Discussion Papers

We examine what happens after each of 62 successful and unsuccessful hostile takeovers between 1984 and 1986. We find that post-takeover layoffs are...

The fluctuations of financial markets appear, in general, to be unpredictable in advance, and caused by the stochastic, chance arrival of 'news' and...

It is sometimes argued that an increase in stock market volatility raises required stock returns, and thus lowers stock prices. This paper modifies...

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The industrial structure of an intermediation industry is analyzed, in brokerage markets, where intermediaries help to reduce search frictions. The...

The empirical objective of this study is to account for the time-variation in the covariances between markets. Using data on sixteen national stock...

An after-tax version of the fundamental value model is used to test for forecastability of one-period and multi-period after-tax stock returns and...

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This paper considers the question of why they annuity market is thin. A model is presented in which consumers have the option of purchasing annuities...

A common argument in recent debates on the prosecution of insider trading has been that outsider stay away from markets with inside activity because...

The deregulation of financial markets and the liberalization of international capital flows raises a number of challenging issues. Market participants...

The paper studies the existence of equilibrium in price setting oligopoly. In particular, the question is addressed whether the non-existence of pure...

In markets, in which exchange requires costly search for trading partners, intermediaries can help to reduce the trading frictions. This intuition is...

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This paper shows that unexpected stock returns must be associated with changes in expected future dividends or expected future returns. A vector...