, Brett**131-144 Evidence on the Impact of the Agency Costs of Debt on Corporate Debt Policy***by*Kim, Wi Saeng & Sorensen, Eric H.**145-160 Valuation of Foreign Currency Options: Some Empirical Tests***by*Shastri, Kuldeep & Tandon, Kishore**161-180 Market Line Deviations and Market Anomalies with Reference to Small and Large Firms***by*Korkie, Bob**181-196 The Effect of Management's Choice between Negotiated and Competitive Equity Offerings on Shareholder Wealth***by*Bhagat, Sanjai**197-208 Corporate Bond Price Data Sources and Return/Risk Measurement***by*Nunn, Kenneth P. & Hill, Joanne & Schneeweis, Thomas**209-220 Testing for Nonstationarity of Market Risk: An Exact Test and Power Considerations***by*Simonds, Richard R. & LaMotte, Lynn Roy & McWhorter, Archer**221-227 A Nonparametric, Distribution-Free Test for Serial Independence in Stock Returns***by*Ashley, Richard A. & Patterson, Douglas M.**229-233 An Analytic Approximation for the American Put Price for Options on Stocks with Dividends***by*Blomeyer, Edward C.**235-237 On the Equality of Two Lower Bounds on the Call Price: A Note***by*Sachdeva, Kanwal

### 1986, Volume 21, Issue 01

**1-25 Stock Exchange Listings, Firm Value, and Security Market Efficiency: The Impact of NASDAQ***by*Sanger, Gary C. & McConnell, John J.**27-38 Measuring Abnormal Performance: The Event Parameter Approach Using Joint Generalized Least Squares***by*Malatesta, Paul H.**39-46 Cross-Security Tests of the Mixture of Distributions Hypothesis***by*Harris, Lawrence**47-58 The Information Content of Dividends: A Signalling Approach***by*Bar-Yosef, Sasson & Huffman, Lucy**59-71 Some Observations on Capital Structure and the Impact of Recent Recapitalizations on Share Prices***by*Litzenberger, Robert H.**73-86 The Valuation of a Random Number of Put Options: An Application to Agricultural Price Supports***by*Marcus, Alan J. & Modest, David M.**87-94 Floating Rate Securities and Immunization: Some Further Results***by*Morgan, George Emir**95-106 Refunding Discounted Debt: A Clarifying Analysis***by*Finnerty, John D.**107-114 On the Listing of Corporate Debt: A Note***by*Boardman, Calvin M. & Dark, Frederick H. & Lease, Ronald C.

### 1985, Volume 20, Issue 04

**391-405 The Determinants of Firms' Hedging Policies***by*Smith, Clifford W. & Stulz, René M.**407-422 Differential Information and Security Market Equilibrium***by*Barry, Christopher B. & Brown, Stephen J.**423-434 Economic Events, Information Structure, and the Return-Generating Process***by*Damodaran, Aswath**435-450 Efficiency Analysis and Option Portfolio Selection***by*Booth, James R. & Tehranian, Hassan & Trennepohl, Gary L.**451-459 Market Timing and Risk Reduction***by*Pfeifer, Phillip E.**461-478 Predicting Tender Offer Success: A Logistic Analysis***by*Walkling, Ralph A.**479-499 Debt Policy and the Rate of Return Premium to Leverage***by*Kane, Alex & Marcus, Alan J. & McDonald, Robert L.**501-515 The Application of Errors-in-Variables Methodology to Capital Market Research: Evidence on the Small-Firm Effect***by*Booth, James R. & Smith, Richard L.**517-523 Portfolio Serial Correlation and Nonsynchronous Trading***by*Perry, Philip R.

### 1985, Volume 20, Issue 03

**277-297 The Market for Managerial Labor Services and Capital Market Equilibrium***by*Campbell, Tim S. & Kracaw, William A.**299-313 Arbitrage Equilibrium with Skewed Asset Returns***by*Barone-Adesi, Giovanni**315-334 An Examination of Event Dependency and Structural Change in Security Pricing Models***by*Brown, Keith C. & Lockwood, Larry J. & Lummer, Scott L.**335-351 Daily Cash Forecasting and Seasonal Resolution: Alternative Models and Techniques for Using the Distribution Approach***by*Miller, Tom W. & Stone, Bernell K.**353-369 Simple Optimal Policy for Cash Management: The Average Balance Requirement Case***by*Vickson, R. G.**371-379 The Impact of Financial Futures on the Cash Market for Treasury Bills***by*Simpson, W. Gary & Ireland, Timothy C.**381-384 On the Necessary Condition for Linear Sharing and Separation: A Note***by*Huang, Chi-fu & Litzenberger, Robert**385-389 On Mergers, Divestments, and Options: A Note***by*Sarig, Oded H.

