American Finance Association Back Matter Source: The Journal of Finance, Vol. 54, No. 1 (Feb., 1999), pp. 429-434 Published by: Wiley for the American Finance Association Stable URL: http://www.jstor.org/stable/222425 . Accessed: 08/05/2014 23:24 Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at . http://www.jstor.org/page/info/about/policies/terms.jsp . JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact [email protected]. . Wiley and American Finance Association are collaborating with JSTOR to digitize, preserve and extend access to The Journal of Finance. http://www.jstor.org This content downloaded from 169.229.32.137 on Thu, 8 May 2014 23:24:01 PM All use subject to JSTOR Terms and Conditions
Transcript
American Finance Association
Back MatterSource: The Journal of Finance, Vol. 54, No. 1 (Feb., 1999), pp. 429-434Published by: Wiley for the American Finance AssociationStable URL: http://www.jstor.org/stable/222425 .
Accessed: 08/05/2014 23:24
Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at .http://www.jstor.org/page/info/about/policies/terms.jsp
.JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range ofcontent in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new formsof scholarship. For more information about JSTOR, please contact [email protected].
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Wiley and American Finance Association are collaborating with JSTOR to digitize, preserve and extend accessto The Journal of Finance.
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THE JOURNAL OF FINANCE * VOL. LIV, NO. 1 * FEBRUARY 1999
MISCELLANEA
The following articles have been accepted for publication in The Journal of Finance and are scheduled to appear in the April 1999 issue. Abstracts of all upcoming articles and some full text articles are available on the World Wide Web which can be accessed through browsers such as Internet Ex- plorer and Netscape Navigator. If you have a copy of one of these browsers and access to the Internet you can access the Journal homepage, includ- ing abstracts, at the following address:
Clifford G. Holderness, Randall S. Kroszner, and Dennis P. Sheehan, "Were the Good Old Days that Good? Changes in Managerial Stock Ownership Since the Great Depression," Boston College, University of Chicago, and Pennsylvania State University.
Rafael La Porta, Florencio Lopez-de-Silanes, and Andrei Shleifer, "Corporate Ownership Around the World," Harvard University.
Gerald T. Garvey and Gordon Hanka, "Capital Structure and Corporate Con- trol: The Effect of Antitakeover Statutes on Firm Leverage," University of British Columbia and Pennsylvania State University.
Assem Safieddine and Sheridan Titman, "Leverage and Corporate Perfor- mance: Evidence from Unsuccessful Takeovers," Michigan State Univer- sity and University of Texas at Austin.
Russ Wermers, "Mutual Fund Herding and the Impact on Stock Prices," University of Colorado at Boulder.
David A. Marshall and Nayan G. Parekh, "Can Costs of Consumption Ad- justment Explain Asset Pricing Puzzles?," Federal Reserve Bank of Chi- cago and Bear, Stearns & Co. Inc.
Mark Britten-Jones, "The Sampling Error in Estimates of Mean-Variance Efficient Portfolio Weights," London Business School.
