FMG

We introduce discounted alpha - a novel framework for equity valuation. By correcting market prices rather than discounting long-horizon cash flows...

We analyse how public health insurance affects private insurance markets in mixed public-private systems. Extending the standard selection framework...

Almost all firms repurchase shares through open-market repurchase programs. In contrast, issue methods are more diverse: at-the-market offerings...

We provide a novel priced Wold representation that, using the pricing restrictions of a large cross-section of asset returns, sharply identifies...