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Ivo Welch

Citations

Many of the citations below have been collected in an experimental project, CitEc, where a more detailed citation analysis can be found. These are citations from works listed in RePEc that could be analyzed mechanically. So far, only a minority of all works could be analyzed. See under "Corrections" how you can help improve the citation analysis.

Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Antonio E. Bernardo & Ivo Welch, 2001. "On the Evolution of Overconfidence and Entrepreneurs," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 10(3), pages 301-330, September.

    Mentioned in:

    1. Overconfidence
      by Peter Klein in Organizations and Markets on 2010-07-26 22:56:34

    Mentioned in:

    1. Yayın Performansına Göre Türkiye’nin En İyi İktisatçıları ve İktisat Bölümleri (2006-2011): Ritzberger Ağırlıkları ile Bir Değerlendirme
      by Murat Çokgezen in Homoekonomikus on 2012-08-27 16:06:55
  2. Author Profile
    1. Ranking California Economists as of May 2015
      by Matthew Kahn in Environmental and Urban Economics on 2015-06-04 02:25:00
    2. Room for Improvement
      by Matthew Kahn in Environmental and Urban Economics on 2018-11-08 22:59:00
    3. REPEC December 2018 Academic Economic Report Cards
      by Matthew Kahn in Environmental and Urban Economics on 2019-01-04 01:16:00

Wikipedia or ReplicationWiki mentions

(Only mentions on Wikipedia that link back to a page on a RePEc service)
  1. Jason Alan Snyder & Ivo Welch, 2017. "Do Powerful Politicians Really Cause Corporate Downsizing?," Journal of Political Economy, University of Chicago Press, vol. 125(6), pages 2225-2231.

    Mentioned in:

    1. Do Powerful Politicians Really Cause Corporate Downsizing? (JPE 2017) in ReplicationWiki ()
  2. Ivo Welch, 2004. "Capital Structure and Stock Returns," Journal of Political Economy, University of Chicago Press, vol. 112(1), pages 106-131, February.

    Mentioned in:

    1. Capital Structure and Stock Returns (JPE 2004) in ReplicationWiki ()

Working papers

  1. Amit Goyal & Ivo Welch & Athanasse Zafirov, 2021. "A Comprehensive Look at the Empirical Performance of Equity Premium Prediction II," Swiss Finance Institute Research Paper Series 21-85, Swiss Finance Institute.

    Cited by:

    1. Martin Lettau & Stijn Van Nieuwerburgh, 2006. "Reconciling the Return Predictability Evidence," 2006 Meeting Papers 29, Society for Economic Dynamics.
    2. Leopoldo Catania & Nima Nonejad, 2016. "Density Forecasts and the Leverage Effect: Some Evidence from Observation and Parameter-Driven Volatility Models," Papers 1605.00230, arXiv.org, revised Nov 2016.
    3. Jäckel, Christoph, 2013. "Model uncertainty and expected return proxies," MPRA Paper 51978, University Library of Munich, Germany.
    4. Fernandez, Pablo & Aguirreamalloa, Javier & Liechtenstein, Heinrich, 2009. "The equity premium puzzle: High required equity premium, undervaluation and self fulfilling prophecy," IESE Research Papers D/821, IESE Business School.
    5. Croce, M.M. & Nguyen, Thien T. & Raymond, S. & Schmid, L., 2019. "Government debt and the returns to innovation," Journal of Financial Economics, Elsevier, vol. 132(3), pages 205-225.
    6. Yin, Anwen, 2015. "Forecasting and model averaging with structural breaks," ISU General Staff Papers 201501010800005727, Iowa State University, Department of Economics.
    7. Panopoulou, Ekaterini & Vrontos, Spyridon, 2015. "Hedge fund return predictability; To combine forecasts or combine information?," Journal of Banking & Finance, Elsevier, vol. 56(C), pages 103-122.
    8. Hashmat Khan & Santosh Upadhayaya, 2017. "Does Business Confidence Matter for Investment?," Carleton Economic Papers 17-13, Carleton University, Department of Economics, revised 20 Mar 2019.
    9. Kam Fong Chan & John G. Powell & Jing Shi & Tom Smith, 2018. "Dividend persistence and dividend behaviour," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(1), pages 127-147, March.
    10. Amélie Charles & Olivier Darné & Jae H. Kim, 2022. "Stock return predictability: Evaluation based on interval forecasts," Bulletin of Economic Research, Wiley Blackwell, vol. 74(2), pages 363-385, April.
    11. Markus Leippold & Hanlin Yang, 2023. "Mixed‐frequency predictive regressions with parameter learning," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 42(8), pages 1955-1972, December.
    12. Gric, Zuzana & Bajzík, Josef & Badura, Ondřej, 2023. "Does sentiment affect stock returns? A meta-analysis across survey-based measures," International Review of Financial Analysis, Elsevier, vol. 89(C).
    13. Hsiao, Cheng & Wan, Shui Ki, 2014. "Is there an optimal forecast combination?," Journal of Econometrics, Elsevier, vol. 178(P2), pages 294-309.
    14. Liya Chu & Xue-Zhong He & Kai Li & Jun Tu, 2022. "Investor Sentiment and Paradigm Shifts in Equity Return Forecasting," Management Science, INFORMS, vol. 68(6), pages 4301-4325, June.
    15. Davide Pettenuzzo & Konstantinos Metaxoglou & Aaron Smith, 2016. "Option-Implied Equity Premium Predictions via Entropic TiltinG," Working Papers 99R, Brandeis University, Department of Economics and International Business School, revised Aug 2016.
    16. Aretz, Kevin & Bartram, Söhnke M. & Pope, Peter F., 2011. "Asymmetric Loss Functions and the Rationality of Expected Stock Returns," MPRA Paper 47343, University Library of Munich, Germany.
    17. Robin Greenwood & Samuel G. Hanson, 2011. "Issuer Quality and the Credit Cycle," NBER Working Papers 17197, National Bureau of Economic Research, Inc.
    18. Stefan Nagel & Zhengyang Xu, 2019. "Asset Pricing with Fading Memory," NBER Working Papers 26255, National Bureau of Economic Research, Inc.
    19. Li, Xiyang & Chen, Xiaoyue & Li, Bin & Singh, Tarlok & Shi, Kan, 2022. "Predictability of stock market returns: New evidence from developed and developing countries," Global Finance Journal, Elsevier, vol. 54(C).
    20. Christis Katsouris, 2023. "Unified Inference for Dynamic Quantile Predictive Regression," Papers 2309.14160, arXiv.org, revised Nov 2023.
    21. Nengjiu Ju & Jianjun Miao, "undated". "Ambiguity, Learning, and Asset Returns," Boston University - Department of Economics - Working Papers Series wp2009-014, Boston University - Department of Economics.
    22. Rossi, Barbara & Odendahl, Florens & Sekhposyan, Tatevik, 2020. "Comparing Forecast Performance with State Dependence," CEPR Discussion Papers 15217, C.E.P.R. Discussion Papers.
    23. Caroline Jardet & Baptiste Meunier, 2022. "Nowcasting world GDP growth with high‐frequency data," Post-Print hal-03647097, HAL.
    24. Jiahan Li & Ilias Tsiakas, 2016. "Equity Premium Prediction: The Role of Economic and Statistical Constraints," Working Paper series 16-25, Rimini Centre for Economic Analysis.
    25. Favilukis, Jack & Lin, Xiaoji, 2016. "Does wage rigidity make firms riskier? Evidence from long-horizon return predictability," Journal of Monetary Economics, Elsevier, vol. 78(C), pages 80-95.
    26. Daniele Bianchi & Massimo Guidolin & Francesco Ravazzolo, 2018. "Dissecting the 2007–2009 Real Estate Market Bust: Systematic Pricing Correction or Just a Housing Fad?," Journal of Financial Econometrics, Oxford University Press, vol. 16(1), pages 34-62.
    27. Manuel Lukas & Eric Hillebrand, 2014. "Bagging Weak Predictors," CREATES Research Papers 2014-01, Department of Economics and Business Economics, Aarhus University.
    28. Kuntz, Laura-Chloé, 2020. "Beta dispersion and market timing," Journal of Empirical Finance, Elsevier, vol. 59(C), pages 235-256.
    29. Balbás, Alejandro & Laborda Herrero, Ricardo, 2017. "Interest Rate Future Quality Options and Negative Interest Rates," INDEM - Working Paper Business Economic Series 24859, Instituto para el Desarrollo Empresarial (INDEM).
    30. Boriss Siliverstovs, 2016. "International Stock Return Predictability: On the Role of the United States in Bad and Good Times," KOF Working papers 16-408, KOF Swiss Economic Institute, ETH Zurich.
    31. Lou, Dong & Polk, Christopher, 2022. "Comomentum: inferring arbitrage activity from return correlations," LSE Research Online Documents on Economics 109318, London School of Economics and Political Science, LSE Library.
    32. Michael Pinelis & David Ruppert, 2020. "Machine Learning Portfolio Allocation," Papers 2003.00656, arXiv.org, revised Nov 2021.
    33. Timmermann, Allan & Pettenuzzo, Davide, 2016. "Forecasting Macroeconomic Variables under Model Instability," CEPR Discussion Papers 11355, C.E.P.R. Discussion Papers.
    34. de Oliveira Souza, Thiago, 2016. "The size premium and intertemporal risk," Discussion Papers on Economics 3/2016, University of Southern Denmark, Department of Economics.
    35. Libo Yin & Qingyuan Yang & Zhi Su, 2017. "Predictability of structural co-movement in commodity prices: the role of technical indicators," Quantitative Finance, Taylor & Francis Journals, vol. 17(5), pages 795-812, May.
    36. Dai, Zhifeng & Zhang, Xiaotong & Li, Tingyu, 2023. "Forecasting stock return volatility in data-rich environment: A new powerful predictor," The North American Journal of Economics and Finance, Elsevier, vol. 64(C).
    37. Schrimpf, Andreas, 2008. "International Stock Return Predictability Under Model Uncertainty," ZEW Discussion Papers 08-048, ZEW - Leibniz Centre for European Economic Research.
    38. Faria, Gonçalo & Verona, Fabio, 2023. "Forecast combination in the frequency domain," Bank of Finland Research Discussion Papers 1/2023, Bank of Finland.
    39. Andrew Clare & James Seaton & Peter N. Smith & Stephen Thomas, 2019. "The Rehabilitation of Glidepath Investing," Discussion Papers 19/17, Department of Economics, University of York.
    40. Robin Greenwood & Samuel G. Hanson, 2013. "Issuer Quality and Corporate Bond Returns," The Review of Financial Studies, Society for Financial Studies, vol. 26(6), pages 1483-1525.
    41. Lansing, Kevin J. & LeRoy, Stephen F. & Ma, Jun, 2022. "Examining the sources of excess return predictability: Stochastic volatility or market inefficiency?," Journal of Economic Behavior & Organization, Elsevier, vol. 197(C), pages 50-72.
    42. Avdoulas, Christos & Bekiros, Stelios & Boubaker, Sabri, 2016. "Detecting nonlinear dependencies in eurozone peripheral equity markets: A multistep filtering approach," Economic Modelling, Elsevier, vol. 58(C), pages 580-587.
    43. Clark, Todd E. & McCracken, Michael W., 2015. "Nested forecast model comparisons: A new approach to testing equal accuracy," Journal of Econometrics, Elsevier, vol. 186(1), pages 160-177.
    44. Julien Pénasse & Luc Renneboog, 2022. "Speculative Trading and Bubbles: Evidence from the Art Market," Management Science, INFORMS, vol. 68(7), pages 4939-4963, July.
    45. Papapostolou, Nikos C. & Pouliasis, Panos K. & Nomikos, Nikos K. & Kyriakou, Ioannis, 2016. "Shipping investor sentiment and international stock return predictability," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 96(C), pages 81-94.
    46. Giovannelli, Alessandro & Massacci, Daniele & Soccorsi, Stefano, 2021. "Forecasting stock returns with large dimensional factor models," Journal of Empirical Finance, Elsevier, vol. 63(C), pages 252-269.
    47. Nonejad, Nima, 2021. "Predicting equity premium using news-based economic policy uncertainty: Not all uncertainty changes are equally important," International Review of Financial Analysis, Elsevier, vol. 77(C).
    48. Goodness C. Aye & Frederick W. Deale & Rangan Gupta, 2016. "Does Debt Ceiling and Government Shutdown Help in Forecasting the US Equity Risk Premium?," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 63(3), pages 273-291.
    49. Paul Söderlind, 2006. "C-CAPM Refinements and the Cross-Section of Returns," University of St. Gallen Department of Economics working paper series 2006 2006-07, Department of Economics, University of St. Gallen.
    50. Laborda, Ricardo & Laborda, Juan, 2017. "Can tree-structured classifiers add value to the investor?," Finance Research Letters, Elsevier, vol. 22(C), pages 211-226.
    51. François Gourio, 2013. "Credit Risk and Disaster Risk," American Economic Journal: Macroeconomics, American Economic Association, vol. 5(3), pages 1-34, July.
    52. Tae-Hwy Lee & Shahnaz Parsaeian & Aman Ullah, 2022. "Forecasting under Structural Breaks Using Improved Weighted Estimation," WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS 202212, University of Kansas, Department of Economics.
    53. Timmermann, Allan & Møller, Stig & Pedersen, Thomas & Schütte, Erik Christian Montes, 2021. "Search and Predictability of Prices in the Housing Market," CEPR Discussion Papers 15875, C.E.P.R. Discussion Papers.
    54. Davide Pettenuzzo & Francesco Ravazzolo, 2014. "Optimal portfolio choice under decision-based model combinations," Working Paper 2014/15, Norges Bank.
    55. Suzanne G. M. Fifield & David G. McMillan & Fiona J. McMillan, 2020. "Is there a risk and return relation?," The European Journal of Finance, Taylor & Francis Journals, vol. 26(11), pages 1075-1101, July.
    56. Campbell, John Y. & Giglio, Stefano & Polk, Christopher, 2013. "Hard Times," Scholarly Articles 12172786, Harvard University Department of Economics.
    57. Assefa, Tibebe A. & Esqueda, Omar A. & Mollick, André Varella, 2017. "Stock returns and interest rates around the World: A panel data approach," Journal of Economics and Business, Elsevier, vol. 89(C), pages 20-35.
    58. Florian Huber & Gregor Kastner & Martin Feldkircher, 2016. "Should I stay or should I go? A latent threshold approach to large-scale mixture innovation models," Papers 1607.04532, arXiv.org, revised Jul 2018.
    59. Matthew Baron & Wei Xiong, 2016. "Credit Expansion and Neglected Crash Risk," NBER Working Papers 22695, National Bureau of Economic Research, Inc.
    60. Han, Liyan & Xu, Yang & Yin, Libo, 2017. "Does investor attention matter? The attention-return relation in gold futures market," Economics Discussion Papers 2017-37, Kiel Institute for the World Economy (IfW Kiel).
    61. Theologos Dergiades & Panos K. Pouliasis, 2021. "Should Stock Returns Predictability be hooked on Long Horizon Regressions?," Discussion Paper Series 2021_03, Department of Economics, University of Macedonia, revised Feb 2021.
    62. Andrew Ang & Allan Timmermann, 2011. "Regime Changes and Financial Markets," NBER Working Papers 17182, National Bureau of Economic Research, Inc.
    63. Richard K. Crump & Miro Everaert & Domenico Giannone & Sean Hundtofte, 2018. "Changing Risk-Return Profiles," Staff Reports 850, Federal Reserve Bank of New York.
    64. Chen, Junping & Xiong, Xiong & Zhu, Jie & Zhu, Xiaoneng, 2017. "Asset prices and economic fluctuations: The implications of stochastic volatility," Economic Modelling, Elsevier, vol. 64(C), pages 128-140.
    65. Massimo Guidolin & Manuela Pedio, 2021. "Forecasting commodity futures returns with stepwise regressions: Do commodity-specific factors help?," Annals of Operations Research, Springer, vol. 299(1), pages 1317-1356, April.
    66. Florens Odendahl & Barbara Rossi & Tatevik Sekhposyan, 2021. "Evaluating Forecast Performance with State Dependence," Working Papers 1295, Barcelona School of Economics.
    67. Elyasiani, Elyas & Movaghari, Hadi, 2022. "Determinants of corporate cash holdings: An application of a robust variable selection technique," International Review of Economics & Finance, Elsevier, vol. 80(C), pages 967-993.
    68. Lee, Ji Hyung, 2016. "Predictive quantile regression with persistent covariates: IVX-QR approach," Journal of Econometrics, Elsevier, vol. 192(1), pages 105-118.
    69. Su, Yuandong & Lu, Xinjie & Zeng, Qing & Huang, Dengshi, 2022. "Good air quality and stock market returns," Research in International Business and Finance, Elsevier, vol. 62(C).
    70. Nikolaos Antonakakis & Rangan Gupta & Aviral K. Tiwari, 2016. "Time-Varying Correlations between Inflation and Stock Prices in the United States over the Last Two Centuries," Working Papers 201605, University of Pretoria, Department of Economics.
    71. Yang, Bingduo & Long, Wei & Yang, Zihui, 2022. "Testing predictability of stock returns under possible bubbles," Journal of Empirical Finance, Elsevier, vol. 68(C), pages 246-260.
    72. Ma, Feng & Wang, Ruoxin & Lu, Xinjie & Wahab, M.I.M., 2021. "A comprehensive look at stock return predictability by oil prices using economic constraint approaches," International Review of Financial Analysis, Elsevier, vol. 78(C).
    73. Wang, Cindy S.H. & Fan, Rui & Xie, Yiqiang, 2023. "Market systemic risk, predictability and macroeconomics news," Finance Research Letters, Elsevier, vol. 56(C).
    74. Yin, Libo & Nie, Jing, 2021. "Adjusted dividend-price ratios and stock return predictability: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 73(C).
    75. Dai, Zhifeng & Chang, Xiaoming, 2021. "Forecasting stock market volatility: Can the risk aversion measure exert an important role?," The North American Journal of Economics and Finance, Elsevier, vol. 58(C).
    76. Lee A. Smales, 2016. "Trading behavior in S&P 500 index futures," Review of Financial Economics, John Wiley & Sons, vol. 28(1), pages 46-55, January.
    77. Erik Kole & Dick Dijk, 2017. "How to Identify and Forecast Bull and Bear Markets?," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 32(1), pages 120-139, January.
    78. Francesco Ravazzolo & Tommy Sveen & Sepideh K. Zahiri, 2016. "Commodity Futures and Forecasting Commodity Currencies," Working Papers No 7/2016, Centre for Applied Macro- and Petroleum economics (CAMP), BI Norwegian Business School.
    79. Xu, Yongan & Wang, Jianqiong & Chen, Zhonglu & Liang, Chao, 2021. "Economic policy uncertainty and stock market returns: New evidence," The North American Journal of Economics and Finance, Elsevier, vol. 58(C).
    80. Evan Anderson & Ai-ru (Meg) Cheng, 2022. "Portfolio Choices with Many Big Models," Management Science, INFORMS, vol. 68(1), pages 690-715, January.
    81. Smith, Simon C., 2017. "Equity premium estimates from economic fundamentals under structural breaks," International Review of Financial Analysis, Elsevier, vol. 52(C), pages 49-61.
    82. González-Sánchez, Mariano, 2022. "Factorial asset pricing models using statistical anomalies," Research in International Business and Finance, Elsevier, vol. 60(C).
    83. Li, Dakai & Zhang, Fan & Li, Xuezhi, 2022. "Can U.S. trade policy uncertainty help in predicting stock market excess return?," Finance Research Letters, Elsevier, vol. 49(C).
    84. Devpura, Neluka & Narayan, Paresh Kumar & Sharma, Susan Sunila, 2019. "Structural instability and predictability," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 63(C).
    85. Niels S. Grønborg & Asger Lunde & Kasper V. Olesen & Harry Vander Elst, 2018. "Realizing Correlations Across Asset Classes," CREATES Research Papers 2018-37, Department of Economics and Business Economics, Aarhus University.
    86. Faria, Gonçalo & Verona, Fabio, 2020. "The yield curve and the stock market: Mind the long run," Journal of Financial Markets, Elsevier, vol. 50(C).
    87. Jamal Bouoiyour & Refk Selmi, 2017. "Are Trump and Bitcoin Good Partners?," Working Papers hal-01480031, HAL.
    88. Catherine Georgiou, 2022. "Modifications on Book-Valued Ratios," International Journal of Business and Economic Sciences Applied Research (IJBESAR), International Hellenic University (IHU), Kavala Campus, Greece (formerly Eastern Macedonia and Thrace Institute of Technology - EMaTTech), vol. 15(3), pages 24-37, December.
    89. Zongwu Cai & Haiqiang Chen & Xiaosai Liao, 2020. "A New Robust Inference for Predictive Quantile Regression," WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS 202002, University of Kansas, Department of Economics, revised Feb 2020.
    90. Michael D. Bauer & James D. Hamilton, 2015. "Robust Bond Risk Premia," CESifo Working Paper Series 5541, CESifo.
    91. Avdis, Efstathios & Wachter, Jessica A., 2017. "Maximum likelihood estimation of the equity premium," Journal of Financial Economics, Elsevier, vol. 125(3), pages 589-609.
    92. Salisu, Afees A. & Ademuyiwa, Idris & Isah, Kazeem O., 2018. "Revisiting the forecasting accuracy of Phillips curve: The role of oil price," Energy Economics, Elsevier, vol. 70(C), pages 334-356.
    93. Michiel De Pooter & Francesco Ravazzolo & Dick van Dijk, 2010. "Term structure forecasting using macro factors and forecast combination," International Finance Discussion Papers 993, Board of Governors of the Federal Reserve System (U.S.).
    94. Narayan, Paresh Kumar & Liu, Ruipeng & Westerlund, Joakim, 2016. "A GARCH model for testing market efficiency," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 41(C), pages 121-138.
    95. Ian Dew-Becker & Stefano Giglio, 2016. "Asset Pricing in the Frequency Domain: Theory and Empirics," The Review of Financial Studies, Society for Financial Studies, vol. 29(8), pages 2029-2068.
    96. Pim van Vliet & David Blitz, 2011. "Dynamic strategic asset allocation: Risk and return across the business cycle," Journal of Asset Management, Palgrave Macmillan, vol. 12(5), pages 360-375, November.
    97. Narayan, Paresh Kumar & Narayan, Seema & Thuraisamy, Kannan Sivananthan, 2014. "Can institutions and macroeconomic factors predict stock returns in emerging markets?," Emerging Markets Review, Elsevier, vol. 19(C), pages 77-95.
    98. Tim Bollerslev & Hao Zhou, 2006. "Expected stock returns and variance risk premia," Finance and Economics Discussion Series 2007-11, Board of Governors of the Federal Reserve System (U.S.).
    99. Møller, Stig V. & Rangvid, Jesper, 2015. "End-of-the-year economic growth and time-varying expected returns," Journal of Financial Economics, Elsevier, vol. 115(1), pages 136-154.
    100. Lombardi, Marco J. & Ravazzolo, Francesco, 2016. "On the correlation between commodity and equity returns: Implications for portfolio allocation," Journal of Commodity Markets, Elsevier, vol. 2(1), pages 45-57.
    101. Todd E. Clark & Michael W. McCracken, 2009. "In-sample tests of predictive ability: a new approach," Research Working Paper RWP 09-10, Federal Reserve Bank of Kansas City.
    102. Scholz, Michael & Nielsen, Jens Perch & Sperlich, Stefan, 2015. "Nonparametric prediction of stock returns based on yearly data: The long-term view," Insurance: Mathematics and Economics, Elsevier, vol. 65(C), pages 143-155.
    103. Chen, Jian & Jiang, Fuwei & Liu, Yangshu & Tu, Jun, 2017. "International volatility risk and Chinese stock return predictability," Journal of International Money and Finance, Elsevier, vol. 70(C), pages 183-203.
    104. Lee Tae-Hwy & Wang He & Xi Zhou & Zhang Ru, 2023. "Density Forecast of Financial Returns Using Decomposition and Maximum Entropy," Journal of Econometric Methods, De Gruyter, vol. 12(1), pages 57-83, January.
    105. Maximilian Renz & Olaf Stotz, 2021. "A macroeconomic hedge portfolio and the cross section of stock returns," Review of Financial Economics, John Wiley & Sons, vol. 39(1), pages 73-94, January.
    106. Sentana, Enrique & Peñaranda, Francisco, 2007. "Duality in Mean-Variance Frontiers with Conditioning Information," CEPR Discussion Papers 6566, C.E.P.R. Discussion Papers.
    107. Cochrane, John H., 2005. "Financial Markets and the Real Economy," Foundations and Trends(R) in Finance, now publishers, vol. 1(1), pages 1-101, July.
    108. Libo Yin & Jing Nie, 2021. "Intermediary asset pricing in currency carry trade returns," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 41(8), pages 1241-1267, August.
    109. Pham, Quynh Thi Thuy & Rudolf, Markus, 2021. "Gold, platinum, and industry stock returns," International Review of Economics & Finance, Elsevier, vol. 75(C), pages 252-266.
    110. Qingxiang Han & Mengxi He & Yaojie Zhang & Muhammad Umar, 2023. "Default return spread: A powerful predictor of crude oil price returns," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 42(7), pages 1786-1804, November.
    111. Allayioti, Anastasia & Venditti, Fabrizio, 2024. "The role of comovement and time-varying dynamics in forecasting commodity prices," Working Paper Series 2901, European Central Bank.
    112. Ren, Yu & Tu, Yundong & Yi, Yanping, 2019. "Balanced predictive regressions," Journal of Empirical Finance, Elsevier, vol. 54(C), pages 118-142.
    113. Fernando M. Duarte & Carlo Rosa, 2015. "The equity risk premium: a review of models," Economic Policy Review, Federal Reserve Bank of New York, issue 2, pages 39-57.
    114. Zhang, Lixia & Luo, Qin & Guo, Xiaozhu & Umar, Muhammad, 2022. "Medium-term and long-term volatility forecasts for EUA futures with country-specific economic policy uncertainty indices," Resources Policy, Elsevier, vol. 77(C).
    115. Maria Elisabete Neves & Mário Abreu Pinto & Carla Manuela de Assunção Fernandes & Elisabete Fátima Simões Vieira, 2021. "Value and growth stock returns: international evidence (JES)," International Journal of Accounting & Information Management, Emerald Group Publishing Limited, vol. 29(5), pages 698-733, October.
    116. Bryan Kelly & Hao Jiang, 2013. "Tail Risk and Asset Prices," NBER Working Papers 19375, National Bureau of Economic Research, Inc.
    117. Sousa, João & Sousa, Ricardo M., 2013. "Asset returns under model uncertainty: evidence from the euro area, the U.S. and the U.K," Working Paper Series 1575, European Central Bank.
    118. Xue Gong & Weiguo Zhang & Yuan Zhao & Xin Ye, 2023. "Forecasting stock volatility with a large set of predictors: A new forecast combination method," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 42(7), pages 1622-1647, November.
    119. Ke-Li Xu & Junjie Guo, 2021. "A New Test for Multiple Predictive Regression," CAEPR Working Papers 2022-001 Classification-C, Center for Applied Economics and Policy Research, Department of Economics, Indiana University Bloomington.
    120. Favero, Carlo A. & Gozluklu, Arie E. & Tamoni, Andrea, 2011. "Demographic Trends, the Dividend-Price Ratio, and the Predictability of Long-Run Stock Market Returns," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 46(5), pages 1493-1520, October.
    121. Schrimpf, Andreas & Grammig, Joachim G., 2007. "Asset Pricing with a Reference Level of Consumption: New Evidence from the Cross-Section of Stock Returns," ZEW Discussion Papers 06-032 [rev.], ZEW - Leibniz Centre for European Economic Research.
    122. Pincheira, Pablo & Hardy, Nicolás, 2019. "Forecasting Aluminum Prices with Commodity Currencies," MPRA Paper 97005, University Library of Munich, Germany.
    123. de Oliveira Souza, Thiago, 2019. "Macro-finance and factor timing: Time-varying factor risk and price of risk premiums," Discussion Papers on Economics 7/2019, University of Southern Denmark, Department of Economics.
    124. Dunbar, Kwamie, 2021. "Pricing the hedging factor in the cross-section of stock returns," The North American Journal of Economics and Finance, Elsevier, vol. 56(C).
    125. David A. Mascio & Marat Molyboga & Frank J. Fabozzi, 2023. "The battle of the factors: Macroeconomic variables or investor sentiment?," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 42(8), pages 2280-2291, December.
    126. Jun Hong Park & Sang Ho Kook & Hyeonu Im & Soomin Eum & Chulung Lee, 2018. "Fabless Semiconductor Firms’ Financial Performance Determinant Factors: Product Platform Efficiency and Technological Capability," Sustainability, MDPI, vol. 10(10), pages 1-22, September.
    127. Hou, Yang & Meng, Jiayin, 2018. "The momentum effect in the Chinese market and its relationship with the simultaneous and the lagged investor sentiment," MPRA Paper 94838, University Library of Munich, Germany.
    128. Chiquoine, Benjamin & Hjalmarsson, Erik, 2009. "Jackknifing stock return predictions," Journal of Empirical Finance, Elsevier, vol. 16(5), pages 793-803, December.
    129. Zhu, Yanjian & Zhu, Xiaoneng, 2014. "European business cycles and stock return predictability," Finance Research Letters, Elsevier, vol. 11(4), pages 446-453.
    130. Chen, Jian & Tang, Guohao & Yao, Jiaquan & Zhou, Guofu, 2023. "Employee sentiment and stock returns," Journal of Economic Dynamics and Control, Elsevier, vol. 149(C).
    131. Guillaume Coqueret, 2023. "Forking paths in financial economics," Papers 2401.08606, arXiv.org.
    132. Souza, Thiago de Oliveira, 2020. "Dollar carry timing," Discussion Papers on Economics 10/2020, University of Southern Denmark, Department of Economics.
    133. Xing, Li-Min & Zhang, Yue-Jun, 2022. "Forecasting crude oil prices with shrinkage methods: Can nonconvex penalty and Huber loss help?," Energy Economics, Elsevier, vol. 110(C).
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    1378. Cai, Zongwu & Chen, Haiqiang & Liao, Xiaosai, 2023. "A new robust inference for predictive quantile regression," Journal of Econometrics, Elsevier, vol. 234(1), pages 227-250.
    1379. Li Liu & Zhiyuan Pan & Yudong Wang, 2021. "What can we learn from the return predictability over the business cycle?," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 40(1), pages 108-131, January.
    1380. Roberto Savona & Cesare Orsini, 2019. "Taking the right course navigating the ERC universe," Journal of Asset Management, Palgrave Macmillan, vol. 20(3), pages 157-174, May.
    1381. Yen, Yu-Min & Yen, Tso-Jung, 2021. "Testing forecast accuracy of expectiles and quantiles with the extremal consistent loss functions," International Journal of Forecasting, Elsevier, vol. 37(2), pages 733-758.
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    1385. Chen, Chaoyi & Gospodinov, Nikolay & Maynard, Alex & Pesavento, Elena, 2022. "Long-horizon stock valuation and return forecasts based on demographic projections," Journal of Empirical Finance, Elsevier, vol. 68(C), pages 190-215.
    1386. Constantin Anghelache & Madalina-Gabriela Anghel & Stefan Virgil Iacob, 2021. "Statistical-Econometric Methods For Risk Diversification," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 5, pages 157-163, October.
    1387. Yin, Libo & Feng, Jiabao & Han, Liyan, 2021. "Systemic risk in international stock markets: Role of the oil market," International Review of Economics & Finance, Elsevier, vol. 71(C), pages 592-619.
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  2. Sushil Bikhchandani & David Hirshleifer & Omer Tamuz & Ivo Welch, 2021. "Information Cascades and Social Learning," Papers 2105.11044, arXiv.org.

