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Volume 55 - December 2020

Contents

Page 5 of 6

Front Cover (OFC, IFC) and matter

  • JFQ volume 55 Issue 1 Cover and Front matter

  • Published online by Cambridge University Press:
    08 January 2020, pp. f1-f6
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Correction

Research Article

  • On the Expected Earnings Hypothesis Explanation of the Aggregate Returns–Earnings Association Puzzle

  • Warren Bailey, Huiwen Lai
  • Published online by Cambridge University Press:
    18 October 2019, pp. 2732-2763

  • We provide strong support for the underappreciated expected earnings hypothesis of a negative correlation between aggregate stock returns and earnings. For 1970–2000, our powerful modeling strategy incorporating macroeconomic information reveals that aggregate returns are significantly and negatively correlated with expected aggregate earnings changes but uncorrelated with unexpected aggregate earnings changes. However, this negative correlation changes after 2000, perhaps from heightened volatility or accounting changes. We also show that underlying macroeconomic information explains the power of aggregate earnings to predict future gross domestic product growth.

Front Cover (OFC, IFC) and matter

  • JFQ volume 55 Issue 4 Cover and Front matter

  • Published online by Cambridge University Press:
    01 May 2020, pp. f1-f6
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Research Article

  • Personal Bankruptcy Laws and Corporate Policies

  • Yi-Wen Chen, Joseph T. Halford, Hung-Chia Scott Hsu, Chu-Bin Lin
  • Published online by Cambridge University Press:
    20 August 2019, pp. 2397-2428

  • In this article we examine whether and how changes in personal bankruptcy laws, viewed as a shock to employees’ expected personal wealth, affect corporate policies. Following a reform in personal bankruptcy laws that limits individuals’ access to bankruptcy protection, firms more affected by this regulation reform increase labor costs, reduce investment, and engage in less risk taking. The effects are stronger when employees have more bargaining power. Furthermore, firms in industries characterized by high unemployment risk reduce leverage. These results support the view that firms choose more conservative policies to mitigate employees’ expected welfare losses.

Correction

Front Cover (OFC, IFC) and matter

  • JFQ volume 55 Issue 6 Cover and Front matter

  • Published online by Cambridge University Press:
    27 August 2020, pp. f1-f5
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Correction

Back Cover (OBC, IBC) and matter

  • JFQ volume 55 Issue 4 Cover and Back matter

  • Published online by Cambridge University Press:
    01 May 2020, pp. b1-b2
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Front Cover (OFC, IFC) and matter

  • JFQ volume 55 Issue 3 Cover and Front matter

  • Published online by Cambridge University Press:
    02 April 2020, pp. f1-f5
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  • JFQ volume 55 Issue 2 Cover and Front matter

  • Published online by Cambridge University Press:
    28 January 2020, pp. f1-f6
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  • JFQ volume 55 Issue 5 Cover and Front matter

  • Published online by Cambridge University Press:
    01 July 2020, pp. f1-f5
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Correction

Front Cover (OFC, IFC) and matter

  • JFQ volume 55 Issue 8 Cover and Front matter

  • Published online by Cambridge University Press:
    16 November 2020, pp. f1-f6
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Back Cover (OBC, IBC) and matter

  • JFQ volume 55 Issue 6 Cover and Back matter

  • Published online by Cambridge University Press:
    27 August 2020, pp. b1-b3
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  • JFQ volume 55 Issue 1 Cover and Back matter

  • Published online by Cambridge University Press:
    08 January 2020, pp. b1-b2
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  • JFQ volume 55 Issue 5 Cover and Back matter

  • Published online by Cambridge University Press:
    01 July 2020, pp. b1-b3
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  • JFQ volume 55 Issue 8 Cover and Back matter

  • Published online by Cambridge University Press:
    16 November 2020, pp. b1-b3
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Front Cover (OFC, IFC) and matter

  • JFQ volume 55 Issue 7 Cover and Front matter

  • Published online by Cambridge University Press:
    15 October 2020, pp. f1-f5
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Back Cover (OBC, IBC) and matter

  • JFQ volume 55 Issue 3 Cover and Back matter

  • Published online by Cambridge University Press:
    02 April 2020, pp. b1-b2
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Page 5 of 6