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University of Pennsylvania - Wharton Steinberg-Dietrich Hall, Suite 2300 AFA Program (215) 898-3629 w Philadelphia, PA 19104-6367 (215) 573-2207 f
EASTERN FINANCE ASSOCIATION Dates: April 14-17, 1999 Abstracts due: Place: Miami Beach, Florida 09-04-98
Weston Resort Hotel (http://www.pitt.edu/-ksl112354/efa.html)
Program: Kuldeep Shastri ([email protected]) EFA Program Chair Katz Graduate School of Business Univ. Pittsburgh - 340 Mervis Hall (412) 648-1708 w Pittsburgh, PA 15260 (412) 648-1693 f
EUROPEAN FINANCE ASSOCIATION Dates: August 25-28, 1999 Abstracts due: Place: Helsinki, Finland 03-01-99
(http://www.econ.kuleuven.ac.be/efa/efapage.htm) Program: Minna Martikainen ([email protected])
LTT-Research Ltd. PO Box 1210 00101 Helsinki 358 50 3532032 w FINLAND 358 9 408417 f
FINANCIAL MANAGEMENT ASSOCIATION Dates: October 6-9, 1999 Abstracts due: Place: Orlando, Florida 01-15-99
Marriott World Center (http://www.fma.org) Program: Andrew Chen ([email protected])
c/o FMA International College of Business Administration University of South Florida (813) 974-2084 o Tampa, Florida 33620-5500 (813) 974-3318 f
431
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Casa Marina Hotel (http://www.southernfinance.org/)
Program: Bradford Jordan ([email protected]) 1999 SFA Program Chair University of Kentucky College of Business and Economics (606) 257-4887 w Lexington, KY 40506 (606) 257-3577 f
SOUTHWESTERN FINANCE ASSOCIATION
Dates: March 10-13, 1999 Abstracts due: Place: Houston, Texas 09-01-98
Hyatt Regency Hotel
Program: Deryl W. Martin ([email protected]) 1999 SWFA Program Chair TTU Box 5083 (931) 372-3871 w Cookeville, TN 38505 (931) 372-6249 f
WESTERN FINANCE ASSOCIATION
Dates: June 20-23, 1999 Abstracts due: Place: Santa Monica, California 11-15-98
Loew's Hotel (http://www.gsm.cornell.edu/wfa)
Program: Richard C. Green ([email protected]) WFA Program Chairman Graduate School of Industrial Admin. Carnegie Mellon University (412) 268-2302 w Pittsburgh, PA 15213-3890 (412) 268-6837 f
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1. The Year 2000 Annual Meeting of the American Finance Association will be held on January 7-9, 2000 in Boston, Massachusetts. The pro- gram chair Professor Franklin Allen, University of Pennsylvania Whar- ton would be interested in receiving your proposals by March 15, 1999. See the meetings section for details.
2. The Chicago Board of Trade is now soliciting papers for possible pre- sentation at its Annual Spring Research Symposium on May 10-11, 1999 in Chicago, Illinois. Of special interest are research papers with practical applications for exchanges and practitioners today. Those in- terested in presenting a paper should submit copies of the full paper by the end of January to Mr. Joseph R. Sweeney, Research Seminar Man- ager, Chicago Board of Trade, 141 West Jackson Blvd., Rm. 2210, Chi- cago, IL 60604-2994 (phone: 312-435-7218).
3. Professors Bruno Biais (Toulouse University) and Lawrence Glosten (Columbia University) are organizing a special Review of Financial Stud- ies Conference on Price Formation to be held March 19-20, 1999 in Tou- louse, France. Those interested in participating should immediately contact one of the program chairs: Prof. Bruno Biais, IDEI, Universite de Tou- louse, 31000 Toulouse, France and Prof. Lawrence Glosten, GSB - Uris Hall - Finance Dept., Columbia University, New York, NY 10027.
4. The Institute for Quantitative Research in Finance (the "Q Group") provides financial support for superior academic research projects with potential applications in the field of investment management. Several $10,000 grants are available each year. For information about the pro- gram see their web site at (http://www.q-group.org/). Research propos- als may be submitted (in the required format) to Professor Lawrence Harris, Marshall School of Business, University of Southern Califor- nia, Los Angeles, CA 90089-1421 (213-740-6496; (http://LHarris.USC. edu/Qgroup/) or email: [email protected] ).
5. The Eastern Finance Association will hold a special "Symposium on Mar- ket Microstructure" at its April 14-17, 1999 Annual Meeting in Miami Beach, Florida. Some papers from this symposium will be considered on an expedited review basis for publication in the Financial Review. Paper proposals for this special session should be directed to the program chair Kuldeep Shastri at the address listed in the Meetings section above.
6. The Annual Derivatives Securities Conference will be held at Boston University on April 24, 1999. Papers from this conference may be con- sidered for publication in the Review of Derivatives Research. Those interested in participating should immediately contact Professor Rob-
433
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ert Jarrow - DSC, Cornell University, Johnson Graduate School of Management, Ithaca, NY 14853. (www.gsm.cornell.edu/Faculty/ facultybios/Jarrow.html) for up to date information on the conference.
