2003

Journal of Finance

1. A Generalization of the Brennan‐Rubinstein Approach for the Pricing of Derivatives, 2003, António Câmara
2. A Monte Carlo Method for Optimal Portfolios, 2003, Jérôme B. Detemple; Ren Garcia; Marcel Rindisbacher
3. An Empirical Analysis of Analysts' Target Prices: Short‐term Informativeness and Long‐term Dynamics, 2003, Alon Brav; Reuven Lehavy
4. Analyzing the Analysts: Career Concerns and Biased Earnings Forecasts, 2003, Harrison Hong; Jeffrey D. Kubik
5. Anticompetitive Financial Contracting: The Design of Financial Claims, 2003, Giacinta Cestone; Lucy White
6. Asset Pricing with Conditioning Information: A New Test, 2003, Kevin Q. Wang
7. Asset Trading Volume with Dynamically Complete Markets and Heterogeneous Agents, 2003, Kenneth L. Judd; Felix Kubler; Karl Schmedders
8. Book Review, 2003, Moshe A. Milevsky
9. Bookbuilding: How Informative Is the Order Book?, 2003, Francesca Cornelli; David Goldreich
10. Capital Gains, Dividend Yields, and Expected Inflation, 2003, Eugene A. Pilotte
11. Capital Structure and Financial Risk: Evidence from Foreign Debt Use in East Asia, 2003, George Allayannis; Gregory W. Brown; Leora F. Klapper
12. Clearly Irrational Financial Market Behavior: Evidence from the Early Exercise of Exchange Traded Stock Options, 2003, Allen M. Poteshman; Vitaly Serbin
13. Competition among Trading Venues: Information and Trading on Electronic Communications Networks, 2003, Michael J. Barclay; Terrence Hendershott; D. Timothy Mccormick
14. Convertible Securities and Venture Capital Finance, 2003, Klaus M. Schmidt
15. Corporate Board Composition, Protocols, and Voting Behavior: Experimental Evidence, 2003, Ann B. Gillette; Thomas H. Noe; Michael J. Rebello
16. Corporate Financing: An Artificial Agent‐based Analysis, 2003, Thomas H. Noe; Michael J. Rebello; Jun Wang
17. Cross‐Border Listings and Price Discovery: Evidence from U.S.‐Listed Canadian Stocks, 2003, Cheol S. Eun; Sanjiv Sabherwal
18. Currency Orders and Exchange Rate Dynamics: An Explanation for the Predictive Success of Technical Analysis, 2003, Carol L. Osler
19. Delegated Portfolio Management and Rational Prolonged Mispricing, 2003, Eitan Goldman; Steve L. Slezak
20. Divestitures and Divisional Investment Policies, 2003, Amy Dittmar; Anil Shivdasani
21. Dividend Taxes and Share Prices: Evidence from Real Estate Investment Trusts, 2003, William M. Getry; Deen Kemsley; Christopher J. Mayer
22. Do Price Discreteness and Transactions Costs Affect Stock Returns? Comparing Ex‐Dividend Pricing before and after Decimalization, 2003, John R. Graham; Roni Michaely; Michael R. Roberts
23. Do Spin‐offs Expropriate Wealth from Bondholders?, 2003, William F. Maxwell; Ramesh P. Rao
24. Does Shareholder Composition Matter? Evidence from the Market Reaction to Corporate Earnings Announcements, 2003, Edith S. Hotchkiss; Deon Strickland
25. DotCom Mania: The Rise and Fall of Internet Stock Prices, 2003, Eli Ofek; Matthew Richardson
26. Dynamic Asset Allocation with Event Risk, 2003, Jun Liu; Francis A. Longstaff; Jun Pan
27. Empirical Tests for Stochastic Dominance Efficiency, 2003, Thierry Post
28. Entrenchment and Severance Pay in Optimal Governance Structures, 2003, Andres Almazan; Javier Suarez
29. Equilibrium “Anomalies”, 2003, Michael F. Ferguson; Richard L. Shockley
30. Equity Volatility and Corporate Bond Yields, 2003, John Y. Campbell; Glen B. Taksler
31. Evaluation Periods and Asset Prices in a Market Experiment, 2003, Uri Gneezy; Arie Kapteyn; Jan Potters