    Cited by:

    1. Hirshleifer, David & Teoh, Siew Hong, 2008. "Thought and Behavior Contagion in Capital Markets," MPRA Paper 9142, University Library of Munich, Germany.
    2. David Lagziel & Ehud Lehrer, 2022. "Dynamic screening," Papers 2204.13392, arXiv.org.
    3. Zikai Xu, 2022. "Observational Learning with Competitive Prices," Papers 2202.06425, arXiv.org, revised May 2022.
    4. Xuejun Jin & Jiawei Yu, 2022. "Does communication increase investors’ trading frequency? Evidence from a Chinese social trading platform," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-32, December.
    5. Orihara, Masanori & Eshraghi, Arman, 2022. "Corporate governance compliance and herding," International Review of Financial Analysis, Elsevier, vol. 80(C).
    6. Moran Koren, 2023. "The Gatekeeper Effect: The Implications of Pre-Screening, Self-selection, and Bias for Hiring Processes," Papers 2312.17167, arXiv.org.

  3. Ivo Welch, 2020. "The Wisdom of the Robinhood Crowd," NBER Working Papers 27866, National Bureau of Economic Research, Inc.

    Cited by:

    1. Ülkü, Numan & Ali, Fahad & Saydumarov, Saidgozi & İkizlerli, Deniz, 2023. "COVID caused a negative bubble. Who profited? Who lost? How stock markets changed?," Pacific-Basin Finance Journal, Elsevier, vol. 79(C).
    2. Nourallah, Mustafa, 2023. "One size does not fit all: Young retail investors’ initial trust in financial robo-advisors," Journal of Business Research, Elsevier, vol. 156(C).
    3. Kuvvet, Emre, 2022. "Robinhood investors and corporate misconduct," Global Finance Journal, Elsevier, vol. 54(C).
    4. Youngbin Lee & Yejin Kim & Yongjae Lee, 2024. "Stock Recommendations for Individual Investors: A Temporal Graph Network Approach with Diversification-Enhancing Contrastive Learning," Papers 2404.07223, arXiv.org.
    5. Nezafat, Mahdi & Schroder, Mark, 2023. "The negative value of private information in illiquid markets," Journal of Economic Theory, Elsevier, vol. 210(C).
    6. Allan M. Malz, 2021. "The GameStop Episode: What Happened and What Does It Mean?," Journal of Applied Corporate Finance, Morgan Stanley, vol. 33(4), pages 87-97, December.
    7. J. Michael Collins & Jeff Larrimore & Carly Urban, 2021. "Does Access to Bank Accounts as a Minor Improve Financial Capability? Evidence from Minor Bank Account Laws," Finance and Economics Discussion Series 2021-075, Board of Governors of the Federal Reserve System (U.S.).
    8. Pagano, Michael S. & Sedunov, John & Velthuis, Raisa, 2021. "How did retail investors respond to the COVID-19 pandemic? The effect of Robinhood brokerage customers on market quality," Finance Research Letters, Elsevier, vol. 43(C).
    9. Potsaid, Timothy & Venkataraman, Shankar, 2022. "Trading restrictions and investor reaction to non-gains, non-losses, and the fear of missing out: Experimental evidence," Journal of Behavioral and Experimental Finance, Elsevier, vol. 33(C).
    10. Brad M. Barber & Xing Huang & Terrance Odean & Christopher Schwarz, 2022. "Attention‐Induced Trading and Returns: Evidence from Robinhood Users," Journal of Finance, American Finance Association, vol. 77(6), pages 3141-3190, December.
    11. Mark Marner-Hausen, 2022. "Developing a Framework for Real-Time Trading in a Laboratory Financial Market," ECONtribute Discussion Papers Series 172, University of Bonn and University of Cologne, Germany.
    12. Romain Bocher, 2023. "Causal Entropic Forces, Narratives and Self-organisation of Capital Markets," Journal of Interdisciplinary Economics, , vol. 35(2), pages 172-190, July.
    13. Ben-David, Itzhak & Franzoni, Francesco A. & Kim, Byungwook & Moussawi, Rabih, 2021. "Competition for Attention in the ETF Space," Working Paper Series 2021-01, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    14. Djalilov, Abdulaziz & Ülkü, Numan, 2021. "Individual investors’ trading behavior in Moscow Exchange and the COVID-19 crisis," Journal of Behavioral and Experimental Finance, Elsevier, vol. 31(C).
    15. Outlaw, Dominique, 2023. "Frenzied buyers and sophisticated sellers: How short sellers trade individual investors’ most purchased stocks," Journal of Behavioral and Experimental Finance, Elsevier, vol. 39(C).
    16. Nobanee, Haitham & Ellili, Nejla Ould Daoud, 2023. "What do we know about meme stocks? A bibliometric and systematic review, current streams, developments, and directions for future research," International Review of Economics & Finance, Elsevier, vol. 85(C), pages 589-602.
    17. Gempesaw, David & Henry, Joseph J. & Velthuis, Raisa, 2022. "Piecing together the extent of retail fractional trading," Global Finance Journal, Elsevier, vol. 54(C).
    18. Ingar Haaland & Ole-Andreas Elvik Næss & Ingar K. Haaland, 2023. "Misperceived Returns to Active Investing," CESifo Working Paper Series 10257, CESifo.
    19. Felix Reichenbach & Martin Walther, 2023. "Financial recommendations on Reddit, stock returns and cumulative prospect theory," Digital Finance, Springer, vol. 5(2), pages 421-448, June.
    20. Aloosh, Arash & Ouzan, Samuel & Shahzad, Syed Jawad Hussain, 2022. "Bubbles across Meme Stocks and Cryptocurrencies," Finance Research Letters, Elsevier, vol. 49(C).
    21. Kalda, Ankit & Loos, Benjamin & Previtero, Alessandro & Hackethal, Andreas, 2021. "Smart (phone) investing? A within investor-time analysis of new technologies and trading behavior," SAFE Working Paper Series 303, Leibniz Institute for Financial Research SAFE.
    22. David Ardia & Cl'ement Aymard & Tolga Cenesizoglu, 2023. "Fast and Furious: A High-Frequency Analysis of Robinhood Users' Trading Behavior," Papers 2307.11012, arXiv.org.
    23. Kormanyos, Emily & Hanspal, Tobin & Hackethal, Andreas, 2023. "Do gamblers invest in lottery stocks?," SAFE Working Paper Series 373, Leibniz Institute for Financial Research SAFE, revised 2023.
    24. Umar, Zaghum & Yousaf, Imran & Zaremba, Adam, 2021. "Comovements between heavily shorted stocks during a market squeeze: Lessons from the GameStop trading frenzy," Research in International Business and Finance, Elsevier, vol. 58(C).
    25. Chen, Zhongdong & Craig, Karen Ann, 2023. "Active attention, retail investor base, and stock returns," Journal of Behavioral and Experimental Finance, Elsevier, vol. 39(C).

  4. Ivo Welch, 2019. "Simpler Better Market Betas," NBER Working Papers 26105, National Bureau of Economic Research, Inc.

    Cited by:

    1. Novy-Marx, Robert & Velikov, Mihail, 2022. "Betting against betting against beta," Journal of Financial Economics, Elsevier, vol. 143(1), pages 80-106.
    2. Baoqing Gan, 2020. "Does Social Media Sentiment Trump News?," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 5-2020.
    3. Hollstein, Fabian & Prokopczuk, Marcel, 2022. "Testing Factor Models in the Cross-Section," Journal of Banking & Finance, Elsevier, vol. 145(C).
    4. Campello, Murillo & Connolly, Robert A. & Kankanhalli, Gaurav & Steiner, Eva, 2022. "Do real estate values boost corporate borrowing? Evidence from contract-level data," Journal of Financial Economics, Elsevier, vol. 144(2), pages 611-644.
    5. Han, Xing & Li, Kai & Li, Youwei, 2020. "Investor overconfidence and the security market line: New evidence from China," Journal of Economic Dynamics and Control, Elsevier, vol. 117(C).
    6. Iachan, Felipe S. & Silva, Dejanir & Zi, Chao, 2022. "Under-diversification and idiosyncratic risk externalities," Journal of Financial Economics, Elsevier, vol. 143(3), pages 1227-1250.

  5. Daniel R. Feenberg & Clinton Tepper & Ivo Welch, 2018. "Are Interest Rates Really Low?," NBER Working Papers 24258, National Bureau of Economic Research, Inc.

    Cited by:

    1. Olivier J Blanchard, 2019. "Public Debt and Low Interest Rates," Working Paper Series WP19-4, Peterson Institute for International Economics.
    2. Knolle, Julia, 2020. "Prosperity in a Low Interest Environment," MPRA Paper 104332, University Library of Munich, Germany.

  6. Bernardo, Antonio & Talley, Eric & Welch, Ivo, 2011. "A Model of Optimal Government Bailouts," Berkeley Olin Program in Law & Economics, Working Paper Series qt8wv4p90c, Berkeley Olin Program in Law & Economics.

    Cited by:

    1. Zhang Li & Xiaojun Lin & Borja Peleato-Inarrea & Ilya Pollak, 2014. "Optimal Monitoring and Mitigation of Systemic Risk in Financial Networks," Papers 1410.2570, arXiv.org, revised Dec 2014.

  7. Sushil Bikhchandani & David Hirshleifer & Ivo Welch, 2010. "A theory of Fads, Fashion, Custom and cultural change as informational Cascades," Levine's Working Paper Archive 1193, David K. Levine.

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    5. Parker, Simon C., 2014. "Crowdfunding, cascades and informed investors," Economics Letters, Elsevier, vol. 125(3), pages 432-435.
    6. Baddeley, M., 2011. "A Behavioural Analysis of Online Privacy and Security," Cambridge Working Papers in Economics 1147, Faculty of Economics, University of Cambridge.
    7. Phil Holmes & Vasileios Kallinterakis & M P Leite Ferreira, 2013. "Herding in a Concentrated Market: a Question of Intent," European Financial Management, European Financial Management Association, vol. 19(3), pages 497-520, June.
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    90. Gao, Yan & Gao, Yao, 2015. "Statistical properties of short-selling and margin-trading activities and their impacts on returns in the Chinese stock markets," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 438(C), pages 293-307.
    91. Xuewen Liu, 2015. "Short-Selling Attacks and Creditor Runs," Management Science, INFORMS, vol. 61(4), pages 814-830, April.
    92. Mark Carey & Rene M. Stulz, 2007. "Introduction to "The Risks of Financial Institutions"," NBER Chapters, in: The Risks of Financial Institutions, pages 1-25, National Bureau of Economic Research, Inc.
    93. Ebrahimy, Ehsan, 2019. "Fire-sales in frozen markets," ESRB Working Paper Series 100, European Systemic Risk Board.
    94. Christian Riis Flor & Hans Frimor & Claus Munk, 2014. "Options in Compensation: Promises and Pitfalls," Journal of Accounting Research, Wiley Blackwell, vol. 52(3), pages 703-732, June.
    95. Benzennou, Bouchra & ap Gwilym, Owain & Williams, Gwion, 2020. "Commonality in liquidity across options and stock futures markets," Finance Research Letters, Elsevier, vol. 32(C).
    96. Xuewen Liu, 2023. "A Model of Systemic Bank Runs," Journal of Finance, American Finance Association, vol. 78(2), pages 731-793, April.
    97. Sarah Draus & Mark van Achter, 2012. "Circuit Breakers and Market Runs," CSEF Working Papers 313, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.

  9. Bikhchandani, Sushil & Hirshleifer, David & Welch, Ivo, 2005. "Information Cascades and Observational Learning," Working Paper Series 2005-22, Ohio State University, Charles A. Dice Center for Research in Financial Economics.

    Cited by:

    1. Antonio Guarino & Antonella Ianni, 2010. "Bayesian Social Learning with Local Interactions," Games, MDPI, vol. 1(4), pages 1-21, October.

  10. Lily Qiu & Ivo Welch, 2004. "Investor Sentiment Measures," NBER Working Papers 10794, National Bureau of Economic Research, Inc.

    Cited by:

    1. Li, Yuan & Ran, Jimmy, 2020. "Investor Sentiment and Stock Price Premium Validation with Siamese Twins from China," Journal of Multinational Financial Management, Elsevier, vol. 57.
    2. Ding, Zhihua & Liu, Zhenhua & Zhang, Yuejun & Long, Ruyin, 2017. "The contagion effect of international crude oil price fluctuations on Chinese stock market investor sentiment," Applied Energy, Elsevier, vol. 187(C), pages 27-36.
    3. David C. Ling & Joseph T.L. Ooi & Thao T.T. Le, 2015. "Explaining House Price Dynamics: Isolating the Role of Nonfundamentals," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(S1), pages 87-125, March.
    4. Po-Keng Cheng & Young Shin Kim, 2017. "Speculative bubbles and crashes： Fundamentalists and positive‐feedback trading," Cogent Economics & Finance, Taylor & Francis Journals, vol. 5(1), pages 1381370-138, January.
    5. Muhammad Zia Ur Rehman & Zain ul Abidin & Faisal Rizwan & Zaheer Abbas & Sajjad Ahmad Baig, 2017. "How investor sentiments spillover from developed countries to developing countries?," Cogent Economics & Finance, Taylor & Francis Journals, vol. 5(1), pages 1309096-130, January.
    6. Kim, Jikyung (Jeanne) & Dong, Hang & Choi, Jeonghye & Chang, Sue Ryung, 2022. "Sentiment change and negative herding: Evidence from microblogging and news," Journal of Business Research, Elsevier, vol. 142(C), pages 364-376.
    7. Zhang, Hang & Tsai, Wei-Che & Weng, Pei-Shih & Tsai, Pin-Chieh, 2023. "Overnight returns and investor sentiment: Further evidence from the Taiwan stock market," Pacific-Basin Finance Journal, Elsevier, vol. 80(C).
    8. Raquel M. Gaspar & Xu Jiaming, 2023. "Consumer Confidence and Stock Markets' Returns," Working Papers REM 2023/0292, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    9. Yuan Li, 2022. "Mood Beta, Sentiment and Stock Returns in China," SAGE Open, , vol. 12(1), pages 21582440221, February.
    10. Bethke, Sebastian & Kempf, Alexander & Trapp, Monika, 2013. "The correlation puzzle: The interaction of bond and risk correlation," CFR Working Papers 13-06, University of Cologne, Centre for Financial Research (CFR).
    11. Shen, Dehua & Li, Xiao & Zhang, Wei, 2018. "Baidu news information flow and return volatility: Evidence for the Sequential Information Arrival Hypothesis," Economic Modelling, Elsevier, vol. 69(C), pages 127-133.
    12. Caglayan, Mustafa & Xu, Bing, 2016. "Sentiment volatility and bank lending behavior," International Review of Financial Analysis, Elsevier, vol. 45(C), pages 107-120.
    13. Rahman, Dewan & Oliver, Barry & Faff, Robert, 2020. "Evidence of strategic information uncertainty around opportunistic insider purchases," Journal of Banking & Finance, Elsevier, vol. 117(C).
    14. Hurst, Gareth & Docherty, Paul, 2015. "Trend salience, investor behaviours and momentum profitability," Pacific-Basin Finance Journal, Elsevier, vol. 35(PB), pages 471-484.
    15. Geert Bekaert & Eric C. Engstrom & Nancy R. Xu, 2022. "The Time Variation in Risk Appetite and Uncertainty," Management Science, INFORMS, vol. 68(6), pages 3975-4004, June.
    16. Piñeiro-Chousa, Juan Ramón & López-Cabarcos, M. Ángeles & Pérez-Pico, Ada María, 2016. "Examining the influence of stock market variables on microblogging sentiment," Journal of Business Research, Elsevier, vol. 69(6), pages 2087-2092.
    17. Long, Wen & Zhao, Manyi & Tang, Yeran, 2021. "Can the Chinese volatility index reflect investor sentiment?," International Review of Financial Analysis, Elsevier, vol. 73(C).
    18. Azilawati Banchit & Sazali Abidin & Sophyafadeth Lim & Fareiny Morni, 2020. "Investor Sentiment, Portfolio Returns, and Macroeconomic Variables," JRFM, MDPI, vol. 13(11), pages 1-14, October.
    19. Alberto Cagnazzo, 2019. "Market-timing performance of mutual fund investors in Emerging Markets," Working Papers CASMEF 1901, Dipartimento di Economia e Finanza, LUISS Guido Carli.
    20. O-Chia Chuang & Chenxu Yang, 2022. "Identifying the Determinants of Crude Oil Market Volatility by the Multivariate GARCH-MIDAS Model," Energies, MDPI, vol. 15(8), pages 1-14, April.
    21. Tang, Dragon Yongjun & Yan, Hong, 2008. "Market conditions, default risk and credit spreads," Discussion Paper Series 2: Banking and Financial Studies 2008,08, Deutsche Bundesbank.
    22. Szymon Lis, 2022. "Investor Sentiment in Asset Pricing Models: A Review," Working Papers 2022-14, Faculty of Economic Sciences, University of Warsaw.
    23. Sibley, Steven E. & Wang, Yanchu & Xing, Yuhang & Zhang, Xiaoyan, 2016. "The information content of the sentiment index," Journal of Banking & Finance, Elsevier, vol. 62(C), pages 164-179.
    24. Phan, Thi Nha Truc & Bertrand, Philippe & Phan, Hong Hai & Vo, Xuan Vinh, 2023. "The role of investor behavior in emerging stock markets: Evidence from Vietnam," The Quarterly Review of Economics and Finance, Elsevier, vol. 87(C), pages 367-376.
    25. Aaron Tornell & Chunming Yuan, "undated". "Speculation and Hedging in the Currency Futures Markets: Are They Informative to the Spot Exchange Rates," UMBC Economics Department Working Papers 09-116, UMBC Department of Economics, revised 01 Nov 2009.
    26. Li, Yubin & Zhao, Chen & Zhong, Zhaodong (Ken), 2021. "Trading behavior of retail investors in derivatives markets: Evidence from Mini options," Journal of Banking & Finance, Elsevier, vol. 133(C).
    27. Tiwari, Aviral Kumar & Abakah, Emmanuel Joel Aikins & Bonsu, Christiana Osei & Karikari, Nana Kwasi & Hammoudeh, Shawkat, 2022. "The effects of public sentiments and feelings on stock market behavior: Evidence from Australia," Journal of Economic Behavior & Organization, Elsevier, vol. 193(C), pages 443-472.
    28. Gilbert V. Nartea & Hengyu Bai & Ji Wu, 2019. "Investor Sentiment and the Economic Policy Uncertainty Premium," Working Papers in Economics 19/14, University of Canterbury, Department of Economics and Finance.
    29. Mahmoudi, Nader & Docherty, Paul & Melia, Adrian, 2022. "Firm-level investor sentiment and corporate announcement returns," Journal of Banking & Finance, Elsevier, vol. 144(C).
    30. Yuan Li & Yu Zhang, 2021. "Investor Sentiment, Idiosyncratic Risk, and Stock Price Premium: Evidence From Chinese Cross-Listed Companies," SAGE Open, , vol. 11(2), pages 21582440211, June.
    31. Cheong, Calvin W.H. & Sinnakkannu, Jothee & Ramasamy, Sockalingam, 2017. "Reactive or proactive? Investor sentiment as a driver of corporate social responsibility," Research in International Business and Finance, Elsevier, vol. 42(C), pages 572-582.
    32. Gene Amromin & Steven A. Sharpe, 2009. "Expectations of risk and return among household investors: Are their Sharpe ratios countercyclical?," Proceedings, Federal Reserve Bank of San Francisco, issue Jan.
    33. Travis Adams & Andrea Ajello & Diego Silva & Francisco Vazquez-Grande, 2023. "More than Words: Twitter Chatter and Financial Market Sentiment," Papers 2305.16164, arXiv.org.
    34. Pei En Lee, 2019. "The Empirical Study of Investor Sentiment on Stock Return Prediction," International Journal of Economics and Financial Issues, Econjournals, vol. 9(2), pages 119-124.
    35. Pedro Manuel Nogueira Reis & Carlos Pinho, 2021. "A Reappraisal of the Causal Relationship between Sentiment Proxies and Stock Returns," Journal of Behavioral Finance, Taylor & Francis Journals, vol. 22(4), pages 420-442, October.
    36. Keiber, Karl Ludwig & Samyschew, Helene, 2017. "The world price of sentiment risk," Global Finance Journal, Elsevier, vol. 32(C), pages 62-82.
    37. Enwei Zhu & Jing Wu & Hongyu Liu & Keyang Li, 2023. "A Sentiment Index of the Housing Market in China: Text Mining of Narratives on Social Media," The Journal of Real Estate Finance and Economics, Springer, vol. 66(1), pages 77-118, January.
    38. Schmeling, Maik, 2009. "Investor sentiment and stock returns: Some international evidence," Journal of Empirical Finance, Elsevier, vol. 16(3), pages 394-408, June.
    39. Wenjie Ding & Khelifa Mazouz & Qingwei Wang, 2019. "Investor sentiment and the cross-section of stock returns: new theory and evidence," Review of Quantitative Finance and Accounting, Springer, vol. 53(2), pages 493-525, August.
    40. Emna Mnif & Anis Jarboui & M. Kabir Hassan & Khaireddine Mouakhar, 2020. "Big data tools for Islamic financial analysis," Intelligent Systems in Accounting, Finance and Management, John Wiley & Sons, Ltd., vol. 27(1), pages 10-21, January.
    41. Haiqiang Chen & Terence Tai-Leung Chong & Xin Duan, 2010. "A principal-component approach to measuring investor sentiment," Quantitative Finance, Taylor & Francis Journals, vol. 10(4), pages 339-347.
    42. Sofiane Aboura, 2016. "Individual investors and stock returns," Journal of Asset Management, Palgrave Macmillan, vol. 17(7), pages 477-485, December.
    43. Jiang, Xiong-Fei & Xiong, Long & Cen, Tao & Bai, Ling & Zhao, Na & Zhang, Jiu & Zheng, Chang-Juan & Jiang, Tian-Ying, 2022. "Analyst sentiment and earning forecast bias in financial markets," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 589(C).
    44. Xiong, Xiong & Meng, Yongqiang & Joseph, Nathan Lael & Shen, Dehua, 2020. "Stock mispricing, hard-to-value stocks and the influence of internet stock message boards," International Review of Financial Analysis, Elsevier, vol. 72(C).
    45. Bucher, Melk C., 2017. "Investor Attention and Sentiment: Risk or Anomaly?," Working Papers on Finance 1712, University of St. Gallen, School of Finance.
    46. Agnieszka Kuś & Agnieszka Kuś, 2023. "Photovoltaic Companies on the Warsaw Stock Exchange—Another Speculative Bubble or a Sign of the Times?," Energies, MDPI, vol. 16(2), pages 1-21, January.
    47. Andrea Ajello & Diego Silva & Travis Adams & Francisco Vazquez-Grande, 2023. "More than Words: Twitter Chatter and Financial Market Sentiment," Finance and Economics Discussion Series 2023-034, Board of Governors of the Federal Reserve System (U.S.).
    48. Utku Uygur & Oktay Taş, 2014. "The impacts of investor sentiment on returns and conditional volatility of international stock markets," Quality & Quantity: International Journal of Methodology, Springer, vol. 48(3), pages 1165-1179, May.
    49. Piñeiro-Chousa, Juan & López-Cabarcos, M.Ángeles & Caby, Jérôme & Šević, Aleksandar, 2021. "The influence of investor sentiment on the green bond market," Technological Forecasting and Social Change, Elsevier, vol. 162(C).
    50. Ramiah, Vikash & Xu, Xiaoming & Moosa, Imad A., 2015. "Neoclassical finance, behavioral finance and noise traders: A review and assessment of the literature," International Review of Financial Analysis, Elsevier, vol. 41(C), pages 89-100.
    51. Li, Xindan & Geng, Ziyang & Subrahmanyam, Avanidhar & Yu, Honghai, 2017. "Do wealthy investors have an informational advantage? Evidence based on account classifications of individual investors," Journal of Empirical Finance, Elsevier, vol. 44(C), pages 1-18.
    52. Baker, Malcolm & Wurgler, Jeffrey & Yuan, Yu, 2012. "Global, local, and contagious investor sentiment," Journal of Financial Economics, Elsevier, vol. 104(2), pages 272-287.
    53. Su, Zhi & Liu, Peng & Fang, Tong, 2022. "Pandemic-induced fear and stock market returns: Evidence from China," Global Finance Journal, Elsevier, vol. 54(C).
    54. Marie‐Helene Gagnon & Celine Gimet, 2020. "Unconventional economic policies and sentiment: An international assessment," The World Economy, Wiley Blackwell, vol. 43(6), pages 1544-1591, June.
    55. Michael Nofer & Oliver Hinz, 2015. "Using Twitter to Predict the Stock Market," Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK, Springer;Gesellschaft für Informatik e.V. (GI), vol. 57(4), pages 229-242, August.
    56. Zhou, Xuemei & Liu, Qiang & Guo, Shuxin, 2021. "Do overnight returns explain firm-specific investor sentiment in China?," International Review of Economics & Finance, Elsevier, vol. 76(C), pages 451-477.
    57. Arbab Khalid Cheema & Wenjie Ding & Qingwei Wang, 2023. "The cross-section of January effect," Journal of Asset Management, Palgrave Macmillan, vol. 24(6), pages 513-530, October.
    58. Burdekin, Richard C.K. & Redfern, Luke, 2009. "Sentiment effects on Chinese share prices and savings deposits: The post-2003 experience," China Economic Review, Elsevier, vol. 20(2), pages 246-261, June.
    59. Kamini Solanki & Yudhvir Seetharam, 2014. "Is consumer confidence an indicator of JSE performance?," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 8(3), September.
    60. M. Zouaoui & G. Nouyrigat & F. Beer, 2010. "How does investor sentiment affect stock market crises? Evidence from panel data," Post-Print halshs-00534754, HAL.
    61. Donadelli, Michael & Kizys, Renatas & Riedel, Max, 2017. "Dangerous infectious diseases: Bad news for Main Street, good news for Wall Street?," Journal of Financial Markets, Elsevier, vol. 35(C), pages 84-103.

  11. Ivo Welch & Arturo Bris & Alan Schwartz, 2003. "Who Should Pay for Bankruptcy Costs?," Yale School of Management Working Papers ysm365, Yale School of Management, revised 01 Sep 2004.

    Cited by:

    1. Arturo Bris & Ivo Welch, 2001. "The Optimal Concentration of Creditors," NBER Working Papers 8652, National Bureau of Economic Research, Inc.
    2. Lynn M. LoPucki & Joseph W. Doherty, 2008. "Professional Overcharging in Large Bankruptcy Reorganization Cases," Journal of Empirical Legal Studies, John Wiley & Sons, vol. 5(4), pages 983-1017, December.
    3. Dinev, Nikolay, 2017. "Voluntary Bankruptcy as Preemptive Persuasion," Economics Series 334, Institute for Advanced Studies.
    4. John Armour, 2006. "Should we redistribute in insolvency," Working Papers wp319, Centre for Business Research, University of Cambridge.
    5. Matthias Frieden & Stefan Wielenberg, 2017. "Insolvency administrator’s incentives and the tradeoff between creditor satisfaction and efficiency in bankruptcy procedures," Business Research, Springer;German Academic Association for Business Research, vol. 10(2), pages 159-187, October.
    6. Alan Schwartz, "undated". "A Normative Theory of Business Bankruptcy," American Law & Economics Association Annual Meetings 1037, American Law & Economics Association.
    7. Edward R. Morrison, 2007. "Bankruptcy Decision Making: An Empirical Study of Continuation Bias in Small-Business Bankruptcies," Journal of Law and Economics, University of Chicago Press, vol. 50(2), pages 381-419.
    8. Fan, Joseph P.H. & Huang, Jun & Zhu, Ning, 2013. "Institutions, ownership structures, and distress resolution in China," Journal of Corporate Finance, Elsevier, vol. 23(C), pages 71-87.
    9. Douglas Baird & Arturo Bris & Ning Zhu, 2007. "The Dynamics of Large and Small Chapter 11 Cases: An Empirical Study," Yale School of Management Working Papers amz2524, Yale School of Management, revised 01 Sep 2009.

  12. Jay Ritter & Ivo Welch, 2002. "A Review of IPO Activity, Pricing, and Allocations," NBER Working Papers 8805, National Bureau of Economic Research, Inc.

    Cited by:

    1. Craig Doidge & G. Andrew Karolyi & René M. Stulz, 2011. "The U.S. Left Behind: The Rise of IPO Activity Around the World," NBER Working Papers 16916, National Bureau of Economic Research, Inc.
    2. Vojislav Maksimovic & Gordon M. Phillips & Liu Yang, 2019. "Do Public Firms Respond to Industry Opportunities More Than Private Firms? The Impact of Initial Firm Quality," NBER Working Papers 25634, National Bureau of Economic Research, Inc.
    3. Bartling, Björn & Park, Andreas, 2009. "What determines the level of IPO gross spreads? Underwriter profits and the cost of going public," International Review of Economics & Finance, Elsevier, vol. 18(1), pages 81-109, January.
    4. Piotroski, Joseph D. & Zhang, Tianyu, 2014. "Politicians and the IPO decision: The impact of impending political promotions on IPO activity in China," Journal of Financial Economics, Elsevier, vol. 111(1), pages 111-136.
    5. Sattar A. Mansi & William F. Maxwell & Darius P. Miller, 2004. "Does Auditor Quality and Tenure Matter to Investors? Evidence from the Bond Market," Journal of Accounting Research, Wiley Blackwell, vol. 42(4), pages 755-793, September.
    6. Doidge, Craig & Karolyi, G. Andrew & Stulz, René M., 2017. "The U.S. listing gap," Journal of Financial Economics, Elsevier, vol. 123(3), pages 464-487.
    7. Wu, Ting & Wang, Yue & Li, Ming-Xia, 2018. "Price performance following stock’s IPO in different price limit systems," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 490(C), pages 953-966.
    8. Crain, Nicholas & Parrino, Robert & Srinivasan, Raji, 2021. "Uncertainty, prospectus content, and the pricing of initial public offerings," Journal of Empirical Finance, Elsevier, vol. 64(C), pages 160-182.
    9. Yin He & Bin Li & Yunhua Tian & Lijun Wang, 2016. "Does Foreign Venture Capital Provide More Value-added Services to Initial Public Offering Companies in China?," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 24(2), pages 90-106, March.
    10. Morricone, Serena & Munari, Federico & Oriani, Raffaele & de Rassenfosse, Gaetan, 2017. "Commercialization Strategy and IPO Underpricing," Research Policy, Elsevier, vol. 46(6), pages 1133-1141.
    11. James, Kevin R. & Valenzuela, Marcela, 2020. "The efficient IPO market hypothesis: theory and evidence," LSE Research Online Documents on Economics 104020, London School of Economics and Political Science, LSE Library.
    12. Woei-Chyuan Wong & Seow-Eng Ong & Joseph Ooi, 2013. "Sponsor Backing in Asian REIT IPOs," The Journal of Real Estate Finance and Economics, Springer, vol. 46(2), pages 299-320, February.
    13. Sherman, Ann E., 2005. "Global trends in IPO methods: Book building versus auctions with endogenous entry," Journal of Financial Economics, Elsevier, vol. 78(3), pages 615-649, December.
    14. Chan, Yue-Cheong, 2014. "How does retail sentiment affect IPO returns? Evidence from the internet bubble period," International Review of Economics & Finance, Elsevier, vol. 29(C), pages 235-248.
    15. Diego Useche & Philippe Gorry, 2016. "Orphan Drug Designations as valuable Intangible assets for IPO Investors in Pharma-Biotech Companies," Post-Print hal-02195744, HAL.
    16. Alexandridis, George & Kavussanos, Manolis G. & Kim, Chi Y. & Tsouknidis, Dimitris A. & Visvikis, Ilias D., 2018. "A survey of shipping finance research: Setting the future research agenda," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 115(C), pages 164-212.
    17. Su, Chen & Bangassa, Kenbata, 2011. "The impact of underwriter reputation on initial returns and long-run performance of Chinese IPOs," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 21(5), pages 760-791.
    18. Madarász, Aladár, 2011. "Buborékok és legendák. Válságok és válságmagyarázatok - II/1. rész. A Déltengeri Társaság [Bubbles and myths, crises and explanations II/1: the South Sea bubble]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 909-948.
    19. Tsukioka, Yasutomo & Yanagi, Junya & Takada, Teruko, 2018. "Investor sentiment extracted from internet stock message boards and IPO puzzles," International Review of Economics & Finance, Elsevier, vol. 56(C), pages 205-217.
    20. Maghyereh, Aktham I. & Awartani, Basel, 2018. "The factors influencing the decision to list on Abu Dhabi securities exchange," Journal of Behavioral and Experimental Finance, Elsevier, vol. 19(C), pages 89-103.
    21. Cheung, Yan-Leung & Liu, Yang, 2007. "IPO price performance and block-trading activities: Evidence from Hong Kong," Pacific-Basin Finance Journal, Elsevier, vol. 15(3), pages 276-291, June.
    22. Miglo, Anton, 2010. "The Pecking Order, Trade-off, Signaling, and Market-Timing Theories of Capital Structure: a Review," MPRA Paper 46691, University Library of Munich, Germany, revised 2013.
    23. Song, Tianyi & Kutsuna, Kenji, 2023. "Venture capital investment and institutional factors: Evidence from China," Research in International Business and Finance, Elsevier, vol. 65(C).
    24. Karreman, B. & van der Knaap, G.A., 2010. "The Geography of Equity Listing and Financial Centre Competition in Mainland China and Hong Kong," ERIM Report Series Research in Management ERS-2010-033-ORG, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    25. Bostan, Ibrahim & Mian, G. Mujtaba, 2023. "Do insiders trade on innovation?," Journal of Contemporary Accounting and Economics, Elsevier, vol. 19(1).
    26. Fabrizio Zerbini, 2017. "CSR Initiatives as Market Signals: A Review and Research Agenda," Journal of Business Ethics, Springer, vol. 146(1), pages 1-23, November.
    27. Cai, Kelly Nianyun & Lee, Hei Wai & Valero, Magali, 2010. "Changing underwriting practices on underpricing of U.S. global initial public offerings," Journal of Business Research, Elsevier, vol. 63(12), pages 1317-1323, December.
    28. Saade, Samer, 2015. "Investor sentiment and the underperformance of technology firms initial public offerings," Research in International Business and Finance, Elsevier, vol. 34(C), pages 205-232.
    29. Chan, Kam C. & Li, Guangzi, 2022. "Prior banking relationships and long-term IPO performance," International Review of Economics & Finance, Elsevier, vol. 77(C), pages 123-134.
    30. Qiming Wang & James A. Ligon, 2009. "The Underpricing of Insurance IPOs," Financial Management, Financial Management Association International, vol. 38(2), pages 301-322, June.
    31. Coleman, Les, 2014. "Why finance theory fails to survive contact with the real world: A fund manager perspective," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 25(3), pages 226-236.
    32. Salerno, Dario & Sampagnaro, Gabriele & Verdoliva, Vincenzo, 2022. "Fintech and IPO underpricing: An explorative study," Finance Research Letters, Elsevier, vol. 44(C).
    33. Hanley, Kathleen Weiss & Hoberg, Gerard, 2012. "Litigation risk, strategic disclosure and the underpricing of initial public offerings," Journal of Financial Economics, Elsevier, vol. 103(2), pages 235-254.
    34. Astudillo, Alfonso & Braun, Matias & Castaneda, Pablo, 2011. "The Going Public Decision and the Structure of Equity Markets," MPRA Paper 38640, University Library of Munich, Germany.
    35. Manconi, Alberto & Neretina, Ekaterina & Renneboog, Luc, 2018. "Underwriter Competition and Bargaining Power in the Corporate Bond Market," Other publications TiSEM a8d5e030-7462-4573-a975-9, Tilburg University, School of Economics and Management.
    36. Agarwal, Sumit & Liu, Chunlin & Rhee, S. Ghon, 2008. "Investor demand for IPOs and aftermarket performance: Evidence from the Hong Kong stock market," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 18(2), pages 176-190, April.
    37. Hahl, Teemu & Vähämaa, Sami & Äijö, Janne, 2014. "Value versus growth in IPOs: New evidence from Finland," Research in International Business and Finance, Elsevier, vol. 31(C), pages 17-31.
    38. Lewellyn, Krista B. & Bao, Shuji ‘Rosey’, 2014. "A cross-national investigation of IPO activity: The role of formal institutions and national culture," International Business Review, Elsevier, vol. 23(6), pages 1167-1178.
    39. Yin‐Hua Yeh & Pei‐Gi Shu & Re‐Jin Guo, 2008. "Ownership Structure and IPO Valuation—Evidence from Taiwan," Financial Management, Financial Management Association International, vol. 37(1), pages 141-161, March.
    40. Bubna, Amit & Prabhala, Nagpurnanand R., 2011. "IPOs with and without allocation discretion: Empirical evidence," Journal of Financial Intermediation, Elsevier, vol. 20(4), pages 530-561, October.
    41. Agathee, Ushad Subadar & Sannassee, Raja Vinesh & Brooks, Chris, 2012. "The underpricing of IPOs on the Stock Exchange of Mauritius," Research in International Business and Finance, Elsevier, vol. 26(2), pages 281-303.
    42. Hoque, Hafiz & Mu, Shaolong, 2021. "Does a reduction of state control affect IPO underpricing? Evidence from the Chinese A-share market," Journal of International Money and Finance, Elsevier, vol. 115(C).
    43. Roszkowska, Paulina & Langer, Lukasz K. & Langer, Piotr B., 2021. "Pension funds and IPO pricing. Evidence from a quasi-experiment," The British Accounting Review, Elsevier, vol. 53(4).
    44. Chen, Donghua & Guan, Yuyan & Zhang, Tianyu & Zhao, Gang, 2017. "Political connection of financial intermediaries: Evidence from China's IPO market," Journal of Banking & Finance, Elsevier, vol. 76(C), pages 15-31.
    45. Carbone, Emmadonata & Cirillo, Alessandro & Saggese, Sara & Sarto, Fabrizia, 2022. "IPO in family business: A systematic review and directions for future research," Journal of Family Business Strategy, Elsevier, vol. 13(1).
    46. Romi Kher & Siri Terjesen & Chen Liu, 2021. "Blockchain, Bitcoin, and ICOs: a review and research agenda," Small Business Economics, Springer, vol. 56(4), pages 1699-1720, April.
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    Cited by:

    1. Stephen Morris & Hyun Song Shin, 2003. "Liquidity Black Holes," Cowles Foundation Discussion Papers 1434, Cowles Foundation for Research in Economics, Yale University.
    2. Tibor Neugebauer & Sascha Füllbrunn, 2013. "Deflating Bubbles in Experimental Asset Markets: Comparative Statics of Margin Regulations," LSF Research Working Paper Series 13-14, Luxembourg School of Finance, University of Luxembourg.
    3. Markus K. Brunnermeier & Lasse Heje Pedersen, 2004. "Predatory Trading," NBER Working Papers 10755, National Bureau of Economic Research, Inc.
    4. Schnabel, Isabel & Shin, Hyun Song, 2002. "Foreshadowing LTCM : the crisis of 1763," Papers 02-46, Sonderforschungsbreich 504.
    5. Sascha Füllbrunn & Tibor Neugebauer, 2012. "Margin Trading Bans in Experimental Asset Markets," Jena Economics Research Papers 2012-058, Friedrich-Schiller-University Jena.

  14. William Goetzmann & Jonathan Ingersoll & Matthew Spiegel & Ivo Welch, 2002. "Portfolio Performance Manipulation and Manipulation-Proof Performance Measures," Yale School of Management Working Papers amz2471, Yale School of Management, revised 01 Apr 2006.