7. The Journal of Financial Intermediation will have a special sympo- sium on "Issues in Finance, Markets, and Law" jointly hosted by the Cornell University Law School and Cornell's Johnson Graduate School of Management on May 7-9, 1999. Selected papers will be edited for a special issue of the JFI. Those interested in participating should immediately contact Professor Anjan Thakor, Department of Finance, University of Michigan, 701 Tappan St. C2416, Ann Arbor, MI 48109- 1234. (www.bus.umich.edu/jfi/)
8. The Fifth International Conference of the Society of Computational Economics will be held at Boston College on June 24-26, 1999. Those interested in participating should send an email to [email protected]. The conference web site will be (http://fmwww.bc.edu/cef99/)
9. The Harvard Business School and the Journal of Financial Econom- ics will hold a conference on "Complementary Research Methodolo- gies: The Interplay of Theoretical, Empirical, and Field-Based Research in Finance". The conference will be July 7-9, 1999 at the HBS. Those interested in attending should contact Professor Peter Tufano, Har- vard Business School, Soldiers Field Road, Boston, MA 02163 ([email protected])
10. The 1999 American Risk and Insurance Association Annual Meeting will be August 8-11, 1999 in Vancouver, British Columbia. Those in- terested in participating should contact the program chair Dr. Helen Doerpinghaus, University of South Carolina, Darla Moore School of Business, Columbia, SC 29208. email: [email protected]
11. The Academy of Financial Services will hold its 1999 Annual Meet- ing in Orlando, Florida on October 6, 1999. Those interested in par- ticipating should contact the program chair Thomas Eyssell, School of Business Administration, University of Missouri, St. Louis, MO 63121. The conference web site is (http://www.umsl.edu/-eyssell/afs/ afspage.html)
12. The Eight Symposium on Finance, Banking, and Insurance will be held at the Universitaet Karlsruhe (TH), Germany on December 15-17, 1999. Those interested in participating should contact one of the program chairs, Prof. Dr. Christian Hipp (Insurance) or Prof. Dr. Hermann Goeppl (Banking and Finance). email: [email protected]; confer- ence web site: (http://symposium.wiwi.uni-karlsruhe.de)
Send your meeting dates and other announcements to Prof. David Pyle; Amer- ican Finance Association; 545 Student Services Bldg.; Berkeley, CA 94720- 1900-and a copy of the same to Mr. Jack Rader; Financial Management Association; 4202 Fowler Avenue; Tampa, Florida 33620.
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AMERICAN FINANCE ASSOCIATION Publisher of the Journal of Finance
Prof. David H. Pyle Executive Secretary and Treasurer
January 1, 1998
To Those Seeking Permissions for Academic Classroom Use:
The American Finance Association has adopted the following policy with regard to requests for permission to reproduce articles from the Journal of Finance for classroom or library use at accredited universities around the world:
1. Permission is granted to reproduce up to 200 copies of any article for an individual faculty member or library of an accredited university. There is no charge. However, if permission is obtained through one of the clearing houses with whom we have arrangements, the stated charges should be paid.
2. Permission is granted for a copy center to bind up to five Journal of Finance articles together for a faculty member using spiral binding or perfect binding or similar binding. No more than 200 copies of such bound collections may be made, and the copies can only be sold at one copy center or university bookstore.
3. Articles may not be made available or distributed to students or others via any electronic means, including-but not limited to-such ways as computer disk, email, or "web pages".
4. Requests to reprint articles in larger quantities, or for commercial pub- lication, or for executive programs, or non-accredited activities should be referred in writing to: Blackwell Publishers, attn. Permissions - Melissa Connerton, 350 Main Street, Malden, MA 02148.
BOSTON COLLEGE WALLACE E. CARROLL SCHOOL OF MANAGEMENT
GRADUATE PROGRAMS IN FINANCE
Ph.D. M.S.
The Ph.D. programn provides graduates with the knowledge and analytical abilities required to teach and to pursue research of the highest quality. The small class size provides a supportive environment conducive to the exchange of ideas and the development of new insights by both faculty and students. Students receive a stipend of $15,000 per year and full tuition remission for four years.
The Master of Science in Finance program, accredited by AASCB, has a unique depth and focus which provide graduates with the most advanced financial training available at the master's level. The program, designed to build upon a management background, is comprised of eight required and two elective courses, and may be completed in one year of full-time or twenty-one months of part-time study.