32. Evidence of Information Spillovers in the Production of Investment Banking Services, 2003, Lawrence M. Benveniste; Alexander Ljungqvist; William J. Wilhelm; Xiaoyun Yu
33. Excessive Dollar Debt: Financial Development and Underinsurance, 2003, Ricardo J. Caballero; Arvind Krishnamurthy
34. Family Firms, 2003, Mike Burkart; Fausto Panunzi; Andrei Shleifer
35. Financial Development, Property Rights, and Growth, 2003, Stijn Claessens; Luc Laeven
36. Financial Distress and Bank Lending Relationships, 2003, Sandeep Dahiya; Anthony Saunders; Anand Srinivasan
37. Financing and Advising: Optimal Financial Contracts with Venture Capitalists, 2003, Catherine Casamatta
38. Fischer Black Prize for 2003, 2003, Raghuram G. Rajan
39. Founding‐Family Ownership and Firm Performance: Evidence from the S&P 500, 2003, Ronald C. Anderson; David M. Reeb
40. Good Day Sunshine: Stock Returns and the Weather, 2003, David Hirshleifer; Tyler Shumway
41. Hedging in the Possible Presence of Unspanned Stochastic Volatility: Evidence from Swaption Markets, 2003, Rong Fan; Anurag Gupta; Peter Ritchken
42. High‐Water Marks and Hedge Fund Management Contracts, 2003, William N. Goetzmann; Jonathan E. Ingersoll; Stephen A. Ross
43. How Investors Interpret Past Fund Returns, 2003, Anthony W. Lynch; David K. Musto
44. How Sensitive Is Investment to Cash Flow When Financing Is Frictionless?, 2003, Aydoḡan Alti
45. IPO Pricing in the Dot‐com Bubble, 2003, Alexander Ljungqvist; William J. Wilhelm
46. Idiosyncratic Risk Matters!, 2003, Amit Goyal; Pedro Santa‐Clara
47. Incentive Compensation When Executives Can Hedge the Market: Evidence of Relative Performance Evaluation in the Cross Section, 2003, Gerald Garvey; Todd Milbourn
48. Incentive Fees and Mutual Funds, 2003, Christopher R. Blake; Edwin J. Elton; Martin J. Gruber
49. Institutional Investors and Executive Compensation, 2003, Jay C. Hartzell; Laura T. Starks
50. Integration of Lending and Underwriting: Implications of Scope Economies, 2003, George Kanatas; Jianping Qi
51. Internal versus External Financing: An Optimal Contracting Approach, 2003, Roman Inderst; Holger M. Müller
52. Intraday Price Formation in U.S. Equity Index Markets, 2003, Joel Hasbrouck
53. Investment, Uncertainty, and Liquidity, 2003, Glenn W. Boyle; Graeme A. Guthrie
54. Investor Protection and Firm Liquidity, 2003, Paul Brockman; Dennis Y. Chung
55. Is the International Convergence of Capital Adequacy Regulation Desirable?, 2003, Viral V. Acharya
56. Long‐run Performance after Stock Splits: 1927 to 1996, 2003, Jinho Byun; Michael S. Rozeff
57. Managerial Incentives and Internal Capital Markets, 2003, Adolfo De Motta
58. Market Maker Quotation Behavior and Pretrade Transparency, 2003, Yusif Simaan; Daniel G. Weaver; David K. Whitcomb
59. Model Misspecification and Underdiversification, 2003, Raman Uppal; Tan Wang
60. Modeling Sovereign Yield Spreads: A Case Study of Russian Debt, 2003, Darrell Duffie; Lasse Heje Pedersen; Kenneth J. Singleton
61. Momentum Investing and Business Cycle Risk: Evidence from Pole to Pole, 2003, John M. Griffin; Xiuqing Ji; J. Spencer Martin
62. Momentum and Reversals in Equity‐Index Returns During Periods of Abnormal Turnover and Return Dispersion, 2003, Robert Connolly; Chris Stivers
63. New Evidence on the Market for Directors: Board Membership and Pennsylvania Senate Bill 1310, 2003, Jeffrey L. Coles; Chun‐Keung Hoi
64. Ownership Structure, Corporate Governance, and Firm Value: Evidence from the East Asian Financial Crisis, 2003, Michael L. Lemmon; Karl V. Lins