### 1985, Volume 20, Issue 02

**127-149 Forecasting Systematic Risk: Estimates of “Raw” Beta that Take Account of the Tendency of Beta to Change and the Heteroskedasticity of Residual Returns***by*Fisher, Lawrence & Kamin, Jules H.**151-168 Conditioning the Return-Generating Process on Firm-Specific Events: A Discussion of Event Study Methods***by*Thompson, Rex**169-172 Introduction to Japanese Finance: Markets, Institutions, and Firms***by*Higgins, Robert C.**173-191 Some Aspects of Japanese Corporate Finance***by*Hodder, James E. & Tschoegl, Adrian E.**193-210 Recent Developments of Interdealer Brokerage in the Japanese Secondary Bond Markets***by*Maru, Junko & Takahashi, Toshiharu**211-229 Implicit Contracts in the Japanese Bank Loan Market***by*Osano, Hiroshi & Tsutsui, Yoshiro**231-241 Valuation of Underwriting Agreements for Raising Capital in the Japanese Capital Market***by*Kunimura, Michio & Iihara, Yoshio**243-260 Seasonal and Size Anomalies in the Japanese Stock Market***by*Kato, Kiyoshi & Schallheim, James S.**261-272 Patterns in Japanese Common Stock Returns: Day of the Week and Turn of the Year Effects***by*Jaffe, Jeffrey & Westerfield, Randolph**273-276 Data Sources for Research in Japanese Finance***by*Roehl, Tom

### 1985, Volume 20, Issue 01

**1-17 A Comparison of the Information Content of Insider Trading and Management Earnings Forecasts***by*Penman, Stephen H.**19-27 The Effect of Forward Markets on the Debt-Equity Mix of Investor Portfolios and the Optimal Capital Structure of Firms***by*Titman, Sheridan**29-44 Inflation, the Interest Rate, and the Required Return on Equity***by*Jaffe, Jeffrey F.**45-71 Valuation by Approximation: A Comparison of Alternative Option Valuation Techniques***by*Geske, Robert & Shastri, Kuldeep**73-94 Explanations for the Instability of Equity Beta: Risk-Free Rate Changes and Leverage Effects***by*DeJong, Douglas V. & Collins, Daniel W.**95-105 The Relative Tax Benefits of Alternative Call Features in Corporate Debt***by*Brick, Ivan E. & Wallingford, Buckner A.**107-117 Lifting the Lid on Closed-End Investment Companies: A Case of Abnormal Returns***by*Brickley, James A. & Schallheim, James S.**119-122 On the Geometric Mean Index: A Note***by*Brennan, Michael J. & Schwartz, Eduardo S.**123-126 Interest Rate Sensitivity in the Common Stocks of Financial Intermediaries: A Methodological Note***by*Giliberto, Michael

### 1984, Volume 19, Issue 04

**351-363 Professional Expectations: Accurary and Diagonosis of Errors***by*Elton, Edwin J. & Gruber, Martin J. & Gultekin, Mustafa N.**365-373 Currency Risk and Relative Price Risk***by*Shapiro, Alan C.**375-393 Unbiased Estimators of Long-Run Expected Returns Revisited***by*Cheng, Pao L.**395-402 On Information Dissemination and Equilibrium Asset Prices: A Note***by*Jennings, Robert H. & Barry, Christopher B.**403-412 On Measuring the Risk of Common Stocks Implied by Options Prices: A Note***by*Brenner, Menachem & Galai, Dan**413-424 A Two-Factor Model of the Term Structure: An Approximate Analytical Solution***by*Schaefer, Stephen M. & Schwartz, Eduardo S.**425-448 The Effects of Inflation and Income Taxes on Interest Rates: Some New Evidence***by*Yun, Young-Sup**449-466 Size and Earnings/Price Ratio Anomalies: One Effect or Two?***by*Cook, Thomas J. & Rozeff, Michael S.**467-483 Pricing Municipal Debt***by*Robbins, Edward Henry