The Faculty
George Aragon Elizabeth Strock Bagnani
Pierluigi Balduzzi Thomas Chemmanur Clifford Holderness
Edith Hotchkiss Eiric Jacquier Edward Kane Alan Marcus Mya Maung
Pegaret Pichler John Preston
Robert Taggart, Jr. Hassan Tehranian William Wilhelm
For further information on our graduate finance programs, please write or call: Associate Director
Graduate Finance Programs Fulton 315H
Wallace E. Carroll School of Management Boston College
THE JOURNAL OF FINANCIAL RESEARCH A Joint Publication of the Southern & Southwestern Finance Associations
EXECUTIVE EDITORIAL OFFICE EDITORS The Journal of Financial Research Robert S. Hansen Department of Finance (0221) Arthur J. Keown The Pamplin College of Business
Virginia Tech Blacksburg, VA 24061 Phone: (540) 231-7699
Outstanding Paper Awards
Each year The Journal of Financial Research selects two outstanding papers and presents the following cash awards.
Outstanding Paper $5,000 Runner-Up $2,500
The co-winners of the 1997 awards were: William N. Goetzmann and Nadev Peles, "Cognitive Dissonance and Mutual Fund Investors," Volume XX, No. 2,pp.145-158.
Allen B. Atkins and Edward A. Dyl, "Market Structure and Reported Trading Volume: NASDAQ versus the NYSE," Volume XX, No. 3, pp. 291-304.
The winners of the 1996 awards were: Inmoo Lee, Scott Lochhead, Jay Ritter, and Quanshui Zhao, "The Costs of Raising Capital," No. 1, pp. 59-74.
Sudip Datta and Mai E. Iskandar-Datta, "Who Gains from Corporate Asset Sales?," No. 1, pp. 41-58.
The winners of the 1995 awards were: M. J. Brennan, "The Individual Investor," No. 1, pp. 59-74.
Jeff Madura and Emilio R. Zarruk, "Bank Exposure to Interest Rate Risk: A Global Perspective," No. 1, pp. 1-13.
The award-winning papers are selected by the Associate Editors.
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City University of Hong Kong is directly funded by the Government through the University Grants Committee. It has embarked on an ambitious strategic plan to become one of the leading universities in the Asia-Pacific region by achieving excellence in teaching and research. The University offers a range of study programmes including science and engineering, business, humanities and social sciences, law and creative media. The student population for 98-99 is approximately 18,500. The medium of instruction is English.
Applications are invited for the following posts:
Professor(Scale A)/Associate Professor/Assistant Professor in the Department of Economics and Finance [Ref. B/410/33] The appointees will carry out teaching and research in one or more of the following areas: Financial Institutions, Derivative Markets, Investment, and Corporate Finance.
Applicants should have a PhD in Economics or Finance. Applicants for posts at the level of Associate Professor/Professor should also possess an excellent record of publications in top tier international refereed journals and experience in the supervision of graduate students. Preference will be given to those having an international orientation, a strong commitment to research in the Pacific-rim economies (including China) and a proven record of research leadership.
Individuals interested in visiting appointments are also welcome to send in applications to the University or contact the Acting Head of Department at any time.
The University also accepts nominations.
Salary and Conditions of Service
Professor (Scale A) HK$74,870 to HK$99,465 per month Associate Professor HK$71,765 to HK$96,405 per month Assistant Professor * HK$46, 190 to HK$77,165 per month
*Appointees at the level of Assistant Professor with salary at HK$64,820 per month or above may be considered for the title of Associate Professor. (Exchange rate : US$1 = HK$7.8 approximately)
Appointment may be on superannuable terms with provision for retirement benefits or on fixed term gratuity-bearing contract with contract-end gratuity. Excellent fringe benefits include medical and dental schemes, 46 days' annual leave and housing assistance where applicable.
Information and Application
Information on the post and the University is available on the University's World Wide Web home page http://www.cityu.edu.hk or the University's listserver accessed by E-mail at "[email protected]", or from the Human Resources Office, City University of Hong Kong, Tat Chee Avenue, Kowloon, Hong Kong (Fax: (852)2788 1154 or (852)2788 9334/ E-mail:porecrutgcityu.edu.hk). Please send your application with a current curriculum vitae and the names and addresses of three academic referees to the Human Resources Office by 15 March 1999. Please quote the reference of the post applied for in the application and on the envelope. Further information can be obtained from Dr. ZHANG Anming, Acting Head of Department of Economics & Finance (e-mail: [email protected] or fax at (852) 2788-8858).