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    1. Jezek, M., 2009. "Passive Investors, Active Traders and Strategic Delegation of Price Discovery," Cambridge Working Papers in Economics 0951, Faculty of Economics, University of Cambridge.
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    4. Molestina Vivar, Luis & Wedow, Michael & Weistroffer, Christian, 2023. "Burned by leverage? Flows and fragility in bond mutual funds," Journal of Empirical Finance, Elsevier, vol. 72(C), pages 354-380.
    5. Vikas Agarwal & Stefan Ruenzi & Florian Weigert, 2018. "Unobserved Performance of Hedge Funds," Working Papers on Finance 1825, University of St. Gallen, School of Finance.
    6. Jesse M. Keenan, 2018. "Regional resilience trust funds: an exploratory analysis for leveraging insurance surcharges," Environment Systems and Decisions, Springer, vol. 38(1), pages 118-139, March.
    7. Jamie Alcock & John Glascock & Eva Steiner, 2013. "Manipulation in U.S. REIT Investment Performance Evaluation: Empirical Evidence," The Journal of Real Estate Finance and Economics, Springer, vol. 47(3), pages 434-465, October.
    8. Monica Billio & Bertrand Maillet & Loriana Pelizzon, 2022. "A meta-measure of performance related to both investors and investments characteristics," Annals of Operations Research, Springer, vol. 313(2), pages 1405-1447, June.
    9. Rácz, Dávid Andor, 2019. "Abszolút hozamú befektetési alapok teljesítményének értékelése - a teljesítménymanipulálás kimutatása [Performance evaluation of absolute return funds - Detecting performance manipulation]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(7), pages 824-846.
    10. Santa-Clara, Pedro & Saretto, Alessio, 2004. "Option Strategies: Good Deals and Margin Calls," University of California at Los Angeles, Anderson Graduate School of Management qt0499w44p, Anderson Graduate School of Management, UCLA.
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    45. Bork, Lasse & Kaltwasser, Pablo Rovira & Sercu, Piet, 2022. "Aggregation bias in tests of the commodity currency hypothesis," Journal of Banking & Finance, Elsevier, vol. 135(C).
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    305. Amini, Shahram & Elmore, Ryan & Öztekin, Özde & Strauss, Jack, 2021. "Can machines learn capital structure dynamics?," Journal of Corporate Finance, Elsevier, vol. 70(C).
    306. Cheng, Shuenn-Ren & Shiu, Cheng-Yi, 2007. "Investor protection and capital structure: International evidence," Journal of Multinational Financial Management, Elsevier, vol. 17(1), pages 30-44, February.
    307. Ramli, Nur Ainna & Latan, Hengky & Solovida, Grace T., 2019. "Determinants of capital structure and firm financial performance—A PLS-SEM approach: Evidence from Malaysia and Indonesia," The Quarterly Review of Economics and Finance, Elsevier, vol. 71(C), pages 148-160.
    308. Becker, Bo, 2007. "Geographical segmentation of US capital markets," Journal of Financial Economics, Elsevier, vol. 85(1), pages 151-178, July.
    309. Maclachlan, Iain C, 2007. "An empirical study of corporate bond pricing with unobserved capital structure dynamics," MPRA Paper 28416, University Library of Munich, Germany.
    310. Knill, April M., 2005. "Taking the bad with the good : volatility of foreign portfolio investment and financial constraints of small firms," Policy Research Working Paper Series 3797, The World Bank.
    311. Yang, Chau-Chen & Lee, Cheng-few & Gu, Yan-Xiang & Lee, Yen-Wen, 2010. "Co-determination of capital structure and stock returns--A LISREL approach: An empirical test of Taiwan stock markets," The Quarterly Review of Economics and Finance, Elsevier, vol. 50(2), pages 222-233, May.
    312. An-Sing Chen & Che-Ming Yang, 2020. "Momentum Market States And Capital Structure Adjustment Speed," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 14(2), pages 37-49.
    313. Versmissen, J. & Zietz, J., 2017. "Is there a leverage target for REITs?," The Quarterly Review of Economics and Finance, Elsevier, vol. 66(C), pages 57-69.
    314. Keasey, Kevin & Martinez, Beatriz & Pindado, Julio, 2015. "Young family firms: Financing decisions and the willingness to dilute control," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 47-63.
    315. Hafezali Iqbal Hussain & Janusz Grabara & Mohd Shahril Ahmad Razimi & Saeed Pahlevan Sharif, 2019. "Sustainability of Leverage Levels in Response to Shocks in Equity Prices: Islamic Finance as a Socially Responsible Investment," Sustainability, MDPI, vol. 11(12), pages 1-16, June.
    316. Mohamed Soufeljil & Asma Sghaier & Zouhayer Mighri & Hanène Kheireddine, 2017. "The financial structure of the Tunisian listed businesses: an application on panel data," Journal of Global Entrepreneurship Research, Springer;UNESCO Chair in Entrepreneurship, vol. 7(1), pages 1-25, December.
    317. Zhaoxia Xu, 2007. "Do Firms Adjust Toward a Target Leverage Level?," Staff Working Papers 07-50, Bank of Canada.
    318. Kosuke Aoki & Kalin Nikolov, 2015. "Financial Disintermediation and Financial Fragility," CARF F-Series CARF-F-374, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
    319. Martin Falk & Robert Steiger, 2018. "An Exploration of the Debt Ratio of Ski Lift Operators," Sustainability, MDPI, vol. 10(9), pages 1-16, August.
    320. Ji, Shuangshuang & Mauer, David C. & Zhang, Yilei, 2020. "Managerial entrenchment and capital structure: The effect of diversification," Journal of Corporate Finance, Elsevier, vol. 65(C).
    321. Mine Ertugrul & Erasmo Giambona, 2011. "Property Segment and REIT Capital Structure," The Journal of Real Estate Finance and Economics, Springer, vol. 43(4), pages 505-526, November.
    322. Natalia Szomko, 2017. "The Importance of Estimation Method Choice for the Analysis of the Determinants of Capital Structure– An Example of Poland," World Journal of Applied Economics, WERI-World Economic Research Institute, vol. 3(1), pages 3-20, June.
    323. John A. Doukas & Jie (Michael) Guo & Bilei Zhou, 2011. "‘Hot’ Debt Markets and Capital Structure," European Financial Management, European Financial Management Association, vol. 17(1), pages 46-99, January.
    324. Süleyman Serdar KARACA & Hatice Neriman BAŞDEMİR, 2012. "The Applicability Of Artificial Neural Network Method Upon Prediction Of Rate Of Stock Return: Example Of 2008 Financial Crisis," Journal of Applied Economic Sciences, Spiru Haret University, Faculty of Financial Management and Accounting Craiova, vol. 7(2(20)/ Su), pages 131-139.
    325. Ralf Sabiwalsky, 2010. "Nonlinear modelling of target leverage with latent determinant variables — new evidence on the trade‐off theory," Review of Financial Economics, John Wiley & Sons, vol. 19(4), pages 137-150, October.
    326. Mieczysław Kowerski, 2022. "A number of capital structure models presented even in prominent papers are estimated with incorrect estimators," Bank i Kredyt, Narodowy Bank Polski, vol. 53(5), pages 475-496.
    327. Gonzalo Rubio & Francisco Sogorb, 2011. "The Adjustment To Target Leverage Of Spanish Public Firms: Macroeconomic Conditions And Distance From Target," Revista de Economia Aplicada, Universidad de Zaragoza, Departamento de Estructura Economica y Economia Publica, vol. 19(3), pages 35-63, Winter.
    328. Brutscher, Philipp-Bastian & Hols, Christopher, 2018. "The corporate equity puzzle," EIB Working Papers 2018/03, European Investment Bank (EIB).
    329. G. Oka Warmana & I. Ketut Rahyuda & Ida Bagus Anom Purbawangsa & Ni Luh Gede Sri Artini, 2020. "Investigating Capital Structure Speed of Adjustment (SOA) of Indonesian Companies for Corporate Value," Global Journal of Flexible Systems Management, Springer;Global Institute of Flexible Systems Management, vol. 21(3), pages 215-231, September.
    330. Drobetz, Wolfgang & Pensa, Pascal & Wanzenried, Gabrielle, 2007. "Firm Characteristics, Economic Conditions and Capital Structure Adjustment," Working papers 2007/16, Faculty of Business and Economics - University of Basel.
    331. Zhen Huang & Weiwei Gao, 2022. "Has the past really passed? Strategic inertia and capital structure persistence," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(4), pages 883-893, June.
    332. Francis, Bill B. & Hasan, Iftekhar & Kostova, Gergana L., 2016. "When do peers matter? A cross-country perspective," Bank of Finland Research Discussion Papers 8/2016, Bank of Finland.
    333. Julio Pindado & Ignacio Requejo & Juan C. Rivera, 2020. "Does money supply shape corporate capital structure? International evidence from a panel data analysis," The European Journal of Finance, Taylor & Francis Journals, vol. 26(6), pages 554-584, April.
    334. Tarek Ghazouani, 2013. "The Capital Structure through the Trade-Off Theory: Evidence from Tunisian Firm," International Journal of Economics and Financial Issues, Econjournals, vol. 3(3), pages 625-636.
    335. Dhananjaya K & Krishna Raj, 2018. "Market value and capital structure: A study of Indian manufacturing firms," Working Papers 421, Institute for Social and Economic Change, Bangalore.
    336. Frattaroli, Marc, 2020. "Does protectionist anti-takeover legislation lead to managerial entrenchment?," Journal of Financial Economics, Elsevier, vol. 136(1), pages 106-136.
    337. Marc Deloof & Wouter Van Overfelt, 2008. "Were Modern Capital Structure Theories Valid in Belgium Before World War I?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 35(3‐4), pages 491-515, April.
    338. An, Zhe & Chen, Chen & Li, Donghui & Yin, Chao, 2021. "Foreign institutional ownership and the speed of leverage adjustment: International evidence," Journal of Corporate Finance, Elsevier, vol. 68(C).
    339. Teixeira, João C.A. & Silva, Francisco J.F. & Fernandes, Ana V. & Alves, Ana C.G., 2014. "Banks’ capital, regulation and the financial crisis," The North American Journal of Economics and Finance, Elsevier, vol. 28(C), pages 33-58.

  16. William Goetzmann & Jonathan Ingersoll & Matthew I. Spiegel & Ivo Welch, 2002. "Sharpening Sharpe Ratios," NBER Working Papers 9116, National Bureau of Economic Research, Inc.

    Cited by:

    1. Santa-Clara, Pedro & Saretto, Alessio, 2004. "Option Strategies: Good Deals and Margin Calls," University of California at Los Angeles, Anderson Graduate School of Management qt0499w44p, Anderson Graduate School of Management, UCLA.
    2. Schuster, Martin & Auer, Benjamin R., 2012. "A note on empirical Sharpe ratio dynamics," Economics Letters, Elsevier, vol. 116(1), pages 124-128.
    3. Carolina Fugazza & Massimo Guidolin & Giovanna Nicodano, 2009. "Time and risk diversification in real estate investments: assessing the ex post economic value," Working Papers 2009-001, Federal Reserve Bank of St. Louis.
    4. Rania HENTATI & Jean-Luc PRIGENT, 2010. "Structured Portfolio Analysis under SharpeOmega Ratio," EcoMod2010 259600073, EcoMod.
    5. Peter Temin & Hans-Joachim Voth, 2004. "Riding the South Sea Bubble," American Economic Review, American Economic Association, vol. 94(5), pages 1654-1668, December.
    6. Getmansky, Mila & Lo, Andrew & Makarov, Igor, 2003. "An Econometric Model of Serial Correlation and Illiquidity In Hedge Fund Returns," Working papers 4288-03, Massachusetts Institute of Technology (MIT), Sloan School of Management.
    7. Havranek, Tomas & Yang, Fan & Irsova, Zuzana & Novak, Jiri, 2022. "Hedge Fund Performance: A Quantitative Survey," CEPR Discussion Papers 17417, C.E.P.R. Discussion Papers.
    8. Hentati-Kaffel, Rania, 2016. "Structured products under generalized kappa ratio," Economic Modelling, Elsevier, vol. 58(C), pages 599-614.
    9. Eric Benhamou, 2021. "Distribution and statistics of the Sharpe Ratio," Working Papers hal-03207169, HAL.
    10. Kabir, M. Humayun & Hassan, M. Kabir & Maroney, Neal, 2011. "International diversification with American Depository Receipts (ADRs)," Pacific-Basin Finance Journal, Elsevier, vol. 19(1), pages 98-114, January.
    11. Auer, Benjamin R. & Schuhmacher, Frank, 2013. "Robust evidence on the similarity of Sharpe ratio and drawdown-based hedge fund performance rankings," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 24(C), pages 153-165.
    12. Francesco Franzoni & J. M. Marin, 2006. "Portable Alphas from Pension Mispricing," Post-Print halshs-00119546, HAL.
    13. Urcola, Hernan A. & Irwin, Scott H., 2006. "Has the Performance of the Hog Options Market Changed?," 2006 Annual meeting, July 23-26, Long Beach, CA 21479, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    14. Kent Smetters & Xingtan Zhang, 2013. "A Sharper Ratio: A General Measure for Correctly Ranking Non-Normal Investment Risks," NBER Working Papers 19500, National Bureau of Economic Research, Inc.
    15. Hilary Till, 2004. "Risk Measurement Of Investments In The Satellite Ring Of A Core-Satellite Portfolio: Traditional Versus Alternative Approaches," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 49(01), pages 105-130.
    16. Benjamin R. Auer, 2015. "On The Role Of Skewness, Kurtosis, And The Location And Scale Condition In A Sharpe Ratio Performance Evaluation Setting," International Journal of Theoretical and Applied Finance (IJTAF), World Scientific Publishing Co. Pte. Ltd., vol. 18(06), pages 1-13.
    17. Fischer, Thomas & Lundtofte , Frederik, 2018. "Unequal Returns: Using the Atkinson Index to Measure Financial Risk," Working Papers 2018:25, Lund University, Department of Economics.
    18. El Kalak, Izidin & Azevedo, Alcino & Hudson, Robert, 2016. "Reviewing the hedge funds literature II: Hedge funds' returns and risk management characteristics," International Review of Financial Analysis, Elsevier, vol. 48(C), pages 55-66.
    19. Benjamin Auer, 2013. "The low return distortion of the Sharpe ratio," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 27(3), pages 299-306, September.
    20. Zakamouline, Valeri & Koekebakker, Steen, 2009. "Portfolio performance evaluation with generalized Sharpe ratios: Beyond the mean and variance," Journal of Banking & Finance, Elsevier, vol. 33(7), pages 1242-1254, July.
    21. Ali Lazrak & Jaksa Cvitanic & Tan Wang, 2008. "Implications of Sharpe Ratio as a Performance Measure in Multi-Period Settings," Post-Print hal-00485697, HAL.
    22. Peter Carr & Liuren Wu, 2004. "Variance Risk Premia," Finance 0409015, University Library of Munich, Germany.
    23. Bernard, C. & Vanduffel, S., 2014. "Mean–variance optimal portfolios in the presence of a benchmark with applications to fraud detection," European Journal of Operational Research, Elsevier, vol. 234(2), pages 469-480.
    24. Auer, Benjamin R., 2015. "Does the choice of performance measure influence the evaluation of commodity investments?," International Review of Financial Analysis, Elsevier, vol. 38(C), pages 142-150.
    25. Eric Benhamou, 2019. "Connecting Sharpe ratio and Student t-statistic, and beyond," Working Papers hal-02012448, HAL.
    26. Junya Jiang & Weidong Tian, 2014. "Equilibrium analysis of one aggressive investment strategy," Journal of Financial Engineering (JFE), World Scientific Publishing Co. Pte. Ltd., vol. 1(04), pages 1-29.
    27. João Frois Caldeira & Gulherme Valle Moura, 2013. "Selection of a Portfolio of Pairs Based on Cointegration: A Statistical Arbitrage Strategy," Brazilian Review of Finance, Brazilian Society of Finance, vol. 11(1), pages 49-80.
    28. André Lucas & Arjen Siegmann, 2008. "The Effect of Shortfall as a Risk Measure for Portfolios with Hedge Funds," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 35(1‐2), pages 200-226, January.
    29. Abbas, Qaisar & Khan, Sabeen & Shah, Syed Zulfiqar Ali, 2013. "Volatility transmission in regional Asian stock markets," Emerging Markets Review, Elsevier, vol. 16(C), pages 66-77.
    30. Monica Billio & Mila Getmansky & Loriana Pelizzon, 2006. "Phase-Locking and Switching Volatility in Hedge Funds," Working Papers 2006_54, Department of Economics, University of Venice "Ca' Foscari".
    31. Nicole Branger & Christian Schlag, 2007. "Option Betas: Risk Measures For Options," International Journal of Theoretical and Applied Finance (IJTAF), World Scientific Publishing Co. Pte. Ltd., vol. 10(07), pages 1137-1157.
    32. Henn Overbeck, Jacqueline & Meier, Iwan, 2005. "Performance Analysis of Hedge Fonds," Working papers 2005/06, Faculty of Business and Economics - University of Basel.
    33. Auer, Benjamin R. & Schuhmacher, Frank, 2013. "Performance hypothesis testing with the Sharpe ratio: The case of hedge funds," Finance Research Letters, Elsevier, vol. 10(4), pages 196-208.
    34. Alexis Bonnet & Isabelle Nagot, 2005. "Methodology of measuring performance in alternative investment," Post-Print halshs-00196443, HAL.
    35. Marie Brière & Jean-David Fermanian & Hassan Malongo & Ombretta Signori, 2012. "Volatility Strategies for Global and Country Specific European Investors," Post-Print hal-01494509, HAL.

  17. Amit Goyal & Ivo Welch, 2002. "Predicting the Equity Premium With Dividend Ratios," NBER Working Papers 8788, National Bureau of Economic Research, Inc.

    Cited by:

    1. Martin Lettau & Stijn Van Nieuwerburgh, 2006. "Reconciling the Return Predictability Evidence," 2006 Meeting Papers 29, Society for Economic Dynamics.
    2. Leopoldo Catania & Nima Nonejad, 2016. "Density Forecasts and the Leverage Effect: Some Evidence from Observation and Parameter-Driven Volatility Models," Papers 1605.00230, arXiv.org, revised Nov 2016.
    3. López Gaviria, José Ignacio, 2019. "Predictibilidad del mercado accionario colombiano," Revista Lecturas de Economía, Universidad de Antioquia, CIE, issue 91, pages 117-150, July.
    4. Puneet Handa, 2006. "Does Stock Return Predictability Imply Improved Asset Allocation and Performance? Evidence from the U.S. Stock Market (1954–2002)," The Journal of Business, University of Chicago Press, vol. 79(5), pages 2423-2468, September.
    5. Hashmat Khan & Santosh Upadhayaya, 2017. "Does Business Confidence Matter for Investment?," Carleton Economic Papers 17-13, Carleton University, Department of Economics, revised 20 Mar 2019.
    6. Kam Fong Chan & John G. Powell & Jing Shi & Tom Smith, 2018. "Dividend persistence and dividend behaviour," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(1), pages 127-147, March.
    7. Aretz, Kevin & Bartram, Söhnke M. & Pope, Peter F., 2011. "Asymmetric Loss Functions and the Rationality of Expected Stock Returns," MPRA Paper 47343, University Library of Munich, Germany.
    8. Li, Xiyang & Chen, Xiaoyue & Li, Bin & Singh, Tarlok & Shi, Kan, 2022. "Predictability of stock market returns: New evidence from developed and developing countries," Global Finance Journal, Elsevier, vol. 54(C).
    9. Rossi, Barbara & Odendahl, Florens & Sekhposyan, Tatevik, 2020. "Comparing Forecast Performance with State Dependence," CEPR Discussion Papers 15217, C.E.P.R. Discussion Papers.
    10. Hertrich Markus, 2019. "A Novel Housing Price Misalignment Indicator for Germany," German Economic Review, De Gruyter, vol. 20(4), pages 759-794, December.
    11. Beyer, Deborah B. & Fan, Zaifeng S., 2023. "The calming effects of conflict: The impact of partisan conflict on market volatility," International Review of Financial Analysis, Elsevier, vol. 85(C).
    12. Kuntz, Laura-Chloé, 2020. "Beta dispersion and market timing," Journal of Empirical Finance, Elsevier, vol. 59(C), pages 235-256.
    13. Schrimpf, Andreas, 2008. "International Stock Return Predictability Under Model Uncertainty," ZEW Discussion Papers 08-048, ZEW - Leibniz Centre for European Economic Research.
    14. Avdoulas, Christos & Bekiros, Stelios & Boubaker, Sabri, 2016. "Detecting nonlinear dependencies in eurozone peripheral equity markets: A multistep filtering approach," Economic Modelling, Elsevier, vol. 58(C), pages 580-587.
    15. Giovannelli, Alessandro & Massacci, Daniele & Soccorsi, Stefano, 2021. "Forecasting stock returns with large dimensional factor models," Journal of Empirical Finance, Elsevier, vol. 63(C), pages 252-269.
    16. Goodness C. Aye & Frederick W. Deale & Rangan Gupta, 2016. "Does Debt Ceiling and Government Shutdown Help in Forecasting the US Equity Risk Premium?," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 63(3), pages 273-291.
    17. Ryans Bartens & Shakill Hassan, 2009. "Value, Size and Momentum Portfolios in Real Time: The Cross-Section of South African Stocks," Working Papers 154, Economic Research Southern Africa.
    18. Gloria Gonzalez-Rivera & Yingying Sun, 2016. "Density Forecast Evaluation in Unstable Environments," Working Papers 201606, University of California at Riverside, Department of Economics.
    19. Florens Odendahl & Barbara Rossi & Tatevik Sekhposyan, 2021. "Evaluating Forecast Performance with State Dependence," Working Papers 1295, Barcelona School of Economics.
    20. Ma, Feng & Wang, Ruoxin & Lu, Xinjie & Wahab, M.I.M., 2021. "A comprehensive look at stock return predictability by oil prices using economic constraint approaches," International Review of Financial Analysis, Elsevier, vol. 78(C).
    21. Lettau, Martin & Ludvigson, Sydney, 2002. "Expected Returns and Expected Dividend Growth," CEPR Discussion Papers 3507, C.E.P.R. Discussion Papers.
    22. Yin, Libo & Nie, Jing, 2021. "Adjusted dividend-price ratios and stock return predictability: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 73(C).
    23. Devpura, Neluka & Narayan, Paresh Kumar & Sharma, Susan Sunila, 2019. "Structural instability and predictability," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 63(C).
    24. Srivastava, Sasha & Lin, Hai & Premachandra, Inguruwatte M. & Roberts, Helen, 2016. "Global risk spillover and the predictability of sovereign CDS spread: International evidence," International Review of Economics & Finance, Elsevier, vol. 41(C), pages 371-390.
    25. Catherine Georgiou, 2022. "Modifications on Book-Valued Ratios," International Journal of Business and Economic Sciences Applied Research (IJBESAR), International Hellenic University (IHU), Kavala Campus, Greece (formerly Eastern Macedonia and Thrace Institute of Technology - EMaTTech), vol. 15(3), pages 24-37, December.
    26. Tim Bollerslev & Hao Zhou, 2006. "Expected stock returns and variance risk premia," Finance and Economics Discussion Series 2007-11, Board of Governors of the Federal Reserve System (U.S.).
    27. Cochrane, John H., 2005. "Financial Markets and the Real Economy," Foundations and Trends(R) in Finance, now publishers, vol. 1(1), pages 1-101, July.
    28. Salisu, Afees A. & Adekunle, Wasiu & Alimi, Wasiu A. & Emmanuel, Zachariah, 2019. "Predicting exchange rate with commodity prices: New evidence from Westerlund and Narayan (2015) estimator with structural breaks and asymmetries," Resources Policy, Elsevier, vol. 62(C), pages 33-56.
    29. Georges Prat, 2010. "Equity Risk Premium and Time Horizon : What do the U.S. Secular Data Say ?," Working Papers hal-04140905, HAL.
    30. Favero, Carlo A. & Gozluklu, Arie E. & Tamoni, Andrea, 2011. "Demographic Trends, the Dividend-Price Ratio, and the Predictability of Long-Run Stock Market Returns," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 46(5), pages 1493-1520, October.
    31. Clark, Todd E. & West, Kenneth D., 2006. "Using out-of-sample mean squared prediction errors to test the martingale difference hypothesis," Journal of Econometrics, Elsevier, vol. 135(1-2), pages 155-186.
    32. Eduardo Ramos-Pérez & Pablo J. Alonso-González & José Javier Núñez-Velázquez, 2021. "Multi-Transformer: A New Neural Network-Based Architecture for Forecasting S&P Volatility," Mathematics, MDPI, vol. 9(15), pages 1-18, July.
    33. Chiquoine, Benjamin & Hjalmarsson, Erik, 2009. "Jackknifing stock return predictions," Journal of Empirical Finance, Elsevier, vol. 16(5), pages 793-803, December.
    34. Charlotte Christiansen & Maik Schmeling & Andreas Schrimpf, 2012. "A Comprehensive Look at Financial Volatility Prediction by Economic Variables," BIS Working Papers 374, Bank for International Settlements.
    35. Biqing Cai & Jiti Gao, 2017. "A simple nonlinear predictive model for stock returns," Monash Econometrics and Business Statistics Working Papers 18/17, Monash University, Department of Econometrics and Business Statistics.
    36. Peter Sephton, 2005. "Predicting the equity premium with dividend ratios: a matter of balance," Applied Economics Letters, Taylor & Francis Journals, vol. 12(3), pages 145-147.
    37. Ma, Feng & Lu, Fei & Tao, Ying, 2022. "Geopolitical risk and excess stock returns predictability: New evidence from a century of data," Finance Research Letters, Elsevier, vol. 50(C).
    38. Anders Bredahl Kock & Timo Teräsvirta, 2011. "Forecasting performance of three automated modelling techniques during the economic crisis 2007-2009," CREATES Research Papers 2011-28, Department of Economics and Business Economics, Aarhus University.
    39. Michael Cooper & Huseyin Gulen, 2006. "Is Time-Series-Based Predictability Evident in Real Time?," The Journal of Business, University of Chicago Press, vol. 79(3), pages 1263-1292, May.
    40. John Sabelhaus, 2005. "Alternative Methods for Projecting Equity Returns: Implications for Evaluating Social Security Reform Proposals," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 8(1), pages 43-63, March.
    41. Taylor, Alan M. & Davis, Josh, 2019. "The Leverage Factor: Credit Cycles and Asset Returns," CEPR Discussion Papers 14115, C.E.P.R. Discussion Papers.
    42. Davis, E. Philip & Madsen, Jakob B., 2008. "Productivity and equity market fundamentals: 80 years of evidence for 11 OECD countries," Journal of International Money and Finance, Elsevier, vol. 27(8), pages 1261-1283, December.
    43. Jurdi, Doureige & Kim, Jae, 2019. "Predicting the U.S. Stock Market Return: Evidence from the Improved Augmented Regression Method," MPRA Paper 94028, University Library of Munich, Germany.
    44. Ferson, Wayne E. & Sarkissian, Sergei & Simin, Timothy, 2008. "Asset Pricing Models with Conditional Betas and Alphas: The Effects of Data Snooping and Spurious Regression," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 43(2), pages 331-353, June.
    45. Dellas, Harris & Gibson, Heather D. & Hall, Stephen G. & Tavlas, George S., 2018. "The macroeconomic and fiscal implications of inflation forecast errors," Journal of Economic Dynamics and Control, Elsevier, vol. 93(C), pages 203-217.
    46. Daniel Mantilla-García & Vijay Vaidyanathan, 2017. "Predicting stock returns in the presence of uncertain structural changes and sample noise," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 31(3), pages 357-391, August.
    47. John H. Cochrane, 2008. "The Dog That Did Not Bark: A Defense of Return Predictability," The Review of Financial Studies, Society for Financial Studies, vol. 21(4), pages 1533-1575, July.
    48. Chen, Haiqiang & Fang, Ying & Li, Yingxing, 2015. "Estimation And Inference For Varying-Coefficient Models With Nonstationary Regressors Using Penalized Splines," Econometric Theory, Cambridge University Press, vol. 31(4), pages 753-777, August.
    49. Charlotte S. Hansen & Bjorn E. Tuypens, 2004. "Long-Run Regressions: Theory and Application to US Asset Markets," Finance 0410018, University Library of Munich, Germany.
    50. Semenov, Andrei, 2021. "Measuring the stock's factor beta and identifying risk factors under market inefficiency," The Quarterly Review of Economics and Finance, Elsevier, vol. 80(C), pages 635-649.
    51. Maio, Paulo, 2016. "Cross-sectional return dispersion and the equity premium," Journal of Financial Markets, Elsevier, vol. 29(C), pages 87-109.
    52. John Y. Campbell, 2008. "Viewpoint: Estimating the equity premium," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 41(1), pages 1-21, February.
    53. Kenneth D. West & Todd Clark, 2006. "Approximately Normal Tests for Equal Predictive Accuracy in Nested Models," NBER Technical Working Papers 0326, National Bureau of Economic Research, Inc.
    54. Maenhout, Pascal J., 2006. "Robust portfolio rules and detection-error probabilities for a mean-reverting risk premium," Journal of Economic Theory, Elsevier, vol. 128(1), pages 136-163, May.
    55. Hammerschmid, Regina & Lohre, Harald, 2018. "Regime shifts and stock return predictability," International Review of Economics & Finance, Elsevier, vol. 56(C), pages 138-160.
    56. Christoph Görtz & Mallory Yeromonahos, 2021. "Asymmetries in risk premia, macroeconomic uncertainty and business cycles," CAMA Working Papers 2021-101, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    57. Mittnik, Stefan & Robinzonov, Nikolay & Spindler, Martin, 2015. "Stock market volatility: Identifying major drivers and the nature of their impact," Journal of Banking & Finance, Elsevier, vol. 58(C), pages 1-14.
    58. Guo, Hui & Savickas, Robert, 2006. "Idiosyncratic Volatility, Stock Market Volatility, and Expected Stock Returns," Journal of Business & Economic Statistics, American Statistical Association, vol. 24, pages 43-56, January.
    59. Todd E. Clark & Michael W. McCracken, 2009. "Combining Forecasts from Nested Models," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 71(3), pages 303-329, June.
    60. Todd E. Clark & Michael W. McCracken, 2010. "Reality checks and nested forecast model comparisons," Working Papers 2010-032, Federal Reserve Bank of St. Louis.
    61. Gupta, Rangan & Modise, Mampho P., 2013. "Macroeconomic Variables and South African Stock Return Predictability," Economic Modelling, Elsevier, vol. 30(C), pages 612-622.
    62. Thomas Dimpfl & Stephan Jank, 2016. "Can Internet Search Queries Help to Predict Stock Market Volatility?," European Financial Management, European Financial Management Association, vol. 22(2), pages 171-192, March.
    63. Willi Semmler, 2011. "Asset Prices, Booms and Recessions," Springer Books, Springer, number 978-3-642-20680-1, September.
    64. Campbell, John & Thompson, Samuel P., 2008. "Predicting Excess Stock Returns Out of Sample: Can Anything Beat the Historical Average?," Scholarly Articles 2622619, Harvard University Department of Economics.
    65. Henkel, Sam James & Martin, J. Spencer & Nardari, Federico, 2011. "Time-varying short-horizon predictability," Journal of Financial Economics, Elsevier, vol. 99(3), pages 560-580, March.
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  18. Ivo Welch, 2002. "Columbus' Egg: The Real Determinant of Capital Structure," NBER Working Papers 8782, National Bureau of Economic Research, Inc.

    Cited by:

    1. Peter Gibbard & Ibrahim Stevens, 2006. "Corporate debt and financial balance sheet adjustment: a comparison of the United States, the United Kingdom, France and Germany," Bank of England working papers 317, Bank of England.
    2. Balla, Andrea, 2006. "Tőkeszerkezeti döntések - empirikus elemzés a magyar feldolgozóipari vállalatokról 1992-2001 között [Decisions affecting capital structure - an empirical analysis of Hungarian manufacturing firms i," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(7), pages 681-700.
    3. Colin Mayer & Oren Sussman, 2003. "A New Test of Capital Structure," OFRC Working Papers Series 2003fe16, Oxford Financial Research Centre.
    4. Ehrhardt, David & Irwin Timothy, 2004. "Avoiding customer and taxpayer bailouts in private infrastructure projects : Policy toward leverage, risk allocation, and bankruptcy," Policy Research Working Paper Series 3274, The World Bank.
    5. Gabrielle Wanzenried, 2003. "Capital Structure Inertia and CEO Compensation," Diskussionsschriften dp0305, Universitaet Bern, Departement Volkswirtschaft.
    6. David T. Brown & Timothy J. Riddiough, 2003. "Financing Choice and Liability Structure of Real Estate Investment Trusts," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 31(3), pages 313-346, September.
    7. Anderson, Ronald & Carverhill, Andrew, 2005. "A Model of Corporate Liquidity," CEPR Discussion Papers 4994, C.E.P.R. Discussion Papers.
    8. Gabriel A. Gim�nez Roche & Albert Lwango & Guillaume Vuillemey, 2015. "Entrepreneurial Miscalculation and Business Cycles: How Interest Rate Targeting Distorts Capital Budgeting," Review of Political Economy, Taylor & Francis Journals, vol. 27(4), pages 624-644, October.
    9. Peter MacKay & Gordon M. Phillips, 2002. "Is There an Optimal Industry Financial Structure?," NBER Working Papers 9032, National Bureau of Economic Research, Inc.

  19. David Hirshleifer & Ivo Welch, 2001. "An Economic Approach to the Psychology of Change: Amnesia, Inertia, and Impulsiveness," Cowles Foundation Discussion Papers 1306, Cowles Foundation for Research in Economics, Yale University.

    Cited by:

    1. David A. Miller & Kareen Rozen, 2011. "Optimally Empty Promises and Endogenous Supervision," Levine's Working Paper Archive 786969000000000270, David K. Levine.
    2. Gilstrap, J. Bruce & Hart, Timothy A., 2020. "How employee behaviors effect organizational change and stability," Journal of Business Research, Elsevier, vol. 109(C), pages 120-131.
    3. Ravi Dhar & William Goetzmann, 2005. "Institutional Perspectives on Real Estate Investing: The Role of Risk and Uncertainty," Yale School of Management Working Papers ysm457, Yale School of Management, revised 01 Jul 2005.
    4. Yuxin Chen & Ganesh Iyer & Amit Pazgal, 2010. "Limited Memory, Categorization, and Competition," Marketing Science, INFORMS, vol. 29(4), pages 650-670, 07-08.
    5. Paul Koster & Stefanie Peer & Thijs Dekker, 2014. "Memory, Expectation Formation and Scheduling Choices," Tinbergen Institute Discussion Papers 14-154/VIII, Tinbergen Institute.
    6. Ivo Welch, 2004. "Capital Structure and Stock Returns," Journal of Political Economy, University of Chicago Press, vol. 112(1), pages 106-131, February.
    7. Sgroi, D., 2002. "Modelling Experience as Signal Accumulation," Cambridge Working Papers in Economics 0205, Faculty of Economics, University of Cambridge.
    8. Carlos Alós-Ferrer & Fei Shi, 2012. "Imitation with asymmetric memory," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 49(1), pages 193-215, January.
    9. Suresh Kumar Jakhar & Arijit Bhattacharya & Himanshu Rathore & Sachin Kumar Mangla, 2020. "Stakeholder pressure for sustainability: Can ‘innovative capabilities’ explain the idiosyncratic response in the manufacturing firms?," Business Strategy and the Environment, Wiley Blackwell, vol. 29(6), pages 2635-2653, September.
    10. John Smith, 2008. "Imperfect Memory and the Preference for Increasing Payments," Departmental Working Papers 200805, Rutgers University, Department of Economics.
    11. Igor Kopylov & Joshua Miller, 2018. "Subjective beliefs and confidence when facts are forgotten," Journal of Risk and Uncertainty, Springer, vol. 57(3), pages 281-299, December.
    12. Bikhchandani, Sushil & Hirshleifer, David & Tamuz, Omer & Welch, Ivo, 2021. "Information Cascades and Social Learning," MPRA Paper 107927, University Library of Munich, Germany.
    13. Gossner, Olivier & Steiner, Jakub, 2018. "On the cost of misperception: General results and behavioral applications," Journal of Economic Theory, Elsevier, vol. 177(C), pages 816-847.
    14. Olivier Gossner & Jakub Steiner, 2016. "Optimal Illusion of Control and Related Perception Biases," Edinburgh School of Economics Discussion Paper Series 276, Edinburgh School of Economics, University of Edinburgh.
    15. Andrey Mikhailitchenko & Anna Sadovnikova, 2015. "SYMBIOTIC VS COMMENSAL NETWORKING: THE CASE OF TEXTILE SMEs IN CHINA AND RUSSIA," Organizations and Markets in Emerging Economies, Faculty of Economics, Vilnius University, vol. 6(1).
    16. Hirshleifer, David & Teoh, Siew Hong, 2008. "Thought and Behavior Contagion in Capital Markets," MPRA Paper 9142, University Library of Munich, Germany.
    17. Ravi Dhar & William Goetzmann, 2005. "Institutional Perspectives on Real Estate Investing: The Role of Risk and Uncertainty," Yale School of Management Working Papers ysm457, Yale School of Management, revised 01 Jul 2005.
    18. Giorgio Fabbri, 2017. "International borrowing without commitment and informational lags: Choice under uncertainty," Post-Print hal-01505771, HAL.
    19. Gottlieb, Daniel, 2014. "Imperfect memory and choice under risk," Games and Economic Behavior, Elsevier, vol. 85(C), pages 127-158.
    20. Hirshleifer, David, 2014. "Behavioral Finance," MPRA Paper 59028, University Library of Munich, Germany.
    21. David Hirshleifer & Siew Hong Teoh, 2003. "Herd Behaviour and Cascading in Capital Markets: a Review and Synthesis," European Financial Management, European Financial Management Association, vol. 9(1), pages 25-66, March.
    22. Elie Ofek & Muhamet Yildiz & Ernan Haruvy, 2007. "The Impact of Prior Decisions on Subsequent Valuations in a Costly Contemplation Model," Management Science, INFORMS, vol. 53(8), pages 1217-1233, August.
    23. Ivo Welch, 2002. "Columbus' Egg: The Real Determinant of Capital Structure," NBER Working Papers 8782, National Bureau of Economic Research, Inc.
    24. Asanov, Igor, 2021. "Bandit cascade: A test of observational learning in the bandit problem," Journal of Economic Behavior & Organization, Elsevier, vol. 189(C), pages 150-171.
    25. Levent Kutlu, 2015. "Limited Memory Consumers and Price Dispersion," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 46(4), pages 349-357, June.
    26. Dixit, Aasheesh & Jakhar, Suresh Kumar & Kumar, Patanjal, 2022. "Does lean and sustainable manufacturing lead to Industry 4.0 adoption: The mediating role of ambidextrous innovation capabilities," Technological Forecasting and Social Change, Elsevier, vol. 175(C).
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    28. Anja Lambrecht & Katja Seim & Catherine Tucker, 2007. "Stuck in the Adoption Funnel: The Effect of Delays in the Adoption Process on Ultimate Adoption," Working Papers 07-40, NET Institute, revised Oct 2007.
    29. Heejeong Shin & Hyejeong Shin & Su-In Kim, 2019. "The Market Sentiment Trend, Investor Inertia, and Post-Earnings Announcement Drift: Evidence from Korea’s Stock Market," Sustainability, MDPI, vol. 11(18), pages 1-19, September.
    30. Junichiro Ishida, 2011. "Autonomy and Motivation: A Dual-Self Perspective," ISER Discussion Paper 0803, Institute of Social and Economic Research, Osaka University.
    31. Liang Guo, 2023. "The Mnemonomics of Contractual Screening," Management Science, INFORMS, vol. 69(3), pages 1739-1757, March.
    32. David A. Miller & Kareen Rozen, 2009. "Need I remind you? Monitoring with collective memory," Levine's Working Paper Archive 814577000000000236, David K. Levine.
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    35. Kopylov, Igor & Miller, Joshua Benjamin, 2018. "Subjective Beliefs And Confidence When Facts Are Forgotten," OSF Preprints wktcp, Center for Open Science.
    36. Song, Reo & Jang, Sungha & Wang, Yingdi & Hanssens, Dominique M. & Suh, Jaebeom, 2021. "Reinforcement learning and risk preference in equity linked notes markets," Journal of Empirical Finance, Elsevier, vol. 64(C), pages 224-246.

  20. Ivo Welch & Bris, Arturo, 2001. "The Optimal Concentration of Creditors," Cowles Foundation Discussion Papers 1338, Cowles Foundation for Research in Economics, Yale University, revised Jan 2002.

    Cited by:

    1. Ongena, Steven & Tümer-Alkan, Günseli & von Westernhagen, Natalja, 2007. "Creditor concentration: an empirical investigation," Discussion Paper Series 2: Banking and Financial Studies 2007,15, Deutsche Bundesbank.
    2. Flavio Bazzana & Luigi Mittone & Luciano Andreozzi, 2015. "The Freeze-out Bond Exchange Offer: An Experimental Approach," Journal of Behavioral Finance, Taylor & Francis Journals, vol. 16(2), pages 150-162, April.
    3. Lin, Luca X., 2022. "Taking no chances: Lender concentration and corporate acquisitions," Journal of Corporate Finance, Elsevier, vol. 76(C).
    4. Jose Wynne & Federico Weinschelbaum, 2004. "Renegotiation, Collective Action Clauses and Sovereign Debt Markets," 2004 Meeting Papers 7, Society for Economic Dynamics.
    5. Nicola Gennaioli & Stefano Rossi, 2012. "Contractual Resolutions of Financial Distress," Working Papers 651, Barcelona School of Economics.
    6. Rim Tlili, 2016. "Monitoring, Loan Rates and Threat of Enterprise Liquidation in a Bank Relationship," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 6(5), pages 1-2.
    7. Inés Paola Orozco & José Eduardo Gómez-González & José Piñeros & José Vicente Romero, 2011. "Determinantes Del Número De Relaciones Bancarias En Colombia," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 29(65), pages 176-196, June.
    8. Kazuo Ogawa & Elmer Sterken & Ichiro Tokutsu, 2005. "Bank Control and the Number of Bank Relations of Japanese Firms," CESifo Working Paper Series 1589, CESifo.
    9. Ron Christian Antonczyk & Wolfgang Breuer & Astrid Juliane Salzmann, 2014. "Long-Term Orientation and Relationship Lending: A Cross-Cultural Study on the Effect of Time Preferences on the Choice of Corporate Debt," Management International Review, Springer, vol. 54(3), pages 381-415, June.
    10. H. Zhang & S. Boubaker & X. Ni, 2023. "Creditor Rights and Real Earnings Management: Evidence from Quasi-Natural Experiments," Post-Print hal-04435476, HAL.
    11. Wenlian Gao & Feifei Zhu & Kai Chen, 2023. "The role of bank lenders in firm leverage adjustments," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 46(1), pages 63-97, February.
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    13. Stein, Ingrid, 2011. "The price impact of lending relationships," Discussion Paper Series 2: Banking and Financial Studies 2011,04, Deutsche Bundesbank.
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    16. Yu, Hai-Chin & Sopranzetti, Ben J. & Lee, Cheng-Few, 2012. "Multiple banking relationships, managerial ownership concentration and firm value: A simultaneous equations approach," The Quarterly Review of Economics and Finance, Elsevier, vol. 52(3), pages 286-297.
    17. Luigi Guiso & Raoul Minetti, 2010. "The Structure of Multiple Credit Relationships: Evidence from U.S. Firms," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(6), pages 1037-1071, September.
    18. Chu, Yongqiang, 2016. "Debt renegotiation and debt overhang: Evidence from lender mergers," MPRA Paper 72403, University Library of Munich, Germany.
    19. Christophe J. GODLEWSKI & Ydriss Ziane, 2008. "How many banks does it take to lend? Empirical evidence from Europe," Working Papers of LaRGE Research Center 2008-11, Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg.
    20. Eric De Bodt & Frédéric Lobez & Jean‐Christophe Statnik, 2005. "Credit Rationing, Customer Relationship and the Number of Banks: an Empirical Analysis," European Financial Management, European Financial Management Association, vol. 11(2), pages 195-228, March.
    21. Gennaioli, Nicola & Rossi, Stefano, 2008. "Optimal Resolutions of Financial Distress by Contract," CEI Working Paper Series 2008-6, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    22. Claude Fluet & Paolo G. Garella, 2014. "Debt Rescheduling with Multiple Lenders: Relying on the Information of Others," Economica, London School of Economics and Political Science, vol. 81(324), pages 698-720, October.
    23. Cenni, Stefano & Monferrà, Stefano & Salotti, Valentina & Sangiorgi, Marco & Torluccio, Giuseppe, 2015. "Credit rationing and relationship lending. Does firm size matter?," Journal of Banking & Finance, Elsevier, vol. 53(C), pages 249-265.
    24. Kose John & Mahsa S Kaviani & Lawrence Kryzanowski & Hosein Maleki, 2021. "Do Country-Level Creditor Protections Affect Firm-Level Debt Structure Concentration? [Why not a political Coase theorem? Social conflict, commitment, and politics]," Review of Finance, European Finance Association, vol. 25(6), pages 1677-1725.
    25. Guiso, Luigi & Minetti, Raoul, 2004. "Multiple Creditors and Information Rights: Theory and Evidence from US Firms," CEPR Discussion Papers 4278, C.E.P.R. Discussion Papers.
    26. Han, Liang & Fraser, Stuart & Storey, David J., 2009. "Are good or bad borrowers discouraged from applying for loans? Evidence from US small business credit markets," Journal of Banking & Finance, Elsevier, vol. 33(2), pages 415-424, February.
    27. Lucia Gibilaro & Gianluca Mattarocci, 2021. "Financial Distress and Information Sharing: Evidences from the Italian Credit Register," Risks, MDPI, vol. 9(5), pages 1-12, May.
    28. Daniel Tut, 2022. "Debt dynamic, debt dispersion and corporate governance," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 19(4), pages 744-771, July.
    29. Amanda Carmignani & Massimo Omiccioli, 2007. "Costs and benefits of creditor concentration: An empirical approach," Temi di discussione (Economic working papers) 645, Bank of Italy, Economic Research and International Relations Area.
    30. Antje Brunner & Jan Pieter Krahnen, 2008. "Multiple Lenders and Corporate Distress: Evidence on Debt Restructuring," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 75(2), pages 415-442.
    31. Yun Lou & Clemens A. Otto, 2020. "Debt Heterogeneity and Covenants," Management Science, INFORMS, vol. 66(1), pages 70-92, January.
    32. Tumer-Alkan, G., 2008. "Essays on banking," Other publications TiSEM 8d5ec521-4702-4e75-bc79-a, Tilburg University, School of Economics and Management.
    33. Korgaonkar, Sanket, 2023. "The agency costs of tranching: Evidence from RMBS," Journal of Financial Intermediation, Elsevier, vol. 54(C).
    34. Flavio Bazzana & Marco Palmieri, 2012. "How to increase the efficiency of bond covenants: a proposal for the Italian corporate market," European Journal of Law and Economics, Springer, vol. 34(2), pages 327-346, October.
    35. G. De Masi & M. Gallegati, 2012. "Bank–firms topology in Italy," Empirical Economics, Springer, vol. 43(2), pages 851-866, October.
    36. Dongping Xie & Mary Eschelbach Hansen, 2020. "Supply of bank loans and business debts: A view from historical bankruptcy cases," Review of Financial Economics, John Wiley & Sons, vol. 38(S1), pages 170-187, March.
    37. Clark, Brian & Donato, James & Francis, Bill B., 2023. "Credit default swaps and debt specialization," Journal of Financial Intermediation, Elsevier, vol. 54(C).
    38. Wei Yin & Kent Matthews, 2017. "Single Versus Multiple Banking Relationships-Evidence From Chinese Lending Market," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 62(01), pages 227-250, March.
    39. Kang, Jun-Koo & Li, Yingxiang & Oh, Seungjoon, 2022. "Venture Capital Coordination in Syndicates, Corporate Monitoring, and Firm Performance," Journal of Financial Intermediation, Elsevier, vol. 50(C).
    40. Mary Eschelbach Hansen & Nicolas L. Ziebarth, 2014. "Credit Relationships and Business Bankruptcy During the Great Depression," Working Papers 2014-11, American University, Department of Economics.
    41. Tlili, Rim, 2012. "Comment justifier la multibancarité au sein des PME ?," Economics Thesis from University Paris Dauphine, Paris Dauphine University, number 123456789/10919 edited by Etner, François.
    42. Hongda Zhong, 2021. "A Dynamic Model of Optimal Creditor Dispersion," Journal of Finance, American Finance Association, vol. 76(1), pages 267-316, February.
    43. Diana Marina Del COlle, & Paolo Finaldi Russo & Andrea Generale, 2006. "The Causes and Consequences of Venture Capital Financing. An Analysis based on a Sample of Italian Firms," Temi di discussione (Economic working papers) 584, Bank of Italy, Economic Research and International Relations Area.
    44. Höwer, Daniel, 2016. "The role of bank relationships when firms are financially distressed," Journal of Banking & Finance, Elsevier, vol. 65(C), pages 59-75.
    45. Elsas, Ralf & Krahnen, Jan Pieter, 2002. "Collateral, relationship lending and financial distress: An empirical study on financial contracting," CFS Working Paper Series 2002/17, Center for Financial Studies (CFS).
    46. Gómez-González, José Eduardo & Reyes, Nidia Ruth, 2011. "The number of banking relationships and the business cycle: New evidence from Colombia," Economic Systems, Elsevier, vol. 35(3), pages 408-418, September.
    47. Giacinto Micucci & Paola Rossi, 2010. "Debt restructuring and the role of lending technologies," Temi di discussione (Economic working papers) 763, Bank of Italy, Economic Research and International Relations Area.
    48. Halpern, Paul & Kieschnick, Robert & Rotenberg, Wendy, 2009. "Determinants of financial distress and bankruptcy in highly levered transactions," The Quarterly Review of Economics and Finance, Elsevier, vol. 49(3), pages 772-783, August.
    49. Zhong, Hongda, 2021. "A dynamic model of optimal creditor dispersion," LSE Research Online Documents on Economics 106646, London School of Economics and Political Science, LSE Library.
    50. Arturo Bris & Ivo Welch & Ning Zhu, 2005. "The Costs of Bankruptcy," Yale School of Management Working Papers amz2375, Yale School of Management, revised 21 Sep 2009.
    51. Vigneron, Ludovic & Hajj Chehade, Hiba, 2013. "Structuration du pool bancaire de la PME : une revue de la littérature [Structuring SMEs' banks relationships: a review]," MPRA Paper 50498, University Library of Munich, Germany.
    52. Aney, Madhav S. & Banerji, Sanjay, 2022. "Political connections, informational asymmetry, and the efficient resolution of financial distress," Economic Modelling, Elsevier, vol. 114(C).
    53. Edward R. Morrison, 2009. "Bargaining around Bankruptcy: Small Business Workouts and State Law," The Journal of Legal Studies, University of Chicago Press, vol. 38(2), pages 255-307, June.
    54. Hai-Chin Yu & Ben Sopranzetti & Cheng-Few Lee, 2015. "The impact of banking relationships, managerial incentives, and board monitoring on corporate cash holdings: an emerging market perspective," Review of Quantitative Finance and Accounting, Springer, vol. 44(2), pages 353-378, February.
    55. Degryse, Hans & Lu, Liping & Ongena, Steven, 2016. "Informal or formal financing? Evidence on the co-funding of Chinese firms," Journal of Financial Intermediation, Elsevier, vol. 27(C), pages 31-50.
    56. Jose Eduardo Gomez-Gonzalez & Nidia Ruth Reyes, 2013. "Firm failure and relationship lending in an emerging economy: new evidence from small businesses," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, vol. 6(1), pages 131-145, March.
    57. Petya Platikanova & Kazbi Soonawalla, 2020. "Who monitors opaque borrowers? Debt specialisation, institutional ownership, and information opacity," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(2), pages 1867-1904, June.
    58. Giacinto Micucci & Paola Rossi, 2017. "Debt Restructuring and the Role of Banks’ Organizational Structure and Lending Technologies," Journal of Financial Services Research, Springer;Western Finance Association, vol. 51(3), pages 339-361, June.
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    60. Ogawa, Kazuo & Sterken, Elmer & Tokutsu, Ichiro, 2007. "Why do Japanese firms prefer multiple bank relationship? Some evidence from firm-level data," Economic Systems, Elsevier, vol. 31(1), pages 49-70, March.
    61. Mr. Daniel C Hardy, 2013. "Bank Resolution Costs, Depositor Preference, and Asset Encumbrance," IMF Working Papers 2013/172, International Monetary Fund.
    62. Castro, Paula & Keasey, Kevin & Amor-Tapia, Borja & Tascon, Maria T. & Vallascas, Francesco, 2020. "Does debt concentration depend on the risk-taking incentives in CEO compensation?," Journal of Corporate Finance, Elsevier, vol. 64(C).