65. Performance Incentives within Firms: The Effect of Managerial Responsibility, 2003, Rajesh K. Aggarwal; Andrew A. Samwick
66. Presidential Address: Liquidity and Price Discovery, 2003, Maureen O'Hara
67. Pseudo Market Timing and the Long‐Run Underperformance of IPOs, 2003, Paul Schultz
68. Regulation Fair Disclosure and Earnings Information: Market, Analyst, and Corporate Responses, 2003, Warren Bailey; Haitao Li; Connie X. Mao; Rui Zhong
69. Risk Management with Derivatives by Dealers and Market Quality in Government Bond Markets, 2003, Narayan Y. Naik; Pradeep K. Yadav
70. Risk Reduction in Large Portfolios: Why Imposing the Wrong Constraints Helps, 2003, Ravi Jagannathan; Tongshu Ma
71. Role of Speculative Short Sales in Price Formation: The Case of the Weekend Effect, 2003, Honghui Chen; Vijay Singal
72. Rumors, 2003, Jos Van Bommel
73. S&P 500 Index Additions and Earnings Expectations, 2003, Diane K. Denis; John J. Mcconnell; Alexei V. Ovtchinnikov; Yun Yu
74. Shareholder Taxes in Acquisition Premiums: The Effect of Capital Gains Taxation, 2003, Benjamin C. Ayers; Craig E. Lefanowicz; John R. Robinson
75. Spurious Regressions in Financial Economics?, 2003, Wayne E. Ferson; Sergei Sarkissian; Timothy T. Simin
76. Stock Valuation and Learning about Profitability, 2003, Veronesi Pietro; Ľuboš Pástor
77. Tax‐Induced Trading of Equity Securities: Evidence from the ADR Market, 2003, Christopher B. Barry; Sandra Renfro Callaghan
78. The Behavior of Bid‐Ask Spreads and Volume in Options Markets during the Competition for Listings in 1999, 2003, Raymond P. H. Fishe; Patrick De Fontnouvelle; Jeffrey H. Harris
79. The Determinants of Underpricing for Seasoned Equity Offers, 2003, Shane A. Corwin
80. The Dynamics of Institutional and Individual Trading, 2003, John M. Griffin; Jeffrey H. Harris; Selim Topaloglu
81. The Finite Moment Log Stable Process and Option Pricing, 2003, Peter Carr; Liuren Wu
82. The Impact of Jumps in Volatility and Returns, 2003, Bjørn Eraker; Michael Johannes; Nicholas Polson
83. The Level and Persistence of Growth Rates, 2003, Louis K. C. Chan; Jason Karceski; Josef Lakonishok
84. The Presidential Puzzle: Political Cycles and the Stock Market, 2003, Pedro Santa‐Clara; Rossen Valkanov
85. The Quiet Period Goes out with a Bang, 2003, Daniel J. Bradley; Bradford D. Jordan; Jay R. Ritter
86. The Really Long‐Run Performance of Initial Public Offerings: The Pre‐Nasdaq Evidence, 2003, Paul A. Gompers; Josh Lerner
87. The Term Structure with Semi‐credible Targeting, 2003, Richard Bass; Heber Farnsworth
88. The Value Spread, 2003, Randolph B. Cohen; Christopher Polk; Tuomo Vuolteenaho
89. The Wealth Effects of Repurchases on Bondholders, 2003, William F. Maxwell; Clifford P. Stephens
90. Too Busy to Mind the Business? Monitoring by Directors with Multiple Board Appointments, 2003, Stephen P. Ferris; Murali Jagannathan; A. C. Pritchard
91. Trade Credit, Financial Intermediary Development, and Industry Growth, 2003, Raymond Fisman; Inessa Love
92. Value versus Glamour, 2003, Jennifer Conrad; Michael Cooper; Gautam Kaul
93. What Type of Process Underlies Options? A Simple Robust Test, 2003, Peter Carr; Liuren Wu
94. What if Trading Location Is Different from Business Location? Evidence from the Jardine Group, 2003, Kalok Chan; Allaudeen Hameed; Sie Ting Lau
95. Why Do Managers Diversify Their Firms? Agency Reconsidered, 2003, Rajesh K. Aggarwal; Andrew A. Samwick

Journal of Financial Economics

1. A barrier option framework for corporate security valuation, 2003, Paul Brockman; H. J. Turtle
