JFQ volume 12 issue 1 Cover and Front matter
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Knowledge that Transforms
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Announcements
A position of Assistant Professor of Finance may be available beginning in the 1978-79 academic year. We desire a person with excellent teaching ability and the capability and desire to engage in original research in business
Announcements
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JFQ volume 12 issue 2 Back matter
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Announcements
20-23. Western Finance Association sessions will be at the Quality Inn. The seventeen sessions include cocurrent sessions with empirical and theoretical papers from the major areas of financial research plus two sessions devoted to aspects of the teaching of finance. Three featured sessions are:
Constitution
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Managing Editor's Report
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Teaching International Finance--An Accountant's Perspective
Frederick D. S. Choi, Teaching International Finance--An Accountant's Perspective, The Journal of Financial and Quantitative Analysis, Vol. 12, No. 4, Proceedings of the 1977 Western Finance Association Meeting (Nov., 1977), pp. 609-614
An Unbiased Estimator of the N-Period Relative
Define Rt as the ratio of the value of an asset at the end of the tthperiod to its value at the end of the previous period. Rt is then a one-period relative equal to unity plus the interest rate. Assume that Rt is an independent, normally distributed random variable with mean μ and nonzero variance σ2. Rt is then observed aswhere the disturbance term ∈t t is independently and normally distributed with mean zero and variance σ2. To assess the long-term expected rate of return of the asset, it is desirable to estimate its expected increment in value of the one-period relative raised to the Nth power, i.e., μN.
The Association Between Firm Risk and Wealth Transfers Due to Inflation
The net monetary position of a firm, defined as the nominal value of its monetary assets minus the nominal value of its monetary liabilities, partly determines the wealth transferred to (or from) the firm's owners when unanticipated price level change occurs. Price level change (a random variable) is defined as unanticipated when assessments of (the moments of) its probability distribution are systematically incorrect or biased. During unanticipated inflation, which conventionally means an underestimate of the expected value of the distribution of price level change, the real dollar returns of net monetary debtor firms are enhanced—the unforeseen honoring of debt contracts in dollars of lower purchasing power is a wealth transfer to the firm's owners from the firm's creditors. Conversely, real returns of net monetary creditor firms suffer during unanticipated inflation and gain during unanticipated deflation.