  21. Ivo Welch, 2001. "The Equity Premium Consensus Forecast Revisited," Cowles Foundation Discussion Papers 1325, Cowles Foundation for Research in Economics, Yale University.

    Cited by:

    1. Fernandez, Pablo & Aguirreamalloa, Javier & Liechtenstein, Heinrich, 2009. "The equity premium puzzle: High required equity premium, undervaluation and self fulfilling prophecy," IESE Research Papers D/821, IESE Business School.
    2. Fernandez, Pablo, 2009. "Prima de Riesgo del Mercado: Histórica, Esperada, Exigida e Implícita [Equity Risk Premium: Historic, Expected, Required and Implied]," MPRA Paper 14221, University Library of Munich, Germany.
    3. George M. Constantinides, 2002. "Rational Asset Prices," Journal of Finance, American Finance Association, vol. 57(4), pages 1567-1591, August.
    4. Gonzalo Cortazar & Ivo Kovacevic & Eduardo S. Schwartz, 2013. "Commodity and Asset Pricing Models: An Integration," NBER Working Papers 19167, National Bureau of Economic Research, Inc.
    5. John R. Graham & Campbell R. Harvey, 2001. "Expectations of Equity Risk Premia, Volatility and Asymmetry from a Corporate Finance Perspective," NBER Working Papers 8678, National Bureau of Economic Research, Inc.
    6. M. Levy, 2010. "Loss aversion and the price of risk," Quantitative Finance, Taylor & Francis Journals, vol. 10(9), pages 1009-1022.
    7. Lubos Pastor & Pietro Veronesi, 2004. "Was There a Nasdaq Bubble in the Late 1990s?," NBER Working Papers 10581, National Bureau of Economic Research, Inc.
    8. Lubos Pastor & Pietro Veronesi, 2003. "Stock Prices and IPO Waves," NBER Working Papers 9858, National Bureau of Economic Research, Inc.
    9. Georges Prat, 2010. "Equity Risk Premium and Time Horizon : What do the U.S. Secular Data Say ?," EconomiX Working Papers 2010-22, University of Paris Nanterre, EconomiX.
    10. Ravi Dhar & William Goetzmann, 2005. "Bubble Investors: What Were They Thinking?," Yale School of Management Working Papers ysm446, Yale School of Management, revised 01 Aug 2006.
    11. Boyle, Glenn & Evans, Lewis & Guthrie, Graeme, 2006. "Estimating the WACC in a Regulatory Setting: An Assessment of Dr Martin Lally's paper 'The Weighted Average Cost of Capital for Electricity Lines Businesses' of 8 September 2005," Working Paper Series 18939, Victoria University of Wellington, The New Zealand Institute for the Study of Competition and Regulation.
    12. Jakob B. Madsen & Ratbek Dzhumashev, 2012. "The equity premium and the required stock returns in a Tobin's q model with a stochastic discount factor," Applied Economics, Taylor & Francis Journals, vol. 44(6), pages 683-694, February.
    13. Barrett, Alan & Kearney, Ide & O'Brien, Martin, 2007. "Quarterly Economic Commentary, Summer 2007," Forecasting Report, Economic and Social Research Institute (ESRI), number QEC20072, June.
    14. Fernandez, Pablo, 2008. "The equity premium in 100 textbooks," IESE Research Papers D/757, IESE Business School.
    15. Cornelius Köpp & Hans-Jörg Mettenheim & Michael Breitner, 2014. "Decision Analytics with Heatmap Visualization for Multi-step Ensemble Data," Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK, Springer;Gesellschaft für Informatik e.V. (GI), vol. 6(3), pages 131-140, June.
    16. Juan Pablo Domínguez H., 2007. "Cost of Equity Capital and Country Risk: An econometric analysis of the expected rate of return for four Latin American countries," Economía, Instituto de Investigaciones Económicas y Sociales (IIES). Facultad de Ciencias Económicas y Sociales. Universidad de Los Andes. Mérida, Venezuela, vol. 32(23), pages 63-90, january-j.
    17. Fernández, Pablo & Aguirreamalloa, Javier & Corres, Luis, 2013. "Market Risk Premium Used in 82 Countries in 2012: A Survey with 7,192 Answers," IESE Research Papers D/1059, IESE Business School.
    18. Daniel Bergstresser & Mihir A. Desai & Joshua Rauh, 2004. "Earnings Manipulation and Managerial Investment Decisions: Evidence from Sponsored Pension Plans," NBER Working Papers 10543, National Bureau of Economic Research, Inc.
    19. Fernandez, Pablo, 2009. "Market risk premium used in 2008: A survey of more than a 1,000 professors," IESE Research Papers D/784, IESE Business School.
    20. Cortazar, Gonzalo & Kovacevic, Ivo & Schwartz, Eduardo S., 2015. "Expected commodity returns and pricing models," Energy Economics, Elsevier, vol. 49(C), pages 60-71.
    21. Rochon, Mathieu & Desrosiers, Stéphanie & L’Her, Jean-François, 2004. "Révision à la baisse de la prime sur les actions au Canada," L'Actualité Economique, Société Canadienne de Science Economique, vol. 80(1), pages 137-170, Mars.
    22. Ravi Dhar & William Goetzmann, 2005. "Bubble Investors: What Were They Thinking?," Yale School of Management Working Papers ysm446, Yale School of Management, revised 01 Aug 2006.
    23. Roy P. P. M. Hoevenaars & Roderick D. J. Molenaar & Peter C. Schotman & Tom B. M. Steenkamp, 2014. "Strategic Asset Allocation For Long‐Term Investors: Parameter Uncertainty And Prior Information," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 29(3), pages 353-376, April.
    24. Wonnho Choi, 2018. "Consumption-based capital asset pricing models: issues and controversies," Review of Quantitative Finance and Accounting, Springer, vol. 50(1), pages 181-205, January.
    25. Rammerstorfer, Margarethe & Eisl, Roland, 2011. "Carbon capture and storage—Investment strategies for the future?," Energy Policy, Elsevier, vol. 39(11), pages 7103-7111.
    26. Buranavityawut, Nonthipoth & Freeman, Mark C. & Freeman, Nisih, 2006. "Has the equity premium been low for 40 years?," The North American Journal of Economics and Finance, Elsevier, vol. 17(2), pages 191-205, August.
    27. George M. Constantinides, 2002. "Rational Asset Prices," NBER Working Papers 8826, National Bureau of Economic Research, Inc.
    28. Huang, Hsu-Huei & Chan, Min-Lee & Huang, I-Hsiang & Chang, Chih-Hsiang, 2011. "Stock price volatility and overreaction in a political crisis: The effects of corporate governance and performance," Pacific-Basin Finance Journal, Elsevier, vol. 19(1), pages 1-20, January.
    29. Fernandez, Pablo, 2009. "Market risk premium used in 2008 by Professors: A survey with 1,400 answers," IESE Research Papers D/796, IESE Business School.
    30. Dan Palmon & Bharat Sarath & Hua C. Xin, 2020. "Bold Stock Recommendations: Informative or Worthless?†," Contemporary Accounting Research, John Wiley & Sons, vol. 37(2), pages 773-801, June.
    31. Fernandez, Pablo, 2005. "La prima de riesgo del mercado (market risk premium)," IESE Research Papers D/585, IESE Business School.
    32. Longstaff, Francis & Piazzesi, Monika, 2002. "Corporate Earnings and the Equity Premium," University of California at Los Angeles, Anderson Graduate School of Management qt3qn115m4, Anderson Graduate School of Management, UCLA.

  22. Ivo Welch, 2000. "Views of Financial Economists on the Equity Premium and on Professional Controversies," Yale School of Management Working Papers ysm122, Yale School of Management.

    Cited by:

    1. Fernandez, Pablo & Aguirreamalloa, Javier & Liechtenstein, Heinrich, 2009. "The equity premium puzzle: High required equity premium, undervaluation and self fulfilling prophecy," IESE Research Papers D/821, IESE Business School.
    2. Yacine Aït-Sahalia & Michael W. Brandt, 2008. "Consumption and Portfolio Choice with Option-Implied State Prices," NBER Working Papers 13854, National Bureau of Economic Research, Inc.
    3. Dan Zhu & Qingwei Wang & John Goddard, 2022. "A new hedging hypothesis regarding prediction interval formation in stock price forecasting," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 41(4), pages 697-717, July.
    4. Maghyereh, Aktham I. & Awartani, Basel, 2018. "The factors influencing the decision to list on Abu Dhabi securities exchange," Journal of Behavioral and Experimental Finance, Elsevier, vol. 19(C), pages 89-103.
    5. Hans Dewachter & Kristien Smedts, 2007. "Limits to international arbitrage: an empirical evaluation," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 12(3), pages 273-285.
    6. Coleman, Les, 2014. "Why finance theory fails to survive contact with the real world: A fund manager perspective," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 25(3), pages 226-236.
    7. Ambrocio, Gene & Hasan, Iftekhar & Jokivuolle, Esa & Ristolainen, Kim, 2020. "Are bank capital requirements optimally set? Evidence from researchers' views," Bank of Finland Research Discussion Papers 10/2020, Bank of Finland.
    8. Georges Prat, 2010. "Equity Risk Premium and Time Horizon : What do the U.S. Secular Data Say ?," Working Papers hal-04140905, HAL.
    9. Manju Tripathi & Smita Kashiramka & P. K. Jain, 2018. "Equity Risk Premium in India: Comparative Estimates from Historical Returns, Dividend and Earnings Models," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 17(1_suppl), pages 136-156, April.
    10. Roger Ibbotson & Peng Chen, 2001. "Stock Market Returns in the Long Run: Participating in the Real Economy," Yale School of Management Working Papers ysm206, Yale School of Management, revised 01 Apr 2002.
    11. Basak, Suleyman, 2005. "Asset pricing with heterogeneous beliefs," Journal of Banking & Finance, Elsevier, vol. 29(11), pages 2849-2881, November.
    12. Marianna Brunetti & Costanza Torricelli, 2007. "The role of demographic variables in explaining financial returns in Italy," Heterogeneity and monetary policy 0701, Universita di Modena e Reggio Emilia, Dipartimento di Economia Politica.
    13. Tim Brailsford & John C. Handley & Krishnan Maheswaran, 2008. "Re‐examination of the historical equity risk premium in Australia," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 48(1), pages 73-97, March.
    14. Doron Avramov & Guy Kaplanski & Avanidhar Subrahmanyam, 2022. "Postfundamentals Price Drift in Capital Markets: A Regression Regularization Perspective," Management Science, INFORMS, vol. 68(10), pages 7658-7681, October.
    15. Wei Xiong, 2013. "Bubbles, Crises, and Heterogeneous Beliefs," NBER Working Papers 18905, National Bureau of Economic Research, Inc.
    16. Silvija Vlah Jerić & Mihovil Anđelinović, 2019. "Evaluating Croatian stock index forecasts," Empirical Economics, Springer, vol. 56(4), pages 1325-1339, April.
    17. Ray Fair, 2002. "Risk Aversion and Stock Prices," Yale School of Management Working Papers ysm311, Yale School of Management, revised 01 Aug 2007.
    18. Hail, Luzi & Sikes, Stephanie & Wang, Clare, 2017. "Cross-country evidence on the relation between capital gains taxes, risk, and expected returns," Journal of Public Economics, Elsevier, vol. 151(C), pages 56-73.
    19. Cheolbeom Park, 2006. "Rational Beliefs or Distorted Beliefs: The Equity Premium Puzzle and Micro Survey Data," Southern Economic Journal, John Wiley & Sons, vol. 72(3), pages 677-689, January.
    20. Fernandez, Pablo, 2004. "Are calculated betas good for anything?," IESE Research Papers D/555, IESE Business School.
    21. Antonio Forte & Giovanni Pesce, 2009. "The International Financial Crisis Viewed by Experts," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 38(1‐2), pages 67-95, February.
    22. Ravi Jagannathan & Ellen R. McGrattan & Anna Scherbina, 2000. "The declining U.S. equity premium," Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 24(Fall), pages 3-19.
    23. M. Levy, 2010. "Loss aversion and the price of risk," Quantitative Finance, Taylor & Francis Journals, vol. 10(9), pages 1009-1022.
    24. Ravi Jagannathan & Iwan Meier & Vefa Tarhan, 2011. "The Cross-Section of Hurdle Rates for Capital Budgeting: An Empirical Analysis of Survey Data," NBER Working Papers 16770, National Bureau of Economic Research, Inc.
    25. Mª José Martínez Romero & Alfonso A. Rojo Ramírez, 2017. "Socioemotional wealth’s implications in the calculus of the minimum rate of return required by family businesses’ owners," Review of Managerial Science, Springer, vol. 11(1), pages 95-118, January.
    26. Chae, Joon & Lee, Eun Jung, 2018. "Distribution uncertainty and expected stock returns," Finance Research Letters, Elsevier, vol. 25(C), pages 55-61.
    27. Georges Prat, 2010. "Equity Risk Premium and Time Horizon : What do the U.S. Secular Data Say ?," EconomiX Working Papers 2010-22, University of Paris Nanterre, EconomiX.
    28. Casper van Ewijk & Henri L.F. de Groot & Coos Santing, 2010. "A Meta-Analysis of the Equity Premium," Tinbergen Institute Discussion Papers 10-078/3, Tinbergen Institute.
    29. Ravi Dhar & William Goetzmann, 2005. "Bubble Investors: What Were They Thinking?," Yale School of Management Working Papers ysm446, Yale School of Management, revised 01 Aug 2006.
    30. Benjamin Pfister & Manfred Schwaiger & Tobias Morath, 2020. "Corporate reputation and the future cost of equity," Business Research, Springer;German Academic Association for Business Research, vol. 13(1), pages 343-384, April.
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    32. Ritter, Jay R., 2005. "Economic growth and equity returns," Pacific-Basin Finance Journal, Elsevier, vol. 13(5), pages 489-503, November.
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    46. Mark Egan & Alexander MacKay & Hanbin Yang, 2022. "Recovering Investor Expectations from Demand for Index Funds [American Association of Individual Investors (AAII) Investor Sentiment Survey]," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 89(5), pages 2559-2599.
    47. Rojo-Ramírez Alfonso A., 2014. "Privately Held Company Valuation and Cost of Capital," Journal of Business Valuation and Economic Loss Analysis, De Gruyter, vol. 9(1), pages 1-21, January.
    48. Stotz, Olaf & Lutje, Torben & Menkhoff, Lukas & von Nitzsch, Rudiger, 2004. "Do Fund Managers Expect Mean Averting Returns?," Hannover Economic Papers (HEP) dp-309, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
    49. Aggarwal, Raj & Goodell, John W., 2008. "Equity premia in emerging markets: National characteristics as determinants," Journal of Multinational Financial Management, Elsevier, vol. 18(4), pages 389-404, October.
    50. Uppal, Raman & Boyle, Phelim & Wang, Tan & Garlappi, Lorenzo, 2010. "Keynes Meets Markowitz: The Trade-off Between Familiarity and Diversification," CEPR Discussion Papers 7687, C.E.P.R. Discussion Papers.
    51. Efstathios Avdis & Jessica A. Wachter, 2013. "Maximum likelihood estimation of the equity premium," NBER Working Papers 19684, National Bureau of Economic Research, Inc.
    52. Claudio Campanale, 2011. "Learning, Ambiguity and Life-Cycle Portfolio Allocation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 14(2), pages 339-367, April.
    53. Muhammad Imran & Mengyun Wu & Shuibin Gu & Shah Saud & Muhammad Abbas, 2019. "Influence of economic and non-economic factors on firm level equity premium: Evidence from Pakistan," Economics Bulletin, AccessEcon, vol. 39(3), pages 1774-1785.
    54. Jakob B. Madsen, 2003. "The Equity Risk Premium and the Required Share Returns in a Tobin’s q Model," EPRU Working Paper Series 03-10, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
    55. Fernandez, Pablo, 2008. "The equity premium in 100 textbooks," IESE Research Papers D/757, IESE Business School.
    56. Minh Hai Ngo & Marc Oliver Rieger & Shuonan Yuan, 2018. "The Fundamental Equity Premium and Ambiguity Aversion in an International Context," Risks, MDPI, vol. 6(4), pages 1-24, November.
    57. Michael J. Brennan & Julia Hein & Ser†Huang Poon, 2009. "Tranching and Rating," European Financial Management, European Financial Management Association, vol. 15(5), pages 891-922, November.
    58. J. Bradford DeLong & Konstantin Magin, 2009. "The U.S. Equity Return Premium: Past, Present, and Future," Journal of Economic Perspectives, American Economic Association, vol. 23(1), pages 193-208, Winter.
    59. Gimber, Andrew & Rajan, Aniruddha, 2019. "Bank funding costs and capital structure," Bank of England working papers 805, Bank of England.
    60. Gene Amromin & Steven A. Sharpe, 2009. "Expectations of risk and return among household investors: Are their Sharpe ratios countercyclical?," Proceedings, Federal Reserve Bank of San Francisco, issue Jan.
    61. Kaustia, Markku & Lehtoranta, Antti & Puttonen, Vesa, 2013. "Does sophistication affect long-term return expectations? Evidence from financial advisers' exam scores," SAFE Working Paper Series 3, Leibniz Institute for Financial Research SAFE.
    62. Yang, Chunpeng & Yan, Wei & Zhang, Rengui, 2013. "Sentiment approach to negative expected return in the stock market," Economic Modelling, Elsevier, vol. 35(C), pages 30-34.
    63. Ray Fair, 2002. "Risk Aversion and Stock Prices," Yale School of Management Working Papers ysm311, Yale School of Management, revised 01 Aug 2007.
    64. Fernández, Pablo & Aguirreamalloa, Javier & Corres, Luis, 2013. "Market Risk Premium Used in 82 Countries in 2012: A Survey with 7,192 Answers," IESE Research Papers D/1059, IESE Business School.
    65. Hwang, Lee-Seok & Lee, Woo-Jong & Lim, Seung-Yeon & Park, Kyung-Ho, 2013. "Does information risk affect the implied cost of equity capital? An analysis of PIN and adjusted PIN," Journal of Accounting and Economics, Elsevier, vol. 55(2), pages 148-167.
    66. Burkhard Pedell, 2007. "Kapitalmarktbasierte Ermittlung des Kapitalkostensatzes für Zwecke der Entgeltregulierung," Metrika: International Journal for Theoretical and Applied Statistics, Springer, vol. 18(1), pages 35-60, April.
    67. Foerster, Stephen R. & Sapp, Stephen G., 2011. "Back to fundamentals: The role of expected cash flows in equity valuation," The North American Journal of Economics and Finance, Elsevier, vol. 22(3), pages 320-343.
    68. Jeff Dominitz & Charles F. Manski, 2011. "Measuring and interpreting expectations of equity returns," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 26(3), pages 352-370, April.
    69. Fernandez, Pablo, 2009. "Market risk premium used in 2008: A survey of more than a 1,000 professors," IESE Research Papers D/784, IESE Business School.
    70. Sanjai Bhagat & Roberta Romano, 2001. "Event Studies and the Law - Part I: Technique and Corporate Litigation," Yale School of Management Working Papers amz2475, Yale School of Management, revised 01 Jan 2002.
    71. Othieno, Ferdinand & Biekpe, Nicholas, 2019. "Estimating the conditional equity risk premium in African frontier markets," Research in International Business and Finance, Elsevier, vol. 47(C), pages 538-551.
    72. Robert Goldberg, 2015. "A methodology for computing and comparing implied equity and corporate-debt Sharpe Ratios," Review of Quantitative Finance and Accounting, Springer, vol. 44(4), pages 733-754, May.
    73. Roelof Salomons, 2008. "A Theoretical And Practical Perspective On The Equity Risk Premium," Journal of Economic Surveys, Wiley Blackwell, vol. 22(2), pages 299-329, April.
    74. Gehrig, Thomas P. & Lütje, Torben & Menkhoff, Lukas, 2008. "Bonus Payments and Fund Managers' Behavior: Trans-Atlantic Evidence," Hannover Economic Papers (HEP) dp-411, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
    75. Whelan, Shane, 2007. "Valuing Ireland's Pension System," Quarterly Economic Commentary: Special Articles, Economic and Social Research Institute (ESRI), vol. 2007(2-Summer), pages 55-80.
    76. Ivo Welch, 2001. "The Equity Premium Consensus Forecast Revisited," Cowles Foundation Discussion Papers 1325, Cowles Foundation for Research in Economics, Yale University.
    77. Ravi Dhar & William Goetzmann, 2005. "Bubble Investors: What Were They Thinking?," Yale School of Management Working Papers ysm446, Yale School of Management, revised 01 Aug 2006.
    78. Dvorak, Tomas & Podpiera, Richard, 2006. "European Union enlargement and equity markets in accession countries," Emerging Markets Review, Elsevier, vol. 7(2), pages 129-146, June.
    79. Egan, Daniel & Merkle, Christoph & Weber, Martin, 2014. "Second-order beliefs and the individual investor," Journal of Economic Behavior & Organization, Elsevier, vol. 107(PB), pages 652-666.
    80. Hachmeister, Dirk & Puchstein, Kerstin & Seidler, Patrick, 2016. "Die Marktrisikoprämie des DAX nach dem Dividenden- und Gewinnwachstumsmodell von Fama/French (2002)," Hohenheimer Schriften: Rechnungswesen - Steuern - Wirtschaftsprüfung 2016-01, University of Hohenheim, Department of Business Administration.
    81. Fernandez, Pablo & Aguirreamalloa, Javier & Corres, Luis, 2011. "Prima de riesgo del mercado utilizada para España: Encuesta 2011," IESE Research Papers D/921, IESE Business School.
    82. Louis K.C. Chan & Jason Karceski & Josef Lakonishok, 2001. "The Level and Persistence of Growth Rates," NBER Working Papers 8282, National Bureau of Economic Research, Inc.
    83. Peter Christoffersen & Kris Jacobs & Chayawat Ornthanalai, 2009. "Exploring Time-Varying Jump Intensities: Evidence from S&P500 Returns and Options," CIRANO Working Papers 2009s-34, CIRANO.
    84. Buranavityawut, Nonthipoth & Freeman, Mark C. & Freeman, Nisih, 2006. "Has the equity premium been low for 40 years?," The North American Journal of Economics and Finance, Elsevier, vol. 17(2), pages 191-205, August.
    85. Freeman, Mark C. & Groom, Ben, 2014. "Using equity premium survey data to estimate future wealth," LSE Research Online Documents on Economics 57161, London School of Economics and Political Science, LSE Library.
    86. Huang, Hsu-Huei & Chan, Min-Lee & Huang, I-Hsiang & Chang, Chih-Hsiang, 2011. "Stock price volatility and overreaction in a political crisis: The effects of corporate governance and performance," Pacific-Basin Finance Journal, Elsevier, vol. 19(1), pages 1-20, January.
    87. Fernandez, Pablo, 2009. "Market risk premium used in 2008 by Professors: A survey with 1,400 answers," IESE Research Papers D/796, IESE Business School.
    88. Shlomo Benartzi & Richard H. Thaler, 2002. "How Much Is Investor Autonomy Worth?," Journal of Finance, American Finance Association, vol. 57(4), pages 1593-1616, August.
    89. Andrew Vivian, 2007. "The UK Equity Premium: 1901–2004," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 34(9‐10), pages 1496-1527, November.
    90. Fernandez, Pablo, 2005. "La prima de riesgo del mercado (market risk premium)," IESE Research Papers D/585, IESE Business School.
    91. Brennan, Michael J, 2004. "How Did It Happen?," University of California at Los Angeles, Anderson Graduate School of Management qt1047x6kv, Anderson Graduate School of Management, UCLA.
    92. Breuer, Wolfgang & Gürtler, Marc, 2010. "Implied rates of return, the discount rate effect, and market risk premia," Working Papers IF33V3, Technische Universität Braunschweig, Institute of Finance.
    93. Ilia D. Dichev, 2007. "What Are Stock Investors’ Actual Historical Returns? Evidence from Dollar-Weighted Returns," American Economic Review, American Economic Association, vol. 97(1), pages 386-401, March.
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    95. Holger Daske & Günther Gebhardt, 2006. "Zukunftsorientierte Bestimmung von Risikoprämien und Eigenkapitalkosten für die Unternehmensbewertung," Schmalenbach Journal of Business Research, Springer, vol. 58(4), pages 530-551, June.
    96. Henderson, Brian J. & Pearson, Neil D., 2011. "The dark side of financial innovation: A case study of the pricing of a retail financial product," Journal of Financial Economics, Elsevier, vol. 100(2), pages 227-247, May.
    97. Alfonso A. Rojo Ramírez & Maria J. Martínez Romero, 2018. "Required and obtained equity returns in privately held businesses: the impact of family nature—evidence before and after the global economic crisis," Review of Managerial Science, Springer, vol. 12(3), pages 771-801, July.
    98. Sanjai Bhagat & Roberta Romano, "undated". "Event Studies and the Law--Part I: Technique and Corporate Litigation," Yale Law School John M. Olin Center for Studies in Law, Economics, and Public Policy Working Paper Series yale_lepp-1021, Yale Law School John M. Olin Center for Studies in Law, Economics, and Public Policy.