2. A closing call's impact on market quality at Euronext Paris, 2003, Michael S. Pagano; Robert A. Schwartz
3. A multivariate model of strategic asset allocation, 2003, John Y. Campbell; Yeung Lewis Chan; Luis M. Viceira
4. Allocation of initial public offerings and flipping activity, 2003, Reena Aggarwal
5. Allocations, adverse selection, and cascades in IPOs: Evidence from the Tel Aviv Stock Exchange, 2003, Yakov Amihud; Shmuel Hauser; Amir Kirsh
6. An examination of own account trading by dual traders in futures markets, 2003, Sugato Chakravarty; Kai Li
7. Arbitrage risk and the book-to-market anomaly, 2003, Ashiq Ali; Lee-Seok Hwang; Mark A. Trombley
8. Boundaries of the firm: evidence from the banking industry, 2003, James A. Brickley; James S. Linck; Clifford Jr. Smith
9. Breaking up is hard to do? An analysis of termination fee provisions and merger outcomes, 2003, Thomas W. Bates; Michael L. Lemmon
10. CEO reputation and stock-based compensation, 2003, Todd T. Milbourn
11. Capital structure and product markets interactions: evidence from business cycles, 2003, Murillo Campello
12. Capital structure choice: macroeconomic conditions and financial constraints, 2003, Robert A. Korajczyk; Amnon Levy
13. China share issue privatization: the extent of its success, 2003, Qian Sun; Wilson H. S. Tong
14. Concealing and confounding adverse signals: insider wealth-maximizing behavior in the IPO process, 2003, James S. Ang; James C. Brau
15. Control as a motivation for underpricing: a comparison of dual and single-class IPOs, 2003, Scott B. Smart; Chad J. Zutter
16. Control benefits and CEO discipline in automatic bankruptcy auctions, 2003, B. Espen Eckbo; Karin S. Thorburn
17. Corporate governance and firm profitability: evidence from Korea before the economic crisis, 2003, Sung Wook Joh
18. Corrigendum to "Equilibrium and welfare in markets with financially constrained arbitrageurs" [J. Financial Economics 66 (2002) 361], 2003, Denis Gromb; Dimitri Vayanos
19. Cronyism and capital controls: evidence from Malaysia, 2003, Simon Johnson; Todd Mitton
20. Culture, openness, and finance, 2003, Rene M. Stulz; Rohan Williamson
21. Debtor-in-possession financing and bankruptcy resolution: Empirical evidence, 2003, Sandeep Dahiya; Kose John; Manju Puri; Gabriel Ramirez
22. Discounting and underpricing in seasoned equity offers, 2003, Oya Altinkilic; Robert S. Hansen
23. Divisional diversity and the conglomerate discount: evidence from spinoffs, 2003, Timothy R. Burch; Vikram Nanda
24. Do dealer firms manage inventory on a stock-by-stock or a portfolio basis?, 2003, Narayan Y. Naik; Pradeep K. Yadav
25. Do equity financing cycles matter? evidence from biotechnology alliances, 2003, Josh Lerner; Hilary Shane; Alexander Tsai
26. Dynamic derivative strategies, 2003, Jun Liu; Jun Pan
27. Earnings management and investor protection: an international comparison, 2003, Christian Leuz; Dhananjay Nanda; Peter D. Wysocki
28. Executive rank, pay and project selection, 2003, John M. Barron; Glen R. Waddell
29. Executive stock option repricing, internal governance mechanisms, and management turnover, 2003, N. K. Chidambaran; Nagpurnanand R. Prabhala
30. Finance, investment, and growth, 2003, Wendy Carlin; Colin Mayer
31. Firms and their distressed banks: lessons from the Norwegian banking crisis, 2003, Dag Michalsen; Steven Ongena; David C. Smith
32. Founding family ownership and the agency cost of debt, 2003, Ronald C. Anderson; Sattar A. Mansi; David M. Reeb