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EconLit-AEA Published bypotg an The American Economic Association (AEA) h for AEA members only
The most recent 15 years of the EconLit Database and SilverPlatter? search software on CD-ROM!
The established, reliable database for literature searches in economics; an expanded, searchable version of the JOURNAL OF ECONOMIC LITERATURE!
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Mail to: American Economic Association Journal of Economic Literature - Dept. JF 4615 Fifth Ave., Pittsburgh, PA 15213-3661
INVESTMENT I INTELLIGENCE TEMTA TRAD INGIERFUND BUSINESS [NTRALDING EN C E Robert C. Pozen H. Nejat Seyhun "This book brings an invaluably stimulat- "Seyhun carefully proves that ing international perspective to the study every major tested strategy to of mutual funds. Through cases and beat the market works best when other materials, it explores the various insiders have bought their own constraints on transferring successful company's stock. We have used practices in the mutual fund business several of the strategies sug- from one country to another. It is gested by Seyhun, and they work! essential reading for anyone deeply Don't buy this wonderful book. interested in global investing." We don't need the competition!" - Jeffrey E. Garten, Dean, - John D. Spears, Co-Manager, Yale School of Management Tweedy, Browne American Value 744 pp. $37.50 paper Fund and Tweedy, Browne Global Value Fund, and Co-Author, N M RC AL METHODS What Has Worked in Investing 256pp., 24illus. $29.95 IN ECONOMICS REAL OPTIONS Kenneth L. Judd
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and deep questions." - Anne Zissu, Temple University; Editor, The Financier
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The XXVI Annual Meeting of the European Finance Association in 1999 will be held in Helsinki, Finland. The meeting will be hosted by the Helsinki School of Economics and Business Administration and the Swedish School of Economics and Business Administration. Registration will start on the evening of Wednesday August 25, 1999, and the meeting will end on Saturday August 28 noon.
Research papers in all major areas of Finance and Financial Economics will be considered. Academics, practitioners and others with an interest in finance are encouraged to attend and participate.
SYMPOSIUM
A symposium on Portfolio Choice is planned as part of the 26th meeting of the European Finance Association. Selected papers from the symposium will be considered for publication in a subsequent issue of the European Finance Review. Authors of papers that are selected for the symposium will be invited to submit their papers for publication in this issue. For more information on the topics for the symposium please see the EFA99 Conference website: www.hkkk.fi/efa99.
The symposium will be organized by Professor Raman Uppal (Faculty of Commerce and Business Administration at the University of British Columbia and Sloan School of Management at MIT) in collaboration with the Program Chairman, Professor Tom Berglund (Swedish School of Economics and Business Administration, Finland) and the local organizing committee.
A paper submitted to the symposium will automatically be submitted to the EFA conference, and will undergo the normal refereeing process for the EFA conference. Submissions that cannot be accommodated in the symposium may be included in another session unless it is explicitly stated that the submission is exclusively for the symposium.
Authors wishing to present a paper in EFA99 Meeting should send four copies of the paper together with an abstract no longer than 20 lines (for use in the conference program) to:
Dr. Minna Martikainen, LTT Research Ltd. P.O.Box 1210, FIN-00I00 Helsinki, Finland
All submitted papers are blind-refereed. The cover page should contain the title of the manuscript, and the author's name and affiliation. The first page of text should contain the title, the abstract, and appropriate JEL classification codes, but not the authors name.
Deadline for submission of the papers is March 1, 1999.
Waterfront International Ltd. Quantitative Equity Research Analyst
Toronto-based consulting firm specializing in developing computer based statistical trading strategies seeks a highly skilled and enthusias- tic Quantitative Equity Research Analyst to be responsible for devel- oping and implementing market-neutral equity trading systems. Stock selection will be based on quantitative data analysis rather than qualita- tive analysis of individual companies' business and management strat- egies.
Applicant should have strong working knowledge of finance and statis- tics and possess solid C/C++ computer programming skills in a Solaris environment. Applicant should be comfortable working independently and have a strong work ethic. Prior experience developing market- neutral equity models desirable, but not required.
