Articles

1517  Presidential Address: Sophisticated Investors and Market Efficiency

 Jeremy C. Stein

1549        Why Are Buyouts Levered? The Financial Structure of Private Equity Funds

Ulf Axelson, Per Strömberg, and Michael S. Weisbach

1583  Predictive Systems: Living with Imperfect Predictors

      Ĺuboš Pástor and Robert F. Stambaugh

1629  Explicit versus Implicit Contracts: Evidence from CEO Employment Agreements

         Stuart L. Gillian，Jay C. Hartzell，and Robert Parrino

1657　Control Rights and Capital Structure: An Empirical Investigation

 Michael R. Roberts and Amir Sufi

1697　Agency Problems at Dual-Class Companies

         Ronald W. Masulis，Cong Wang，and Fei Xie

1729　The Corporate Propensity to Save

         Leigh A. Riddick and Toni M. Whited

1767　Target Behavior and Financing: How Conclusive Is the Evidence？

         Xin Chang and Sudipto Dasgupta

1797　Analyzing the Tax Benefits from Employee Stock Options

         Ilona Babenko and Yuri Tserlukevich

1827　Financially Constrained Stock Returns

         Dmitry Livdan，Horacio Sapriza，and Lu Zhang

1863　First-Order Risk Aversion, Heterogeneity, and Asset Market Outcomes

         David A. Chapman and Valery Polkovnichenko

1889　Who Gambles in the Stock Market？

         Alok Kumar

1935  Rewriting History

         Alexander Ljungqvist，Christopher Malloy，and Felicia Marston

Reports of the American Finance Association

1961  Report of the Editor of The Journal of Finance for the Year 2008

         Campbell R. Harvey

1975  Minutes of the Annual Membership Meeting, January 4, 2009

         David H. Pyle

1977  Report of the Executive Secretary and Treasurer for the Year Ending September 30, 2008

         David H. Pyle

1981　Miscellanea