33. Governance and boards of directors in closed-end investment companies, 2003, Larry Y. Dann; Diane Del Guercio; M. Megan Partch
34. How do family strategies affect fund performance? When performance-maximization is not the only game in town, 2003, Massimo Massa
35. How much do firms hedge with derivatives?, 2003, Wayne Guay; S. P Kothari
36. Institutional trading and alternative trading systems, 2003, Jennifer Conrad; Kevin M. Johnson; Sunil Wahal
37. Law, endowments, and finance, 2003, Thorsten Beck; Asli Demirguc-Kunt; Ross Levine
38. Likelihood-based specification analysis of continuous-time models of the short-term interest rate, 2003, Garland B. Durham
39. Long-horizon regressions: theoretical results and applications, 2003, Rossen Valkanov
40. News related to future GDP growth as a risk factor in equity returns, 2003, Maria Vassalou
41. Paper millionaires: how valuable is stock to a stockholder who is restricted from selling it?, 2003, Matthias Kahl; Jun Liu; Francis A. Longstaff
42. Payment for order flow, 2003, Christine A. Parlour; Uday Rajan
43. Quote-based competition and trade execution costs in NYSE-listed stocks, 2003, Hendrik Bessembinder
44. Stock market driven acquisitions, 2003, Andrei Shleifer; Robert W. Vishny
45. Stock price reaction to news and no-news: drift and reversal after headlines, 2003, Wesley S. Chan
46. Style investing, 2003, Nicholas Barberis; Andrei Shleifer
47. Takeover bids and target directors' incentives: the impact of a bid on directors' wealth and board seats, 2003, Jarrad Harford
48. Termination fees in mergers and acquisitions, 2003, Micah S. Officer
49. Testing the pecking order theory of capital structure, 2003, Murray Z. Frank; Vidhan K. Goyal
50. The calendar structure of risk and expected returns on stocks and bonds, 2003, Joseph P. Ogden
51. The choice among bank debt, non-bank private debt, and public debt: evidence from new corporate borrowings, 2003, David J. Denis; Vassil T. Mihov
52. The economic value of volatility timing using "realized" volatility, 2003, Jeff Fleming; Chris Kirby; Barbara Ostdiek
53. The great reversals: the politics of financial development in the twentieth century, 2003, Raghuram G. Rajan; Luigi Zingales
54. The marketing role of IPOs: evidence from internet stocks, 2003, Elizabeth Demers; Katharina Lewellen
55. The maturity of debt issues and predictable variation in bond returns, 2003, Malcolm Baker; Robin Greenwood; Jeffrey Wurgler
56. The personal-tax advantages of equity, 2003, Richard C. Green; Burton Hollifield
57. The value of corporate voting rights and control: A cross-country analysis, 2003, Tatiana Nenova
58. Universal option valuation using quadrature methods, 2003, Ari D. Andricopoulos; Peter W. Duck; David P. Newton; Martin Widdicks
59. Valuation effects of bank financing in acquisitions, 2003, Anu Bharadwaj; Anil Shivdasani
60. Voting with their feet: institutional ownership changes around forced CEO turnover, 2003, Robert Parrino; Richard W. Sias; Laura T. Starks
61. Why does IPO volume fluctuate so much?, 2003, Michelle Lowry

Review of Financial Studies

1. A New Approach to Measuring Financial Contagion, 2003, Kee-Hong Bae; G. Andrew Karolyi; René M. Stulz
2. An Analysis of Covariance Risk and Pricing Anomalies, 2003, Tobias J. Moskowitz
3. Auctions vs. Bookbuilding and the Control of Underpricing in Hot IPO Markets, 2003, Franáois Derrien; Kent L. Womack
4. Cross-Subsidies, External Financing Constraints, and the Contribution of the Internal Capital Market to Firm Value, 2003, Matthew T. Billett