Submit your resume and cover letter in confidence by facsimile to (416) 956-4715. Attention - Recruiting/LW, Waterfront International Ltd., 95 Wellington Street West, Suite 1900, Toronto, Ontario M5J 2N7. Email: [email protected]. No telephone calls.
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Long Island University's School of Business, Public Administration, and Information Sciences at The Brooklyn Campus invites applications for an Assistant or Associate Professor for a full-time tenure track faculty position. Participate in MBA/undergraduate programs and help develop student intern programs with NYC financial industry. Ph.D. in Finance required with strong commitment to high quality teaching, research, and service. Areas of interest should include international finance, financial markets, and/or investments. Send letter of interest, c.v., and 3 reference letters to Prof. John Paulas, Dept of Managerial Sciences, 1 University Plaza, Brooklyn N.Y. 11201 or fax (718) 488-1125. For more information call 718-488-1144. Search will remain open until position is filled. The Brooklyn Campus, occupying a 10-acre site in downtown Brooklyn, is one of the country's most dynamic and diverse urban campuses, serving students in day, evening and weekend programs. It enrolls 8,100 students in over 52 graduate and 62 undergraduate degree programs. Long Island University is the nation's eighth largest private university with six campuses in metropolitan New York and Long Island area. AA/EOE.
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THE UNIVERSITY OF TEXAS AT DALLAS SCHOOL OF MANAGEMENT
FACULTY POSITION IN FINANCE
The School of Management seeks to fill an open position at all levels in the Finance area. Salary will be competitive, with an endowed Professorship available for a candidate with appropriate qualifications. The School of Management offers degrees at the Ph.D., Masters, and Undergraduate levels. Applicants should have an interest in Corporate Finance or Investments, a Ph.D. degree and present a significant record of research and scholarly publication in refereed journals. Appointment will be effective September 1, 1999. Send a complete resume to Academic Search #4064, The University of Texas at Dallas, P.O. Box 830688, M.S. AD23, Richardson, TX 75083-0688. Indication of sex and ethnicity for statistical purposes is requested as part of the application but not required. Review of applicant materials will continue until the position is filled or the search is closed. UTD is an affirmative action/equal opportunity employer.
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CALL FOR PARTICIPANTS 9th Annual Derivatives Securities Conference
and 1999 Mathematical Finance Day
April 23-25, 1999
Boston University's School of Management, Cornell University's Johnson Graduate School of Management, and Queen's School of Business (in conjunction with the Review of Derivatives Research) present the 9th Annual Derivatives Securities Conference to be held at Boston University's School of Management on Friday April 23 and Saturday April 24, 1999. The focus of the conference is derivative securities: futures, options, and all forms of contingent claims. Conference organizers are Joseph Cherian (Boston University), Robert Jarrow (Cornell) and Stuart Turnbull (Queen's). For more information visit: http://management.bu.edu/events/dsc99.html
Immediately following the Derivatives Securities Conference, Boston University's School of Management and College of Arts & Sciences present the 1999 Mathematical Finance Day to be held at Boston University's School of Management on Sunday, April 25, 1999. The principal objective of MFD is to bring together a group of leading scholars in the field of finance to talk about leading-edge quantitative finance research. The invited academic speakers include Jerome Detemple (McGill), David Heath (CMU), Nalin Kulatilaka (BU), Robert Pindyck (MIT), Mark Rubinstein (Berkeley), Joseph Traub (Columbia), and Marc Yor (Universite Pierre et Marie Curie). The Luncheon Keynote Speaker is Jeffrey Skilling (President and C.O.O., Enron Corp.). The Mathematical Finance Day 1999 Lifetime Achievement Award will be presented to Robert Merton (Harvard) and will take place during the luncheon. Conference organizers are Joseph Cherian (Finance) and Ogi Enchev (Math). For more information visit: http://math.bu.edu/ogi/
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(1)-All submitted manuscripts must be original work that is not under submission at another journal or un- der consideration for publication in another form, such as a monograph or chapter of a book. Authors of submitted papers are obligated not to submit their paper for publication elsewhere until an editorial decision is rendered on their submission. Further, authors of accepted papers are prohibited from pub- lishing the results in other publications that appear before the paper is published in the Journal unless they receive approval for doing so from the managing editor.