### 1984, Volume 19, Issue 03

**233-252 A New Approach to Estimation of the Term Structure of Interest Rates***by*Chambers, Donald R. & Carleton, Willard T. & Waldman, Donald W.**253-269 Pitfalls in Smoothing Interest Rate Term Structure Data: Equilibrium Models and Spline Approximations***by*Shea, Gary S.**271-285 A Pure Financial Explanation for Trade Credit***by*Emery, Gary W.**287-298 Consumption Basket, Exchange Risk, and Asset Demand***by*Choi, Jongmoo Jay**299-310 Firm Size and the Informational Content of Financial Statements***by*Zeghal, Daniel**311-328 Difference Equation Solutions to the Valuation of Lease Contracts***by*Steele, Anthony**329-338 Gini's Mean Difference and Portfolio Selection: An Empirical Evaluation***by*Bey, Roger P. & Howe, Keith M.**339-350 The Transactions Velocity of Money and Its Efficiency***by*Sweeney, R. J.

### 1984, Volume 19, Issue 02

**127-140 Optimal Hedging Policies***by*Stulz, René M.**141-162 On the Adequacy of Bank Capital Regulation***by*Morgan, George Emir**163-181 Repurchase Tender Offers, Signaling, and Managerial Incentives***by*Vermaelen, Theo**183-195 SEC Rule 415: The Ultimate Competitive Bid***by*Kidwell, David S. & Marr, M. Wayne & Thompson, G. Rodney**197-216 An Examination of Investor Behavior during Periods of Large Dividend Changes***by*Dielman, Terry E. & Oppenheimer, Henry R.**217-230 The Stationarity of the Conditional Mean of Real Rates of Return on Common Stocks: An Empirical Investigation***by*Scott, Louis O.**231-232 The Valuation of Corporate Liabilities as Compound Options: A Correction***by*Geske, Robert & Johnson, H. E.

### 1984, Volume 19, Issue 01

**1-10 On the Robustness of the Roll and Ross Arbitrage Pricing Theory***by*Cho, D. Chinhyung & Elton, Edwin J. & Gruber, Martin J.**11-28 The Behavior of Stock Returns: Is It Stationary or Evolutionary?***by*Hsu, D. A.**29-44 Market Resolution and Valuation in Incomplete Markets***by*John, Kose**45-57 The Impact of the Degrees of Operating and Financial Leverage on Systematic Risk of Common Stock***by*Mandelker, Gershon N. & Rhee, S. Ghon**59-72 Dividends and Debt under Alternative Tax Systems***by*Fung, William K. H. & Theobald, Michael F.**73-82 Refunding Noncallable Debt***by*Emery, Douglas R. & Lewellen, Wilbur G.**83-99 Risk-Adjusted Values, Timing of Uncertainty Resolution, and the Measurement of Project Worth***by*Bernhard, Richard H.**101-112 A Risk-Return Measure of Hedging Effectiveness***by*Howard, Charles T. & D'Antonio, Louis J.**113-126 Alternative Mortgage Instruments, the Tilt Problem, and Consumer Welfare***by*Alm, James & Follain, James R.

### 1983, Volume 18, Issue 04

**411-424 Mean-Variance Utility Functions and the Demand for Risky Assets: An Empirical Analysis Using Flexible Functional Forms***by*Aivazian, Varouj A. & Callen, Jeffrey L. & Krinsky, Itzhak & Kwan, Clarence C. Y.**425-437 The Modigliani-Miller Leverage Equation Considered in a Product Market Context***by*Alberts, William W. & Hite, Gailen L.**439-453 A Reexamination of the Empirical Relationship between Investment and Financing Decisions***by*Peterson, Pamela P. & Benesh, Gary A.**455-461 On Estimates of Long-Run Rates of Return: A Note***by*Hasbrouck, Joel**463-470 On Bond Ratings and Pension Obligations: A Note***by*Martin, Linda J. & Henderson, Glenn V.**471-476 On the Estimation Risk in First-Order Stochastic Dominance: A Note***by*Stein, William & Pfaffenberger, Roger & Kumar, P. C.**477-497 Expectations of Real Interest Rates and Aggregate Consumption: Empirical Tests***by*Ferson, Wayne E.**499-516 Fixed Rate Loan Commitments, Take-Down Risk, and the Dynamics of Hedging with Futures***by*Ho, Thomas S. Y. & Saunders, Anthony**517-531 Bond Price Dynamics and Options***by*Ball, Clifford A. & Torous, Walter N.**533-545 The Role of Cash Balances in Firm Valuation***by*Morris, James R.**547-572 An Empirical Test of the Redistribution Effect in Pure Exchange Mergers***by*Eger, Carol Ellen