  23. Antonio Bernardo & Eric L. Talley & Ivo Welch, 1999. "A Theory of Legal Presumptions," Yale School of Management Working Papers ysm118, Yale School of Management.

    Cited by:

    1. Itzhak Gilboa & David Schmeidler, 2002. "Inductive Inference: An Axiomatic Approach," NajEcon Working Paper Reviews 391749000000000544, www.najecon.org.
    2. Feess, E. & Muehlheusser, G. & Walzl, M., 2004. "Unfair contests," Research Memorandum 048, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
    3. Demougin, Dominique & Fluet, Claude, 2006. "Preponderance of evidence," European Economic Review, Elsevier, vol. 50(4), pages 963-976, May.
    4. Cooter, Robert D. & Emons, Winand, 2000. "Truth-Bonding and Other Truth-Revealing Mechanisms for Courts," Berkeley Olin Program in Law & Economics, Working Paper Series qt35j9s08h, Berkeley Olin Program in Law & Economics.
    5. Albert Choi & Chris William Sanchirico, 2004. "Should Plaintiffs Win What Defendants Lose? Litigation Stakes, Litigation Effort, and the Benefits of Decoupling," The Journal of Legal Studies, University of Chicago Press, vol. 33(2), pages 323-354, June.
    6. Karl Wärneryd, 2012. "Multi-player contests with asymmetric information," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 51(2), pages 277-287, October.
    7. Dominique Demougin & Claude Fluet, 2006. "Rules of Proof, Courts, and Incentives," Cahiers de recherche 0633, CIRPEE.
    8. Arturo Bris & Ivo Welch, 2001. "The Optimal Concentration of Creditors," NBER Working Papers 8652, National Bureau of Economic Research, Inc.
    9. Sophie Bienenstock, 2019. "The Deterrent Effect of French Liability Law: the Example of Abusive Contract Terms," Post-Print hal-03222207, HAL.
    10. Albert Choi & George Triantis, 2008. "Completing Contracts in the Shadow of Costly Verification," The Journal of Legal Studies, University of Chicago Press, vol. 37(2), pages 503-534, June.
    11. Wärneryd, Karl, 2013. "Common-value contests with asymmetric information," Economics Letters, Elsevier, vol. 120(3), pages 525-527.
    12. Fluet, Claude, 2010. "L’économie de la preuve judiciaire," L'Actualité Economique, Société Canadienne de Science Economique, vol. 86(4), pages 451-486, décembre.
    13. George P. Gao & Qingzhong Ma & David T. Ng & Ying Wu, 2022. "The Sound of Silence: What Do We Know When Insiders Do Not Trade?," Management Science, INFORMS, vol. 68(7), pages 4835-4857, July.
    14. Franke, Jörg, 2010. "Does Affirmative Action Reduce Effort Incentives? – A Contest Game Analysis," Ruhr Economic Papers 185, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    15. Stergios Skaperdas & Samarth Vaidya, 2007. "Persuasion as a Contest," CESifo Working Paper Series 2160, CESifo.
    16. Manuel Willington, 2013. "Hold Up Under Costly Litigation and Imperfect Courts of Law," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 29(5), pages 1023-1055, October.
    17. Nicola Gennaioli & Enrico Perotti, 2012. "Standardized Enforcement: Access to Justice vs. Contractual Innovation," Working Papers 652, Barcelona School of Economics.
    18. Johnson, Marilyn F. & Nelson, Karen K. & Pritchard, Adam C., 2002. "Do the Merits Matter More? Class Actions under the Private Securities Litigation Reform Act," Berkeley Olin Program in Law & Economics, Working Paper Series qt6t80b57r, Berkeley Olin Program in Law & Economics.
    19. Lee, Yoon-Ho Alex & Klerman, Daniel, 2016. "The Priest-Klein hypotheses: Proofs and generality," International Review of Law and Economics, Elsevier, vol. 48(C), pages 59-76.
    20. Alexander R. W. Robson & Stergios Skaperdas, 2002. "Costly Enforcement of Property Rights and the Coase Theorem," CESifo Working Paper Series 762, CESifo.
    21. Bull, Jesse & Watson, Joel, 2004. "Evidence disclosure and verifiability," Journal of Economic Theory, Elsevier, vol. 118(1), pages 1-31, September.
    22. Winand Emons, 2001. "Perjury versus Truth-Revelation: Quantity or Quality of Testimony," Diskussionsschriften dp0103, Universitaet Bern, Departement Volkswirtschaft.
    23. Qiang Fu, 2006. "Endogenous timing of contest with asymmetric information," Public Choice, Springer, vol. 129(1), pages 1-23, October.
    24. Grigorieva, E. & Herings, P.J.J. & Müller, R.J. & Vermeulen, A.J., 2004. "The communication complexity of private value single item auctions," Research Memorandum 050, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
    25. Matthias Kräkel, 2010. "Double-Sided Moral Hazard, Efficiency Wages, and Litigation," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 26(2), pages 337-364.
    26. Ian A. MacKenzie, 2014. "Precaution with endogenous litigation choices," Discussion Papers Series 535, School of Economics, University of Queensland, Australia.
    27. Chris William Sanchirico, 2008. "A Primary-Activity Approach to Proof Burdens," The Journal of Legal Studies, University of Chicago Press, vol. 37(1), pages 273-313, January.
    28. Jesse Bull, 2009. "Costly Evidence And Systems Of Fact‐Finding," Bulletin of Economic Research, Wiley Blackwell, vol. 61(2), pages 103-125, April.
    29. Wärneryd, Karl, 2000. "Information in Conflicts," SSE/EFI Working Paper Series in Economics and Finance 388, Stockholm School of Economics.
    30. Chulyoung Kim, 2014. "Adversarial and Inquisitorial Procedures with Information Acquisition," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 30(4), pages 767-803.
    31. Robert Cooter & Winand Emons, 2003. "Truth-Revealing Mechanisms for Courts," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 159(2), pages 259-279, June.
    32. Bruno Deffains & Claude Fluet, 2013. "The Role of Social Image Concerns in the Design of Legal Regimes," Cahiers de recherche 1321, CIRPEE.
    33. Kathryn Zeiler, "undated". "Medical Malpractice and Contract Disclosure: An Equilibrium Model of the Effects of Legal Rules on Behavior in Health Care Markets," American Law & Economics Association Annual Meetings 1071, American Law & Economics Association.
    34. Karl Wärneryd, 2012. "Nine points of the law: evidentiary rules and the costs of litigation," Public Choice, Springer, vol. 153(3), pages 279-285, December.
    35. Oren Bar-Gill & Lucian A. Bebchuk, 2007. "Consent and Exchange," NBER Working Papers 13267, National Bureau of Economic Research, Inc.
    36. Liu, Zhiyong & Avraham, Ronen, 2012. "Ex ante versus ex post expectation damages," International Review of Law and Economics, Elsevier, vol. 32(4), pages 339-355.
    37. Baharad, Roy & Cohen, Chen & Nitzan, Shmuel, 2022. "Litigation with adversarial efforts," International Review of Law and Economics, Elsevier, vol. 69(C).
    38. Che, Yeon-Koo & Severinov, Sergei, 2007. "Lawyer Advising in Evidence Disclosure," MPRA Paper 6101, University Library of Munich, Germany.
    39. Eric Talley & Gudrun Johnsen, "undated". "Corporate Governance, Executive Compensation and Securities Litigation," University of Southern California Legal Working Paper Series usclwps-1002, University of Southern California Law School.
    40. Louis Kaplow, 2011. "On the Optimal Burden of Proof," Journal of Political Economy, University of Chicago Press, vol. 119(6), pages 1104-1140.
    41. Fluet, Claude, 2010. "Liability rules under evidentiary uncertainty," International Review of Law and Economics, Elsevier, vol. 30(1), pages 1-9, March.
    42. Oliver Gürtler & Matthias Kräkel, 2009. "Hostile takeover and costly merger control," Public Choice, Springer, vol. 141(3), pages 371-389, December.
    43. Eberhard Feess & Gerd Muehlheusser & Ansgar Wohlschlegel, 2009. "Environmental liability under uncertain causation," European Journal of Law and Economics, Springer, vol. 28(2), pages 133-148, October.
    44. Yee, Kenton K., 2008. "Dueling experts and imperfect verification," International Review of Law and Economics, Elsevier, vol. 28(4), pages 246-255, December.
    45. Manuel Willington & Roy Costilla, 2007. "Endogenous Verifiability and Optimality in Agency: A non-contingent approach," ILADES-UAH Working Papers inv189, Universidad Alberto Hurtado/School of Economics and Business.
    46. Philip Bond, 2004. "Optimal plaintiff incentives when courts are imperfect," 2004 Meeting Papers 723, Society for Economic Dynamics.
    47. Ksenia Shakhgildyan, 2023. "Nonparametric Identification and Estimation of Contests with Uncertainty," Working Papers 690, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    48. Mehmet Bac & Parimal Kanti Bag, 2000. "Law Enforcement Costs and Legal Presumptions," Econometric Society World Congress 2000 Contributed Papers 0194, Econometric Society.
    49. Mark Fey, 2008. "Rent-seeking contests with incomplete information," Public Choice, Springer, vol. 135(3), pages 225-236, June.
    50. Sophie Bienenstock, 2019. "The Deterrent Effect of French Liability Law: the Example of Abusive Contract Terms," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-03222207, HAL.
    51. Cooter, Robert D. & Emons, Winand, 2001. "Truth-Bonding and Other Truth-Revealing Mechanisms for Courts [technical version]," Berkeley Olin Program in Law & Economics, Working Paper Series qt3587v9sv, Berkeley Olin Program in Law & Economics.
    52. Ian A. MacKenzie & Markus Ohndorf, 2014. "Coasean Bargaining in the Presence of Pigouvian Taxation: Revisiting the Buchanan-Stubblebine-Turvey Theorem," Discussion Papers Series 515, School of Economics, University of Queensland, Australia.
    53. Osório, António (António Miguel) & Luppi, Barbara, 2019. "Argumentation Quantity and Quality: A Litigation Success Function," Working Papers 2072/376027, Universitat Rovira i Virgili, Department of Economics.
    54. Bull Jesse, 2008. "Costly Evidence Production and the Limits of Verifiability," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 8(1), pages 1-28, July.
    55. Daniel Klerman & Yoon-Ho Alex Lee, 2014. "Inferences from Litigated Cases," The Journal of Legal Studies, University of Chicago Press, vol. 43(2), pages 209-248.
    56. Alice Guerra & Barbara Luppi & Francesco Parisi, 2022. "Do presumptions of negligence incentivize optimal precautions?," European Journal of Law and Economics, Springer, vol. 54(3), pages 349-368, December.
    57. Yeon-Koo Che & Sergei Severinov, 2017. "Disclosure and Legal Advice," American Economic Journal: Microeconomics, American Economic Association, vol. 9(2), pages 188-225, May.
    58. Robin Christmann, 2014. "No Judge, No Job! Court errors and the contingent labor contract," European Journal of Law and Economics, Springer, vol. 38(3), pages 409-429, December.

  24. Welch, Ivo, 1998. "Asymmetry and Power: Can Ethnic Dominance Minimize Conflict?," University of California at Los Angeles, Anderson Graduate School of Management qt5978g03k, Anderson Graduate School of Management, UCLA.

    Cited by:

    1. Indra de Soysa & Synøve Almås, 2019. "Does Ethnolinguistic Diversity Preclude Good Governance? A Comparative Study with Alternative Data, 1990‐2015," Kyklos, Wiley Blackwell, vol. 72(4), pages 604-636, November.
    2. Indra de Soysa, 2011. "Another Misadventure of Economists in the Tropics? Social Diversity, Cohesion, and Economic Development," International Area Studies Review, Center for International Area Studies, Hankuk University of Foreign Studies, vol. 14(1), pages 3-31, March.

  25. Bernardo, Antonio & Welch, Ivo, 1997. "On the Evolution of Overconfidence and Entrepreneurs," University of California at Los Angeles, Anderson Graduate School of Management qt6668s4pz, Anderson Graduate School of Management, UCLA.

    Cited by:

    1. Deshmukh, Sanjay & Goel, Anand M. & Howe, Keith M., 2021. "Do CEO beliefs affect corporate cash holdings?," Journal of Corporate Finance, Elsevier, vol. 67(C).
    2. Jessica Birkholz & Jarina Kühn, 2021. "Entrepreneurship Perception during the first COVID-19 Shock: Mental Representations of Entrepreneurship and Preferences of Business Models during the Pandemic," Bremen Papers on Economics & Innovation 2105, University of Bremen, Faculty of Business Studies and Economics.
    3. Barron, Kai & Gravert, Christina, 2018. "Confidence and career choices: An experiment," Discussion Papers, Research Unit: Economics of Change SP II 2018-301, WZB Berlin Social Science Center.
    4. Dai, Na & Ivanov, Vladimir & Cole, Rebel A., 2017. "Entrepreneurial optimism, credit availability, and cost of financing: Evidence from U.S. small businesses," Journal of Corporate Finance, Elsevier, vol. 44(C), pages 289-307.
    5. Ulrike Malmendier & Vincenzo Pezone & Hui Zheng, 2023. "Managerial Duties and Managerial Biases," Management Science, INFORMS, vol. 69(6), pages 3174-3201, June.
    6. Philipp Köllinger & Maria Minniti & Christian Schade, 2005. ""I Think I Can, I Think I Can": Overconfidence and Entrepreneurial Behavior," Discussion Papers of DIW Berlin 501, DIW Berlin, German Institute for Economic Research.
    7. Kraemer, Carlo & Nöth, Markus & Weber, Martin, 2000. "Information aggregation with costly information and random ordering : experimental evidence," Papers 00-35, Sonderforschungsbreich 504.
    8. Markus Noeth & Martin Weber, 2000. "Information Aggregation with Random Ordering: Cascades and Overconfidence," Econometric Society World Congress 2000 Contributed Papers 1592, Econometric Society.
    9. Yan Lin & Wai Fong Boh, 2020. "How different Are crowdfunders? Examining archetypes of crowdfunders," Journal of the Association for Information Science & Technology, Association for Information Science & Technology, vol. 71(11), pages 1357-1370, November.
    10. Holger Herz & Daniel Schunk & Christian Zehnder, 2013. "How do judgmental overconfidence and overoptimism shape innovative activity?," ECON - Working Papers 106, Department of Economics - University of Zurich, revised Nov 2013.
    11. Manju Puri & David Robinson, 2005. "Optimism and Economic Choice," NBER Working Papers 11361, National Bureau of Economic Research, Inc.
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  26. Ivo Welch & Siew Hong Teoh & T.J. Wong, 1995. "Earnings Management and The Post-Issue Underperformance in Seasoned Equity Offerings," Finance 9-95., University of California at Los Angeles.

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    1. Nittai K. Bergman & Dirk Jenter, 2005. "Employee Sentiment and Stock Option Compensation," NBER Working Papers 11409, National Bureau of Economic Research, Inc.
    2. KENT D. DANIEL & David Hirshleifer & AVANIDHAR SUBRAHMANYAM, 2004. "A Theory of Overconfidence, Self-Attribution, and Security Market Under- and Over-reactions," Finance 0412006, University Library of Munich, Germany.
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    5. Alon Brav & Christopher Geczy & Paul A. Gompers, "undated". "Is the Abnormal Return Following Equity Issuances Anomalous?," Rodney L. White Center for Financial Research Working Papers 2-99, Wharton School Rodney L. White Center for Financial Research.
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  27. Ivo Welch, 1995. "Why is Bankdebt Senior? A Theory of Priority Among Creditors," Finance 18-94, University of California at Los Angeles.

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  28. Ivo Welch & Siew Hong Teoh & Paul Wazzan, 1995. "The Effect of Socially Activist Investment Policies on the Financial Markets: Evidence from the South African Boycott," Finance _005, University of California at Los Angeles.