(2)-Authors must submitthree copies of their manuscript, with complete contact information (including name, address, telephone and fax number, and e-mail address), and a check for the appropriate fee. Manu- scripts must be clearly typed with double spacing. The pitch must not exceed 12 characters per inch, and the character height must be at least 10 points.
(3)-The cover page shall contain the title of the manuscript, the author's name and affiliation. This page will be removed before the manuscript is sent to a referee. The first page of text should show the title but NOT the author's name.
(4)-Each manuscript should include an abstract of not more than 100 words. (5)-The introductory section must have no heading or number. Subsequent headings should be given
Roman numerals. Subsection headings should be lettered A, B, C, etc. (6)-The article should end with a non-technical summary statement of the main conclusions. Lengthy math-
ematical proofs and very extensive detailed tables should be placed in an appendix or omitted entirely. The author should make every effort to explain the meaning of mathematical proofs.
(7)-Footnotes. The initial footnote, identifying the author by title and affiliation should be marked with an asterisk. Footnotes in the text must be numbered consecutively and typed on a separate page, double-spaced, following the reference section. Footnotes to tables must also be double-spaced and typed on the bottom of the page with the table.
(8)-Tables. Tables must be numbered with Roman numerals. Please check that your text contains a ref- erence to each table. When tables are typed on oversized paper, please submit the oversized paper rather than a photocopied reduction. Indicate in the margin approximately where each table should be placed. Type each table on a separate page at the end of the paper. Tables must be self-contained, in the sense that the reader must be able to understand them without going back to the text of the paper. Each table must have a title followed by a descriptive legend. Authors must check tables to be sure that the title, column headings, captions, etc. are clear and to the point.
(9)-Figures. Figures must be numbered with Arabic numerals. All figure captions must be typed in double space on a separate sheet following the footnotes. A figure's title should be part of the caption. Figures must be self-contained. Each figure must have a title followed by a descriptive legend. Final figures must be submitted in camera-ready form, i.e., drawn in India ink on drafting paper or good quality white paper, or as glossy, black and white photographs. Final figures must be identified in the margin or on the back by number and author.
(10)-Equations. All but very short mathematical expressions should be displayed on a separate line and centered. Equations must be numbered consecutively on the right margin, using Arabic numerals in parentheses. Use Greek letters only when necessary. To reduce errors in typesetting, please differ- entiate clearly between the letter I (ell) and the numeral 1 (one), the letter o (oh) and the numeral 0 (zero) with marginal notations. Write out the names of any Greek letters you use in the margin, and unequivocally identify sub- and superscripts as such. Do not use a dot over a variable to denote time derivative; only D operator notations are acceptable.
(11)-References. References must be typed on a separate page, double-spaced, at the end of the paper. References to publications in the text should appear as follows: "Jensen and Meckling (1976) report that. . . ". At the end of the manuscript (before tables and figures), the complete list of references should be listed as follows: For monographs: Fama, Eugene F., and Merton H. Miller, 1972, The Theory of Finance (Dryden Press, Hinsdale, Ill.). For contributions to collective works: Grossman, Sanford J., and Oliver D. Hart, 1982, Corporate financial structure and managerial incentives, in John J. McCall, ed.: The Economics of Information and Uncertainty (University of Chi- cago Press, Chicago, Ill.). For periodicals: Jensen, Michael C., and William H. Meckling, 1976, Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics 3, 305-360.
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A special 1999 dues rate of $ 58.00 is available to those enrolled as full-time students and who have a United States mailing address. The rate is renewable for two additional years. Membership in the American Finance Association is on a calendar year basis. Journals are published bimonthly beginning in February. Temporary address changes cannot be accepted.
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Please make checks payable to Blackwell Publishers in dollar currency on a U.S. bank or branch. We also accept American Express, MasterCard, and Visa credit card payments. Print your name, card number, expiration date as they appear on the card and sign. It is the policy of the Association not to refund partial dues or subscription payments. The tax ID number for Blackwell is 13-3197484. You may mail applications to:
Journals Subscription Department Blackwell Publishers 350 Main Street Malden, MA 02148 USA
phone: 800-835-6770 or outside the U.S. 781-388-8200 fax: 781-388-8232 email: [email protected]
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