### 1983, Volume 18, Issue 03

**269-278 Nonparametric Tests of Models of Investor Behavior***by*Varian, Hal R.**279-285 The Use of Risk and Return Models for Multiattribute Decisions with Decomposable Utilities***by*Yilmaz, Mustafa R.**287-293 Geometric Mean Approximations***by*Jean, William H. & Helms, Billy P.**295-305 On Optimal Asset Abandonment and Replacement***by*Howe, Keith M. & McCabe, George M.**307-317 Assumption Financing and Selling Price of Single-Family Homes***by*Sirmans, G. Stacy & Smith, Stanley D. & Sirmans, C. F.**319-329 Functional Forms and the Capital Asset Pricing Model***by*McDonald, Bill**331-343 Negotiated Brokerage Commissions and the Individual Investor***by*Blum, Gerald A. & Lewellen, Wilbur G.**345-354 Comparative Performance of the Black-Scholes and Roll-Geske-Whaley Option Pricing Models***by*Sterk, William E.**355-363 A Dynamic Global Portfolio Immunization Strategy in the World of Multiple Interest Rate Changes: A Dynamic Immunization and Minimax Theorem***by*Khang, Chulsoon**365-380 Floating Rate Notes and Immunization***by*Chance, Don M.**381-399 The Impact of the New York City Fiscal Crisis on the Interest Cost of New Issue Municipal Bonds***by*Kidwell, David S. & Trzcinka, Charles A.**401-410 An Analysis of the Performance of Publicly Traded Venture Capital Companies***by*Martin, John D. & Petty, J. William

### 1983, Volume 18, Issue 02

**149-162 Abnormal Returns from Merger Profiles***by*Wansley, James W. & Roenfeldt, Rodney L. & Cooley, Philip L.**163-173 Market Responses to Dividend Increases and Changes in Payout Ratios***by*Divecha, Arjun & Morse, Dale**175-188 A Mechanism for the Allocation of Corporate Investment***by*Arzac, Enrique R.**189-197 Statistical Inference in Two-Parameter Portfolio Theory with Multiple Regression Software***by*Jobson, J. D. & Korkie, Bob**199-209 The Analytic Relationship between Intervaling and Nontrading Effects in Continuous Time***by*Theobald, Michael**211-221 More Evidence on the Nature of the Distribution of Security Returns***by*Perry, Philip R.**223-227 On the Use of a Covariance Function in a Portfolio Model***by*Dalal, Ardeshir J.**229-256 Costly Information Production Equilibria in the Bank Credit Market with Applications to Credit Rationing***by*Thakor, Anjan V. & Callaway, Richard**257-268 Capital Market Equilibrium with Divergent Investment Horizon Length Assumptions***by*Gilster, John E.

### 1983, Volume 18, Issue 01

**1-19 Information Dissemination and Portfolio Choice***by*Jennings, Robert H. & Barry, Christopher B.**21-30 On the Asset Substitution Problem***by*Gavish, Bezalel & Kalay, Avner**31-52 General Factor Models and the Structure of Security Returns***by*Kryzanowski, Lawrence & To, Minh Chau**53-65 A Simplified Jump Process for Common Stock Returns***by*Ball, Clifford A. & Torous, Walter N.**67-85 Market Model Stationarity of Individual Public Utilities***by*Bey, Roger P.**87-111 Intra-Industry Effects of the Accident at Three Mile Island***by*Bowen, Robert M. & Castanias, Richard P. & Daley, Lane A.**113-123 Immunization Strategies for Funding Multiple Liabilities***by*Bierwag, G. O. & Kaufman, George G. & Toevs, Alden**125-140 A Canonical Correlation Analysis of Commercial Bank Asset/Liability Structures***by*Simonson, Donald G. & Stowe, John D. & Watson, Collin J.**141-148 An Analytic Approximation for the American Put Price***by*Johnson, H. E.

