◆ The Price Response to S&P 500 Index Additions and Deletions(Honghui Chen&Grery N

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We study the price effects of changes to the S&P 500 index and document an asymmetric price response: There is a permanent increase in the price of added firms but no permanent decline for deleted f...

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2004-07-30

◆ The Nature of Discipline by Corporate Takeovers(Omesh Kini& William Kracaw)

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This paper provides a comprehensive examination of the disciplinary role of the corporate takeover market using a sample of U.S. target firms over the period 1979 to 1998. The time period spanned allo...

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2004-07-30

◆ The Cash Flow Sensitivity of Cash(Heitor Almeida&Murillo Campello)

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We model a firm’s demand for liquidity to develop a new test of the effect of financial constraints on corporate policies. The effect of financial constraints is captured by the firm’s...

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2004-07-30

◆ Short-Selling Prior to Earnings Announcements(Stephen E. Christophe& Michael G.

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This article examines short-sales transactions in the five days prior to earnings announcements of 913 Nasdaq-listed firms. The tests provide evidence of informed trading in pre-announcement short-sel...

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2004-07-30

◆ Risks For the Long Run: A Potential Resolution of Asset Pricing Puzzles(Ravi Ban

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We model consumption and dividend growth rates as containing (i) a small long-run predictable component and (ii) °uctuating economic uncertainty (consumption volatility).These dynamics, for which we...

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2004-07-30

◆ Information and the Cost of Capital

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Information and the Cost of Capital David Easley and Maureen O’Hara...

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2004-07-30

◆ Estimation and Test of a Simple Model of Intertemporal Capital Asset Pricing(Mic

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Estimation and Test of a Simple Model of Intertemporal Capital Asset Pricing Michael J. Brennan, Ashley W. Wang, and Yihong Xia...

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2004-07-30

◆ Employee Stock Options, Corporate Taxes, and Debt Policy(John R. Graham& Mark H.

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Employee Stock Options, Corporate Taxes, and Debt Policy John R. Graham, Mark H. Lang, and Douglas A. Shackelford...

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2004-07-30

◆ Electricity Forward Prices: A High-Frequency Empirical Analysis(Francis A. Longs

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Electricity Forward Prices: A High-Frequency Empirical Analysis Francis A. Longstaff and Ashley W.Wang...

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2004-07-30

◆ Diversification as a Public od: Community Effects in Portfolio Choice

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Diversification as a Public od: Community Effects in Portfolio Choice Peter M. Demarzo, Ron Kaniel, and Ilan Kremer...

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2004-07-30

◆ Equilibrium in the Two Player,k-Double Auction with Affiliated Private Values(Oh

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关于经典的双边拍卖的效率及其发展.一篇比较新的文献....

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2004-07-25

◆ The behavior of stock market price(Eugene F.Farna)

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The purpose of this paper will be to discuss first in more detail the theory underlying the random-walk model and then to test the model’s empirical validity....

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2004-07-20

◆ Agency Costs, Net Worth, and Business Fluctuations（Ben Bernanke）

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This paper develops a simple neoclassical model of the business cycle in which the condition of borrower balance sheets is a source of output dynamics....

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2004-07-18

◆ Optimal management of indexed and nominal debt(Robert J. Barro)

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A tax-smoothing objective is used to assess the optimal composition of public debt with respect to maturity and contingencies. This objective motivates the vernment to make its debt payouts contingent...

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2004-07-16

◆ optimal debt management(Robert J. Barro)

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Robert J. Barro WORKING PAPER This paper studies dynamic optimal taxation in an equilibrium model that yields a form of tax smoothing as a basis for debt management. The main analysis uses a tractabl...

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2004-07-16