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Volume 2 - December 1967

Contents

Page 2 of 3

Research Article

  • The Valuation of Stock Options**

  • Harold Bierman, Jr
  • Published online by Cambridge University Press:
    19 October 2009, pp. 327-335

  • There is little question that stock options have value, but there is considerable question as to how stock options should be valued. Persons studying the valuation question and writing in business periodicals have tied the value of the stock option to the expected or the actual appreciation in the value of the stock.

  • Portfolio Selection in Financial Intermediaries: A New Approach

  • Jacob B. Michaelsen, Robert C. Goshay
  • Published online by Cambridge University Press:
    19 October 2009, pp. 166-199

  • A theoretical model capable of supporting a rigorous analysis of portfolio selection in financial intermediaries appeared only recently. In the absence of a suitable theoretical framework, the limitations of maximizing behavior as an explanation of the selection of asset and liability structures in this class of firms were obscured. Discussions bearing on this question usually focused on the structure of one or the other side of intermediary balance sheets and gave little attention to the effects of these structures on the risk associated with their equity.

Meeting Report

Research Article

  • An Amendment to the Note on the Cost of Debt

  • Glen A. Mumey
  • Published online by Cambridge University Press:
    19 October 2009, pp. 200-201

  • Haley's line of reasoning can be reconstructed in the following way. When a borrower incurs a liability (issues a bond) he should gauge any prospective asset purchase with the proceeds against an alternative fund use, the purchase of his own bond. If the proceeds realized from the bond are B, but if the borrower would willingly pay L to be free of the obligation, L becomes a relevant variable in the asset acceptance decision. If the discounted value of any asset exceeds L, borrowing to buy it will be subjectively wealth-enhancing, whether or not the discounted value exceeds B.

Other

Front matter

  • JFQ volume 2 issue 1 Cover and Front matter

  • Published online by Cambridge University Press:
    19 October 2009, pp. f1-f5
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  • JFQ volume 2 issue 3 Cover and Front matter

  • Published online by Cambridge University Press:
    19 October 2009, pp. f1-f5
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Back matter

  • JFQ volume 2 issue 1 Back matter

  • Published online by Cambridge University Press:
    19 October 2009, p. b1
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Index

Book Reviews

Back matter

  • JFQ volume 2 issue 3 Back matter

  • Published online by Cambridge University Press:
    19 October 2009, pp. b1-b2
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Book Reviews

Front matter

  • JFQ volume 2 issue 4 Cover and Front matter

  • Published online by Cambridge University Press:
    19 October 2009, pp. f1-f7
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Book Reviews

Abstract

  • Abstract of Computer Programs

  • Published online by Cambridge University Press:
    19 October 2009, p. 219
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Meeting Report

Front matter

  • JFQ volume 2 issue 2 Cover and Front matter

  • Published online by Cambridge University Press:
    19 October 2009, pp. f1-f6
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Page 2 of 3