FMG

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...

We provide a powerful new predictor of the equity premium: Smoothed past overnight market returns strongly negatively forecast the quarterly close-to...

Financial regulations rely on regulator-controlled models to generate probabilistic forecasts which determine firm constraints. I refer to these...