◆ Trade Generation, Reputation, and Sell-Side Analysts(Andrew R. Jackson )

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This paper examines the trade-generation and reputation-building incentives facing sell-side analysts. Using a unique data set I demonstrate that optimistic analysts generate more trade for their bro...

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2004-08-13

◆ Entrepreneurial Spawning：Public Corporations and the Genesis of New Ventures, 19

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We examine two views of the creation of venture-backed start-ups, or “entrepreneurial spawning.” In one, young firms prepare employees for entrepreneurship, educating them about the process and ex...

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2004-08-13

◆ Finance and the Business Cycle: International, Inter-Industry Evidence(Matias Br

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By considering yearly production growth rates for several manufacturing industries in more than one hundred countries during (roughly) the last forty years, we show that industries that are more depen...

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2004-08-13

◆ Hedging or Market Timing? Selecting the Interest Rate Exposure of Corporate Debt

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This paper examines whether firms are hedging or timing the market when selecting the interest rate exposure of their new debt issuances. I use a more accurate measure of the interest rate exposure ch...

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2004-08-13

◆ Financial and Legal Constraints to Growth: Does Firm Size Matter?(Thorsten Beck)

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Using a unique firm-level survey database covering 54 countries, we investigate the effect of financial, legal, and corruption problems on firms’ growth rates. Whether these factors constrain growth...

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2004-08-13

◆ Do Behavioral Biases Affect Prices?(Joshua D. Coval & Tyler Shumway )

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This paper documents strong evidence for behavioral biases among Chica Board of Trade proprietary traders and investigates the e®ect these biases have on prices. Our traders appear highly loss-ave...

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2004-08-13

◆ Wealth Destruction on a Massive Scale? A Study of Acquiring-firm Returns in the

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Acquiring-firm shareholders lost 12 cents around acquisition announcements per dollar spent on acquisitions for a total loss of $240 billion from 1998 through 2001, whereas they lost $7 billion in all...

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2004-08-13

◆ Asset Sales, Investment Opportunities, and the Use of Proceeds(Thomas W. Bates)

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This study examines the allocation of cash proceeds following 400 subsidiary sales between 1990 and 1998. Retention probabilities are increasing in the divesting firm’s contemporaneous growth opport...

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2004-08-13

◆ Testing Agency Theory with Entrepreneur Effort and Wealth(Marianne P. Bitler&Tob

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Testing Agency Theory with Entrepreneur Effort and Wealth Marianne P. Bitler, Tobias J. Moskowitz...

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2004-08-13

◆ The analytic valuation of American options (IN Kim)

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No analytic solution exists for the valuation of American options written on futures contracts and foreign currencies for which early exercise may be optimal. This article formulates the American opti...

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2004-08-12

◆ Tax planning, regulatory capital planning, and financial reporting strategy for

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We test whether banks’ investment and financing policies can be explained by tax status. We document changes in bank holdings of municipal bonds in response to changes in tax rules relating to deduc...

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2004-08-12

◆ Risk aversion and the intertemporal behavior of asset prices( RC Stapleton & MG

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In this article, we characterize economies in which both cash flows and forward prices follow random walks. We show in the case of geometric random walks that the preferences of the representative inv...

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2004-08-12

◆ Returns on initial public offerings of closed-end funds ( JW Peavy )

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Examination of 41 closed-end fund initial public offerings (IPOs) during the period from January 1986 to June 1987 reveals that the mean initial day’s return is not significantly different from zero...

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2004-08-12

◆ Pricing interest-rate-derivative securities (J Hull &A White )

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This article shows that the one-state-variable interest-rate models of Vasicek (1977) and Cox,Ingersoll, and Ross (1985b) can be extended so that they are consistent with both the current term struct...

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2004-08-12

◆ General equilibrium pricing of options on the market portfolio with discontinuou

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When the price process for a long-lived asset is of a mixed jump-diffusion type, pricing of options on that asset by arbitrage is not possible if trading is allowed only in the underlying asset and a...

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2004-08-12