5. Debt Maturity and the Effects of Growth Opportunities and Liquidity Risk on Leverage, 2003, Shane A. Johnson
6. Delta-Hedged Gains and the Negative Market Volatility Risk Premium, 2003, Gurdip Bakshi; Nikunj Kapadia
7. Differences of Opinion, Short-Sales Constraints, and Market Crashes, 2003, Harrison Hong; Jeremy C. Stein
8. Dynamic Equilibrium with Liquidity Constraints, 2003, Jérôme Detemple; Angel Serrat
9. Employee Reload Options: Pricing, Hedging, and Optimal Exercise, 2003, Philip H. Dybvig; Mark Loewenstein
10. Equilibrium Investment Strategies and Output Price Behavior: A Real-Options Approach, 2003, Felipe L. Aguerrevere
11. Financial Development and Financing Constraints: International Evidence from the Structural Investment Model, 2003, Inessa Love
12. Fundamental Properties of Bond Prices in Models of the Short-Term Rate, 2003, Antonio Mele
13. Global Integration in Primary Equity Markets: The Role of U.S. Banks and U.S. Investors, 2003, Tim Jenkinson; William J. Wilhelm, Jr.; Alexander P. Ljungqvist
14. Greener Pastures and the Impact of Dynamic Institutional Preferences, 2003, James A. Bennett
15. Incomplete Consumption Risk Sharing and Currency Risk Premiums, 2003, Sergei Sarkissian
16. Informal Financial Networks: Theory and Evidence, 2003, Mark J. Garmaise
17. Information Technology and Financial Services Competition, 2003, Robert Hauswald; Robert Marquez
18. Institutional Liquidity Needs and the Structure of Monitored Finance, 2003, Andrew Winton
19. Liquidity-Based Competition for Order Flow, 2003, Christine A. Parlour; Duane J. Seppi
20. Managerial Compensation and the Market Reaction to Bank Loans, 2003, Andres Almazan; Javier Suarez
21. Market Making with Costly Monitoring: An Analysis of the SOES Controversy, 2003, Thierry Foucault; Ailsa Röell; Patrik Sandås
22. Nonlinear Mean Reversion in the Short-Term Interest Rate, 2003, Christopher S. Jones
23. Optimal Contracts in a Continuous-Time Delegated Portfolio Management Problem, 2003, Hui Ou-Yang
24. Order Preferencing and Market Quality on U.S. Equity Exchanges, 2003, Mark A. Peterson; Erik R. Sirri
25. Price Discovery and Trading After Hours, 2003, Michael J. Barclay
26. Raids, Rewards, and Reputations in the Market for Managerial Talent, 2003, C. Edward Fee
27. Real Flexibility and Financial Structure: An Empirical Analysis, 2003, Peter Mackay
28. Return Distributions and Improved Tests of Asset Pricing Models, 2003, Keith Vorkink
29. Risk Adjustment and Trading Strategies, 2003, Dong-Hyun Ahn; Jennifer Conrad; Robert F. Dittmar
30. Statistical Arbitrage and Securities Prices, 2003, Oleg Bondarenko
31. Stochastic Discount Factor Bounds with Conditioning Information, 2003, Wayne E. Ferson; Andrew F. Siegel
32. Stock Return Characteristics, Skew Laws, and the Differential Pricing of Individual Equity Options, 2003, Gurdip Bakshi; Nikunj Kapadia; Dilip Madan
33. Taxes and Corporate Finance: A Review, 2003, John R. Graham
34. Term Structure Dynamics in Theory and Reality, 2003, Qiang Dai; Kenneth Singleton
35. The Design of Financial Policies in Corporate Spin-offs, 2003, Vikas Mehrotra
36. The Role of Lockups in Initial Public Offerings, 2003, Alon Brav; Paul A. Gompers
37. The Role of Trading Halts in Monitoring a Specialist Market, 2003, Roger Edelen; Simon Gervais
38. Underwriter Certification and Japanese Seasoned Equity Issues, 2003, John W. Cooney; Hideaki Kiyoshi Kato; James S. Schallheim

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