### 1982, Volume 17, Issue 05

**649-662 Rational Expectations and the Impact of Money upon Stock Prices***by*Sorensen, Eric H.**663-681 The Monetary Impact on Return Variability and Market Risk Premia***by*Klemkosky, Robert C. & Jun, Kwang W.**683-695 Optimal Sequential Futures Trading***by*Baesel, Jerome & Grant, Dwight**697-703 A More Accurate Finite Difference Approximation for the Valuation of Options***by*Courtadon, Georges**705-725 Capital Accumulation and Deposit Pricing in Mutual Financial Institutions***by*Deshmukh, Sudhakar D. & Greenbaum, Stuart I. & Thakor, Anjan V.**727-739 Risk in International Banking***by*Shapiro, Alan C.**741-762 Investment in Developed and Less Developed Countries***by*Errunza, Vihang R. & Rosenberg, Barr**763-782 Mean-Lower Partial Moment Asset Pricing Model: Some Empirical Evidence***by*Nantell, Timothy J. & Price, Kelly & Price, Barbara**783-797 A Generalization of the CAPM Based on a Property of the Covariance Operator***by*Losq, Etienne & Chateau, John Peter D.**799-813 The Effect of Changing Expectations upon Stock Returns***by*Peterson, David & Peterson, Pamela

### 1982, Volume 17, Issue 04

**471-500 Empirical Evidence on Dividends as a Signal of Firm Value***by*Eades, Kenneth M.**501-502 Discussion: Empirical Evidence on Dividends as a Signal of Firm Value***by*Brickley, James A.**503-532 Moral Hazard, Agency Costs, and Asset Prices in a Competitive Equilibrium***by*Ramakrishnan, Ram T. S. & Thakor, Anjan V.**533-554 Further Results on the Constant Elasticity of Variance Call Option Pricing Model***by*Emanuel, David C. & MacBeth, James D.**555-574 The Impossibility of Efficient Decision Rules for Firms in Competitive Stock Market Economies***by*Forsythe, Robert & Suchanek, Gerry L.**575-577 Discussion: The Impossibility of Efficient Decision Rules for Firms in Competitive Stock Market Economies***by*Stewart, Samuel S.**579-602 Timing Decisions and the Behavior of Mutual Fund Systematic Risk***by*Alexander, Gordon J. & Benson, P. George & Eger, Carol E.**603-631 Multiperiod Pension Plans and ERISA***by*Langetieg, T. C. & Findlay, M. C. & da Motta, L. F. J.**633-635 Discussion: Multiperiod Pension Plans and ERISA***by*Kahn, Linda M.**643-647 Report of the Program Chairperson***by*Dyl, Edward A.

### 1982, Volume 17, Issue 03

**301-329 An Equilibrium Model of Bond Pricing and a Test of Market Efficiency***by*Brennan, Michael J. & Schwartz, Eduardo S.**331-340 Growth and Risk***by*Senbet, Lemma W. & Thompson, Howard E.**341-361 Agency Theory and Stochastic Dominance***by*Hughes, John S.**363-389 Systematic Risk and the Firm's Experimental Strategy***by*Harpaz, Giora & Thomadakis, Stavros B.**391-409 Measuring Portfolio Risk in Options***by*Sears, R. Stephen & Trennepohl, Gary L.**411-424 The Decision to Establish a Foreign Bank Branch or Subsidiary: An Application of Binary Classification Procedures***by*Ball, Clifford A. & Tschoegl, Adrian E.**425-440 Investment Decisions under Uncertainty: Application of Estimation Risk in the Hillier Approach***by*Chen, Son-Nan & Moore, William T.**441-449 On Valuation, Beta, and the Cost of Equity Capital: A Note***by*Yagill, Joe**451-457 Fixed Rate or Index-Linked Mortgages from the Borrower's Point of View: A Note***by*Statman, Meir

