| # | Title | Journal | Year | Citations |
|---|
|
| 1 | The Behavior of Stock-Market Prices | The Journal of Business | 1965 | 5,944 |
| 2 | Dividend Policy, Growth, and the Valuation of Shares | The Journal of Business | 1961 | 4,054 |
| 3 | The Variation of Certain Speculative Prices | The Journal of Business | 1963 | 3,893 |
| 4 | Economic Forces and the Stock Market | The Journal of Business | 1986 | 3,595 |
| 5 | Mutual Fund Performance | The Journal of Business | 1966 | 2,884 |
| 6 | Rational Choice and the Framing of Decisions | The Journal of Business | 1986 | 2,735 |
| 7 | The Hubris Hypothesis of Corporate Takeovers | The Journal of Business | 1986 | 2,717 |
| 8 | Relationship Lending and Lines of Credit in Small Firm Finance | The Journal of Business | 1995 | 2,535 |
| 9 | Capital Market Equilibrium with Restricted Borrowing | The Journal of Business | 1972 | 2,197 |
| 10 | Parsimonious Modeling of Yield Curves | The Journal of Business | 1987 | 2,053 |
| 11 | Earnings Management to Exceed Thresholds | The Journal of Business | 1999 | 1,966 |
| 12 | Forecasting Bankruptcy More Accurately: A Simple Hazard Model | The Journal of Business | 2001 | 1,910 |
| 13 | Prices of State-Contingent Claims Implicit in Option Prices | The Journal of Business | 1978 | 1,767 |
| 14 | Fairness and the Assumptions of Economics | The Journal of Business | 1986 | 1,708 |
| 15 | Evaluating Natural Resource Investments | The Journal of Business | 1985 | 1,673 |
| 16 | The Extreme Value Method for Estimating the Variance of the Rate of Return | The Journal of Business | 1980 | 1,386 |
| 17 | The Fine Structure of Asset Returns: An Empirical Investigation | The Journal of Business | 2002 | 1,357 |
| 18 | The "Hot Issue" Market of 1980 | The Journal of Business | 1984 | 1,342 |
| 19 | Managerial Decisions and Long‐Term Stock Price Performance | The Journal of Business | 2000 | 1,306 |
| 20 | The Variance Gamma (V.G.) Model for Share Market Returns | The Journal of Business | 1990 | 1,214 |
| 21 | On Market Timing and Investment Performance. II. Statistical Procedures for Evaluating Forecasting Skills | The Journal of Business | 1981 | 1,151 |
| 22 | On the Estimation of Security Price Volatilities from Historical Data | The Journal of Business | 1980 | 1,125 |
| 23 | Mutual Fund Performance: An Analysis of Quarterly Portfolio Holdings | The Journal of Business | 1989 | 991 |
| 24 | Effect of Corporate Governance on Bond Ratings and Yields: The Role of Institutional Investors and Outside Directors* | The Journal of Business | 2003 | 977 |
| 25 | Tobin's $q$ Ratio and Industrial Organization | The Journal of Business | 1981 | 944 |
| 26 | Special Information and Insider Trading | The Journal of Business | 1974 | 943 |
| 27 | The Exchange-Rate Exposure of U.S. Multinationals | The Journal of Business | 1990 | 898 |
| 28 | Investor Sentiment and Asset Valuation | The Journal of Business | 2005 | 834 |
| 29 | The Government as Venture Capitalist: The Long‐Run Impact of the SBIR Program | The Journal of Business | 1999 | 808 |
| 30 | Why Investors Value Multinationality | The Journal of Business | 1991 | 796 |
| 31 | Day of the Week Effects and Asset Returns | The Journal of Business | 1981 | 790 |
| 32 | An EBIT‐Based Model of Dynamic Capital Structure | The Journal of Business | 2001 | 786 |
| 33 | Market Integration and Contagion | The Journal of Business | 2005 | 783 |
| 34 | Commodity Futures Prices: Some Evidence on Forecast Power, Premiums, and the Theory of Storage | The Journal of Business | 1987 | 756 |
| 35 | Risk, The Pricing of Capital Assets, and The Evaluation of Investment Portfolios | The Journal of Business | 1969 | 755 |
| 36 | Are Dividend Changes a Sign of Firm Maturity? | The Journal of Business | 2002 | 734 |
| 37 | Does Arbitrage Flatten Demand Curves for Stocks? | The Journal of Business | 2002 | 718 |
| 38 | A Comparison of the Stable and Student Distributions as Statistical Models for Stock Prices | The Journal of Business | 1974 | 713 |
| 39 | The Market for Securities: Substitution Versus Price Pressure and the Effects of Information on Share Prices | The Journal of Business | 1972 | 699 |
| 40 | Why Do Firms Repurchase Stock? | The Journal of Business | 2000 | 689 |
| 41 | Earnings Innovations, Earnings Persistence, and Stock Returns | The Journal of Business | 1987 | 685 |
| 42 | Rights and Production Functions: An Application to Labor-Managed Firms and Codetermination | The Journal of Business | 1979 | 684 |
| 43 | The Determinants of Corporate Debt Maturity Structure | The Journal of Business | 1996 | 663 |
| 44 | Market and Industry Factors in Stock Price Behavior | The Journal of Business | 1966 | 651 |
| 45 | Forecasting Profitability and Earnings | The Journal of Business | 2000 | 636 |
| 46 | Out of Sight, Out of Mind: The Effects of Expenses on Mutual Fund Flows* | The Journal of Business | 2005 | 631 |
| 47 | Conditional Heteroscedasticity in Time Series of Stock Returns: Evidence and Forecasts | The Journal of Business | 1989 | 617 |
| 48 | Mandelbrot and the Stable Paretian Hypothesis | The Journal of Business | 1963 | 611 |
| 49 | How to Use Security Analysis to Improve Portfolio Selection | The Journal of Business | 1973 | 599 |
| 50 | A Theory for the Choice of Exchange Medium in Mergers and Acquisitions | The Journal of Business | 1987 | 593 |