### 1982, Volume 17, Issue 02

**147-178 Capital Structure and the Financing of the Multinational Corporation: A Fractional Multiobjective Approach***by*Kornbluth, Jonathan S. H. & Vinso, Joseph D.**179-193 The Pricing of Municipal Bonds***by*Livingston, Miles**195-208 On the Seasoning Process of New Bonds: Some Are More Seasoned than Others***by*Sorensen, Eric H.**209-216 The Effects of Interest-Bearing Required Reserves on Bank Portfolio Riskiness***by*Mitchell, Douglas W.**217-226 An Empirical Comparison of Stochastic Dominance among Lognormal Prospects***by*Tehranian, Hassan & Helms, Billy P.**227-240 Alternative Multivariate Tests in Limited Dependent Variable Models: An Empirical Assessment***by*Ingram, F. Jerry & Frazier, Emma L.**241-263 Tracking Asset Volatility By Means of a Bayesian Switching Regression***by*Mehta, Cyrus R. & Beranek, William**265-286 An Examination of Risk-Return Relationship in Bull and Bear Markets Using Time-Varying Betas***by*Chen, Son-Nan**287-300 Correct Procedures for the Evaluation of Risky Cash Outflows***by*Booth, Laurence D.

### 1982, Volume 17, Issue 01

**1-14 Optimal Consumption and Portfolio Strategies in a Discrete-Time Model with Summary-Dependent Preferences***by*Bodily, Samuel E. & White, Chelsea C.**15-25 Skewness Preference and Portfolio Choice***by*Kane, Alex**27-36 More on Beta as a Random Coefficient***by*Alexander, Gordon J. & Benson, P. George**37-61 Tests of the Random Walk Hypothesis Against a Price-Trend Hypothesis***by*Taylor, Stephen J.**63-73 Asset Pricing Models When the Number of Securities Held is Constrained: A Comparison and Reconciliation of the Mao and Levy Models***by*Kryzanowski, Lawrence & Chau, To Minh**75-100 The Pricing of Options on Default-Free Bonds***by*Courtadon, Georges**101-113 Lower Bounds on Portfolio Performance: An Extension of the Immunization Strategy***by*Marshall, William J. & Yawitz, Jess B.**115-127 The Impact of Yield Changes on the Systematic Risk of Bonds***by*Rao, Ramesh K. S.**129-137 Investor Response to Suggested Criteria for the Selection of Mutual Funds***by*Woerheide, Walt

### 1981, Volume 16, Issue 05

**639-650 Global Purchasing Power View of Exchange Risk***by*Eun, Cheol S.**651-669 Projecting Debt Servicing Capacity of Developing Countries***by*Feder, Gershon & Just, Richard & Ross, Knud**671-683 A Utility Theoretic Basis for “Generalized” Mean-Coefficient of Variation (MCV) Analysis***by*Shrieves, Ronald E. & Wachowicz, John M.**685-702 Systematic Variation in Yield Spreads for Tax-Exempt General Obligation Bonds***by*Benson, Earl D. & Kidwell, David S. & Koch, Timothy W. & Rogowski, Robert J.**703-724 Informational Differences Between Limit and Market Orders for a Market Maker***by*Conroy, Robert M. & Winkler, Robert L.**725-746 Self-Selection and the Pricing of Bank Services: an Analysis of the Market for Loan Commitments and the Role of Compensating Balance Requirements***by*James, Christopher**747-757 Beta Stationarity and Estimation Period: Some Analytical Results***by*Theobald, Michael**759-764 A Determination of the Risk of Ruin: Comment***by*Cogger, Kenneth O. & Emery, Gary W.**765-772 A Determination of The Risk of Ruin: Reply***by*Vinso, Joseph D.**773-777 Taxation and Bond Market Equilibrium in a World of Uncertain Future Interest Rates: Comment***by*Schaefer, Stephen M.**779-781 Taxation and Bond Market Equilibrium in a World of Uncertain Future Interest Rates: Reply***by*Livingston, Miles

### 1981, Volume 16, Issue 04

**413-435 Asymmetric Information, Signaling, and Optimal Corporate Financial Decisions***by*Talmor, Eli**437-438 Discussion: Asymmetric Information, Signaling, and Optimal Corporate Financial Decisions***by*Sick, Gordon**439-462 A New Empirical Perspective on the CAPM***by*Reinganum, Marc R.**463-476 The Informational Effects of Restrictions on Short Sales: Some Empirical Evidence***by*Figlewski, Stephen**477-492 Sorting Equilibria in Financial Markets: The Incentive Problem***by*Campbell, Tim S. & Kracaw, William A.**493-494 Discussion: Sorting Equilibria in Financial Markets: The Incentive Problem***by*Heinkel, Robert