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    1. Neil Eccles, 2010. "UN Principles for Responsible Investment Signatories and the Anti-Apartheid SRI Movement: A Thought Experiment," Journal of Business Ethics, Springer, vol. 95(3), pages 415-424, September.
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    3. Mollet, Janick Christian & Ziegler, Andreas, 2014. "Socially responsible investing and stock performance: New empirical evidence for the US and European stock markets," Review of Financial Economics, Elsevier, vol. 23(4), pages 208-216.
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    6. Poddi, Laura & Vergalli, Sergio, 2009. "Does Corporate Social Responsibility Affect the Performance of Firms?," Institutions and Markets Papers 52531, Fondazione Eni Enrico Mattei (FEEM).
    7. Maobin Wang & Chun Qiu & Dongmin Kong, 2011. "Corporate Social Responsibility, Investor Behaviors, and Stock Market Returns: Evidence from a Natural Experiment in China," Journal of Business Ethics, Springer, vol. 101(1), pages 127-141, June.
    8. Roth Tran, Brigitte, 2015. "Divest, Disregard, or Double Down?," University of California at San Diego, Economics Working Paper Series qt1hw1k2ps, Department of Economics, UC San Diego.
    9. Gérard Hirigoyen & Thierry Poulain-Rehm, 2015. "Relationships between Corporate Social Responsibility and Financial Performance: What is the Causality?," Post-Print hal-01382072, HAL.
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    23. Alice Mazzucchelli & Roberto Chierici & Manlio Del Giudice & Ilenia Bua, 2022. "Do circular economy practices affect corporate performance? Evidence from Italian large‐sized manufacturing firms," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 29(6), pages 2016-2029, November.
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    32. Hélène Pasquini-Descomps & Jean-Michel Sahut, 2014. "ESG Impact on Market Performance of Firms: International Evidence," Working Papers 2014-212, Department of Research, Ipag Business School.
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    1. García-Feijóo, Luis & Hossain, Md Miran & Javakhadze, David, 2021. "Managerial social capital and dividend smoothing," Journal of Corporate Finance, Elsevier, vol. 66(C).
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    154. Buchanan, Bonnie G. & Cao, Cathy Xuying & Liljeblom, Eva & Weihrich, Susan, 2017. "Uncertainty and firm dividend policy—A natural experiment," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 179-197.
    155. Fernando, Chitru S. & Gatchev, Vladimir A. & Spindt, Paul A., 2010. "Institutional Ownership, Analyst Following and Share Prices," Working Papers 10-07, University of Pennsylvania, Wharton School, Weiss Center.
    156. Rashid Ameer, 2008. "Product market competition, regulation and dividend payout policy of Malaysian banks," Journal of Financial Regulation and Compliance, Emerald Group Publishing Limited, vol. 16(4), pages 318-334, November.
    157. Anshu Agrawal, 2021. "Impact of Elimination of Dividend Distribution Tax on Indian Corporate Firms Amid COVID Disruptions," JRFM, MDPI, vol. 14(9), pages 1-38, September.
    158. Duy T. Nguyen & Mai H. Bui & Dung H. Do, 2019. "The Relationship Of Dividend Policy and Share Price Volatility: A Case in Vietnam," Annals of Economics and Finance, Society for AEF, vol. 20(1), pages 123-136, May.
    159. Renneboog, Luc & Szilagyi, Peter, 2020. "How relevant is dividend policy under low shareholder protection?," Other publications TiSEM 9fab895c-69f2-4056-8df8-8, Tilburg University, School of Economics and Management.
    160. Henryk Gurgul & Paweł Majdosz, 2005. "Effect of dividend and repurchase announcements on the Polish stock market," Operations Research and Decisions, Wroclaw University of Science and Technology, Faculty of Management, vol. 15(1), pages 25-41.
    161. Jain, Ravi, 2007. "Institutional and individual investor preferences for dividends and share repurchases," Journal of Economics and Business, Elsevier, vol. 59(5), pages 406-429.
    162. Wang, Jin-Ying, 2014. "Controlling shareholder entrenchment: Bonuses versus dividends," International Review of Economics & Finance, Elsevier, vol. 32(C), pages 143-158.
    163. Barros, Victor & Verga Matos, Pedro & Miranda Sarmento, Joaquim, 2020. "What firm’s characteristics drive the dividend policy? A mixed-method study on the Euronext stock exchange," Journal of Business Research, Elsevier, vol. 115(C), pages 365-377.
    164. Hyo Kim & Hoje Jo & Soon Yoon, 2013. "Controlling shareholders’ opportunistic use of share repurchases," Review of Quantitative Finance and Accounting, Springer, vol. 41(2), pages 203-224, August.
    165. Hui Liang James & Hongxia Wang, 2021. "Independent director tenure and dividends," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 48(5-6), pages 1057-1091, May.
    166. Liang Shao & Chuck C.Y. Kwok & Omrane Guedhami, 2013. "Dividend Policy: Balancing Shareholders' And Creditors' Interests," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 36(1), pages 43-66, January.
    167. Reda Louziri & Khadija Oubal, 2022. "Determinants of Dividend Policy: The Case of the Casablanca Stock Exchange," JRFM, MDPI, vol. 15(12), pages 1-19, November.
    168. Anthony Olugbenga Adaramola & Adefemi Alamu Obalade & Mary Oluwayemisi Akosile & Grace Oluwafunmilayo Obalade, 2018. "Effects of Dividend and Earnings on Stock Price Movement in Nigerian Banking Sector," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 14(5), pages 229-243, OCTOBER.
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    170. Pugachev, Leonid, 2022. "The risk-shifting value of payout: Evidence from bank enforcement actions," Journal of Banking & Finance, Elsevier, vol. 138(C).
    171. Rossi, Stefano & Weber, Michael & Michaely, Roni, 2019. "Signaling Safety," CEPR Discussion Papers 14174, C.E.P.R. Discussion Papers.
    172. Cheong, Chee Seng & Yu, Chia-Feng (Jeffrey) & Zurbruegg, Ralf & Brockman, Paul, 2021. "Tournament incentives and institutional ownership," International Review of Economics & Finance, Elsevier, vol. 74(C), pages 418-433.
    173. James C. Brau & Andrew Holmes, 2006. "Why Do REITs Repurchase Stock? Extricating the Effect of Managerial Signaling in Open Market Share Repurchase Announcements," Journal of Real Estate Research, American Real Estate Society, vol. 28(1), pages 1-24.
    174. Abramov, Alexander E. (Абрамов, Александр) & Radygin, Alexander (Радыгин, Александр) & Chernova, Maria I. (Чернова, Мария), 2018. "Analysis of the Impact of the Ownership Structure of Russian Companies on Their Performance and Dividend Policy [Анализ Влияния Структуры Собственности Российских Компаний На Показатели Их Деятельн," Working Papers 031817, Russian Presidential Academy of National Economy and Public Administration.
    175. Mihir A. Desai & Li Jin, 2007. "Institutional Tax Clienteles and Payout Policy," NBER Working Papers 13283, National Bureau of Economic Research, Inc.
    176. Ha, Chang Yong & Im, Hyun Joong & Kang, Ya, 2017. "Sticky dividends: A new explanation," Finance Research Letters, Elsevier, vol. 23(C), pages 69-79.
    177. Geetanjali Pinto & Shailesh Rastogi, 2019. "Sectoral Analysis of Factors Influencing Dividend Policy: Case of an Emerging Financial Market," JRFM, MDPI, vol. 12(3), pages 1-18, June.
    178. Renneboog, Luc & Trojanowski, Grzegorz, 2011. "Patterns in payout policy and payout channel choice," Journal of Banking & Finance, Elsevier, vol. 35(6), pages 1477-1490, June.
    179. Ebrahim, M. Shahid & Mathur, Ike, 2013. "On the efficiency of the UPREIT organizational form: Implications for the subprime crisis and CDO's," Journal of Economic Behavior & Organization, Elsevier, vol. 85(C), pages 286-305.
    180. Renneboog, Luc & Geiler, Philipp, 2015. "Taxes, earnings payout, and payout channel choice," Other publications TiSEM 57bf5e3a-df9d-4c01-87c1-2, Tilburg University, School of Economics and Management.
    181. Hubert de La Bruslerie, 2015. "Analysts' forecast revisions and informativeness of the acquirer's stock after M&A transactions," Post-Print hal-01505385, HAL.
    182. Tzu-Chun Sheng & Alvin Chang & Shu-Hui Lan & Shih-Cheng Li, 2020. "Analysis of the Dividend Policy Decision-Making Mechanism of Chinese and Taiwanese Lithium Battery Industries," Mathematics, MDPI, vol. 8(10), pages 1-16, October.
    183. Suwanhirunkul, Prachaya & Masih, Mansur, 2018. "Effect of dividend policy on stock price volatility in the Dow Jones U.S. index and the Dow Jones islamic U.S. index: evidences from GMM and quantile regression," MPRA Paper 93543, University Library of Munich, Germany.
    184. Kaprielyan, Margarita & Brady, Kevin, 2018. "The role of dividend policy in cross-border mergers and acquisitions," Journal of Multinational Financial Management, Elsevier, vol. 47, pages 14-30.
    185. Dahlquist, Magnus & Robertsson, Göran & Rydqvist, Kristian, 2007. "Direct Evidence of Dividend Tax Clienteles," SIFR Research Report Series 51, Institute for Financial Research.
    186. Jabbouri, Imad, 2016. "Determinants of corporate dividend policy in emerging markets: Evidence from MENA stock markets," Research in International Business and Finance, Elsevier, vol. 37(C), pages 283-298.
    187. M. I., Fodio & Hassan, Musa & Suleiman, Mamman, 2020. "Does Earnings Management Affect Dividend Policy? Evidence From Quoted Diversified Conglomerate Companies In Nigeria," International Journal of Contemporary Accounting Issues-IJCAI (formerly International Journal of Accounting & Finance IJAF), The Institute of Chartered Accountants of Nigeria (ICAN), vol. 9(2), pages 30-45, September.
    188. Paniagua, Jordi & Rivelles, Rafael & Sapena, Juan, 2018. "Corporate governance and financial performance: The role of ownership and board structure," Journal of Business Research, Elsevier, vol. 89(C), pages 229-234.
    189. Amitava Roy, 2015. "Dividend Policy, Ownership Structure and Corporate Governance: An Empirical Analysis of Indian Firms," Indian Journal of Corporate Governance, , vol. 8(1), pages 1-33, June.
    190. Ulrike Malmendier, 2018. "Behavioral Corporate Finance," NBER Working Papers 25162, National Bureau of Economic Research, Inc.
    191. Dahlquist, Magnus & Robertsson, Göran & Rydqvist, Kristian, 2014. "Direct evidence of dividend tax clienteles," Journal of Empirical Finance, Elsevier, vol. 28(C), pages 1-12.
    192. Yudan Zheng, 2010. "Heterogeneous institutional investors and CEO compensation," Review of Quantitative Finance and Accounting, Springer, vol. 35(1), pages 21-46, July.
    193. Baker, H. Kent & Powell, Gary E. & Veit, E. Theodore, 2002. "Revisiting the dividend puzzle: Do all of the pieces now fit?," Review of Financial Economics, Elsevier, vol. 11(4), pages 241-261.
    194. Gustavo Grullon & Roni Michaely, 2002. "Dividends, Share Repurchases, and the Substitution Hypothesis," Journal of Finance, American Finance Association, vol. 57(4), pages 1649-1684, August.
    195. Truong, Thanh & Heaney, Richard, 2007. "Largest shareholder and dividend policy around the world," The Quarterly Review of Economics and Finance, Elsevier, vol. 47(5), pages 667-687, December.
    196. Kai Li & Xinlei Zhao, 2008. "Asymmetric Information and Dividend Policy," Financial Management, Financial Management Association International, vol. 37(4), pages 673-694, December.
    197. Henryk Gurgul & Pawe³ Majdosz & Roland Mestel, 2006. "Implications of Dividend Announcements for the Stock Prices and Trading Volumes of DAX Companies (in English)," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 56(1-2), pages 58-68, January.
    198. Basharat Khan & Qiujun Zhao & Amjad Iqbal & Irfan Ullah & Shahab Aziz, 2022. "Internal Dynamics of Dividend Policy in East-Asia: A Comparative Study of Japan and South Korea," SAGE Open, , vol. 12(2), pages 21582440221, April.
    199. Jacob, Martin & Alstadsæter, Annette, 2013. "Payout policies of privately held firms: Flexibility and the role of income taxes," arqus Discussion Papers in Quantitative Tax Research 152, arqus - Arbeitskreis Quantitative Steuerlehre.
    200. Avkiran, Necmi K. & Goto, Mika, 2011. "A tool for scrutinizing bank bailouts based on multi-period peer benchmarking," Pacific-Basin Finance Journal, Elsevier, vol. 19(5), pages 447-469, November.
    201. Jacob, Martin, 2010. "Taxation, Dividends, and Share Repurchases: Taking Evidence Global," Working Paper Series, Center for Fiscal Studies 2010:10, Uppsala University, Department of Economics.
    202. Jain, Bharat A. & Shekhar, Chander & Torbey, Violet, 2009. "Payout initiation by IPO firms: The choice between dividends and share repurchases," The Quarterly Review of Economics and Finance, Elsevier, vol. 49(4), pages 1275-1297, November.
    203. John Elim, 2019. "Model of Firm Value Indonesian Stock Exchange Case," International Journal of Economics and Financial Issues, Econjournals, vol. 9(3), pages 154-162.
    204. Carlos Martins, 2007. "Consistency of Dividend Signalling and Future Maturity Level:Evidence from UK Data," Working Papers de Economia (Economics Working Papers) 40, Departamento de Economia, Gestão e Engenharia Industrial, Universidade de Aveiro.
    205. Anthony M. Diercks & William Waller, 2017. "Taxes and the Fed : Theory and Evidence from Equities," Finance and Economics Discussion Series 2017-104, Board of Governors of the Federal Reserve System (U.S.).
    206. Davaadorj, Zagdbazar, 2019. "Does social capital affect dividend policy?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 22(C), pages 116-128.
    207. Bhat Ramesh & Pandey I M, 2004. "Dividend Behaviour of Indian Companies Under Monetary Policy Restrictions," IIMA Working Papers WP2004-05-07, Indian Institute of Management Ahmedabad, Research and Publication Department.
    208. Jagannathan, Murali & Stephens, Clifford P. & Weisbach, Michael S., 2000. "Financial flexibility and the choice between dividends and stock repurchases," Journal of Financial Economics, Elsevier, vol. 57(3), pages 355-384, September.
    209. Desai, Mihir A. & Jin, Li, 2011. "Institutional tax clienteles and payout policy," Journal of Financial Economics, Elsevier, vol. 100(1), pages 68-84, April.
    210. Laura Kawano, 2014. "The Dividend Clientele Hypothesis: Evidence from the 2003 Tax Act," American Economic Journal: Economic Policy, American Economic Association, vol. 6(1), pages 114-136, February.
    211. Josephat Lotto, 2020. "Towards Extending Dividend Puzzle Debate: What Motivates Distribution of Corporate Earnings in Tanzania?," IJFS, MDPI, vol. 8(1), pages 1-14, March.
    212. Hayley Baker & Millicent Chang & Choy Yeing (Chloe) Ho, 2021. "Value of dividend signaling in uncertain times," International Review of Finance, International Review of Finance Ltd., vol. 21(4), pages 1419-1440, December.
    213. Maydew, Edward L., 2001. "Empirical tax research in accounting: A discussion," Journal of Accounting and Economics, Elsevier, vol. 31(1-3), pages 389-403, September.
    214. Hartzmark, Samuel M. & Solomon, David H., 2013. "The dividend month premium," Journal of Financial Economics, Elsevier, vol. 109(3), pages 640-660.
    215. Koussis, Nicos & Martzoukos, Spiros H. & Trigeorgis, Lenos, 2017. "Corporate liquidity and dividend policy under uncertainty," Journal of Banking & Finance, Elsevier, vol. 75(C), pages 200-214.
    216. Li, Youwei & Liao, Ming & Liu, Yangke, 2023. "How does green credit policy affect polluting firms' dividend policy? The China experience," International Review of Financial Analysis, Elsevier, vol. 88(C).
    217. Fernau, Erik & Hirsch, Stefan, 2019. "What drives dividend smoothing? A meta regression analysis of the Lintner model," International Review of Financial Analysis, Elsevier, vol. 61(C), pages 255-273.
    218. Wu, Manhwa & Ni, Yensen & Huang, Paoyu, 2020. "Dividend payouts and family-controlled firms—The effect of culture on business," The Quarterly Review of Economics and Finance, Elsevier, vol. 75(C), pages 221-228.
    219. Bogdan Stacescu, 2006. "Dividend Policy in Switzerland," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 20(2), pages 153-183, June.
    220. Chinmoy Ghosh & Le Sun, 2014. "Agency Cost, Dividend Policy and Growth: The Special Case of REITs," The Journal of Real Estate Finance and Economics, Springer, vol. 48(4), pages 660-708, May.
    221. Chanchal Chatterjee & Paromita Dutta, 2017. "Price Behaviour Around Dividend Announcements in the Indian Equity Market in the Existence of Corporate Dividend Tax," Global Business Review, International Management Institute, vol. 18(2), pages 402-415, April.
    222. Ngo, Anh & Duong, Hong & Nguyen, Thanh & Nguyen, Liem, 2020. "The effects of ownership structure on dividend policy: Evidence from seasoned equity offerings (SEOs)," Global Finance Journal, Elsevier, vol. 44(C).
    223. Barros, Victor & Verga Matos, Pedro & Miranda Sarmento, Joaquim & Rino Vieira, Pedro, 2021. "Do activist shareholders influence a manager’s decisions on a firm’s dividend policy: A mixed-method study," Journal of Business Research, Elsevier, vol. 122(C), pages 387-397.
    224. Smith, Deborah Drummond & Pennathur, Anita K. & Marciniak, Marek R., 2017. "Why do CEOs agree to the discipline of dividends?," International Review of Financial Analysis, Elsevier, vol. 52(C), pages 38-48.
    225. Ye, Dezhu & Deng, Jie & Liu, Yi & Szewczyk, Samuel H. & Chen, Xiao, 2019. "Does board gender diversity increase dividend payouts? Analysis of global evidence," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 1-26.
    226. Onali, Enrico & Galiakhmetova, Ramilya & Molyneux, Philip & Torluccio, Giuseppe, 2016. "CEO power, government monitoring, and bank dividends," Journal of Financial Intermediation, Elsevier, vol. 27(C), pages 89-117.
    227. Golubov, Andrey & Lasfer, Meziane & Vitkova, Valeriya, 2020. "Active catering to dividend clienteles: Evidence from takeovers," Journal of Financial Economics, Elsevier, vol. 137(3), pages 815-836.
    228. Hasan, Mostafa Monzur & Uddin, Mohammad Riaz, 2022. "Do intangibles matter for corporate policies? Evidence from organization capital and corporate payout choices," Journal of Banking & Finance, Elsevier, vol. 135(C).
    229. John Capstaff & Audun Klæboe & Andrew P. Marshall, 2004. "Share Price Reaction to Dividend Announcements: Empirical Evidence on the Signaling Model from the Oslo Stock Exchange," Multinational Finance Journal, Multinational Finance Journal, vol. 8(1-2), pages 115-139, March-Jun.
    230. Tao Zeng, 2011. "Intercorporate Ownership, Taxes, and Corporate Payout Choices," Accounting Perspectives, John Wiley & Sons, vol. 10(4), pages 265-283, December.
    231. Shumi Akhtar, 2018. "Dividend policies across multinational and domestic corporations – an international study," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(3), pages 669-695, September.
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    233. Khalfan, Twahir M. & Wendt, Stefan, 2020. "The impact of ownership concentration on payout across Nordic firms," Journal of Multinational Financial Management, Elsevier, vol. 56(C).
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    237. Tao, Qizhi & Wei, K.C. John & Xiang, Xueman & Yi, Biao, 2022. "Board directors' foreign experience and firm dividend payouts," Journal of Corporate Finance, Elsevier, vol. 75(C).
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Articles

  1. Ivo Welch, 2022. "The Wisdom of the Robinhood Crowd," Journal of Finance, American Finance Association, vol. 77(3), pages 1489-1527, June.
    See citations under working paper version above.
  2. Ivo Welch, 2022. "Simply Better Market Betas," Critical Finance Review, now publishers, vol. 11(1), pages 37-64, February.
    See citations under working paper version above.
  3. Bernardo, Antonio E. & Fabisiak, Alex & Welch, Ivo, 2020. "Asset Redeployability, Liquidation Value, and Endogenous Capital Structure Heterogeneity," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 55(5), pages 1619-1656, August.

    Cited by:

    1. Gurmeet S. Bhabra & Ashrafee T. Hossain, 2023. "Asset redeployability and CEO inside debt," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(4), pages 4299-4331, December.
    2. Simone Boccaletti, 2021. "Asset Specificity and the Secondary Market for Productive Assets," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 7(3), pages 411-437, November.
    3. Rashid Zaman & Nader Atawnah & Muhammad Nadeem & Stephen Bahadar & Irfan Haider Shakri, 2022. "Do liquid assets lure managers? Evidence from corporate misconduct," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(7-8), pages 1425-1453, July.

  4. Yaron Levi & Ivo Welch & Andrew Karolyi, 2020. "Symmetric and Asymmetric Market Betas and Downside Risk," The Review of Financial Studies, Society for Financial Studies, vol. 33(6), pages 2772-2795.

    Cited by:

    1. Asgar Ali & K. N. Badhani, 2023. "Downside risk matters once the lottery effect is controlled: explaining risk–return relationship in the Indian equity market," Journal of Asset Management, Palgrave Macmillan, vol. 24(1), pages 27-43, February.
    2. Chabi-Yo, Fousseni & Huggenberger, Markus & Weigert, Florian, 2022. "Multivariate crash risk," Journal of Financial Economics, Elsevier, vol. 145(1), pages 129-153.
    3. Hu, Debao & Li, Xin & Xiang, George & Zhou, Qiyao, 2023. "Asset pricing models in the presence of higher moments: Theory and evidence from the U.S. and China stock market," Pacific-Basin Finance Journal, Elsevier, vol. 79(C).
    4. Liu, Jinjing, 2023. "A novel downside beta and expected stock returns," International Review of Financial Analysis, Elsevier, vol. 85(C).
    5. Bollerslev, Tim & Patton, Andrew J. & Quaedvlieg, Rogier, 2022. "Realized semibetas: Disentangling “good” and “bad” downside risks," Journal of Financial Economics, Elsevier, vol. 144(1), pages 227-246.

  5. Welch, Ivo, 2019. "Reproducing, Extending, Updating, Replicating, Reexamining, and Reconciling," Critical Finance Review, now publishers, vol. 8(1-2), pages 301-304, December.

    Cited by:

    1. Fišar, Miloš & Greiner, Ben & Huber, Christoph & Katok, Elena & Ozkes, Ali & Collaboration, Management Science Reproducibility, 2023. "Reproducibility in Management Science," OSF Preprints mydzv, Center for Open Science.
    2. Andrew Y. Chen & Tom Zimmermann, 2022. "Open Source Cross-Sectional Asset Pricing," Critical Finance Review, now publishers, vol. 11(2), pages 207-264, May.
    3. Baltussen, Guido & Swinkels, Laurens & Van Vliet, Pim, 2021. "Global factor premiums," Journal of Financial Economics, Elsevier, vol. 142(3), pages 1128-1154.

  6. Levi, Yaron & Welch, Ivo, 2017. "Best Practice for Cost-of-Capital Estimates," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 52(2), pages 427-463, April.

    Cited by:

    1. Guglielmo Maria Caporale & Luis A. Gil-Alana & Miguel Martin-Valmayor, 2021. "Persistence in the market risk premium: evidence across countries," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 45(3), pages 413-427, July.
    2. Martijn Boons & Frans de Roon & Fernando M. Duarte & Marta Szymanowska, 2013. "Time-Varying Inflation Risk and Stock Returns," Staff Reports 621, Federal Reserve Bank of New York.
    3. Becker, Janis & Hollstein, Fabian & Prokopczuk, Marcel & Sibbertsen, Philipp, 2019. "The Memory of Beta Factors," Hannover Economic Papers (HEP) dp-661, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
    4. Hollstein, Fabian & Prokopczuk, Marcel & Wese Simen, Chardin, 2019. "Estimating beta: Forecast adjustments and the impact of stock characteristics for a broad cross-section," Journal of Financial Markets, Elsevier, vol. 44(C), pages 91-118.
    5. Olivier Dessaint & Jacques Olivier & Clemens A Otto & David Thesmar, 2021. "CAPM-Based Company (Mis)valuations [Credit lines as monitored liquidity insurance: Theory and evidence]," The Review of Financial Studies, Society for Financial Studies, vol. 34(1), pages 1-66.
    6. Altavilla, Carlo & Bochmann, Paul & De Ryck, Jeroen & Dumitru, Ana-Maria & Grodzicki, Maciej & Kick, Heinrich & Fernandes, Cecilia Melo & Mosthaf, Jonas & O’Donnell, Charles & Palligkinis, Spyros, 2021. "Measuring the cost of equity of euro area banks," Occasional Paper Series 254, European Central Bank.
    7. Keloharju, Matti & Linnainmaa, Juhani T. & Nyberg, Peter, 2021. "Long-term discount rates do not vary across firms," Journal of Financial Economics, Elsevier, vol. 141(3), pages 946-967.
    8. Trinks, Arjan & Mulder, Machiel & Scholtens, Bert, 2020. "An Efficiency Perspective on Carbon Emissions and Financial Performance," Ecological Economics, Elsevier, vol. 175(C).
    9. Cujean, Julien & Andrei, Daniel & Wilson, Mungo, 2018. "The Lost Capital Asset Pricing Model," CEPR Discussion Papers 12607, C.E.P.R. Discussion Papers.
    10. Mehmet Balcilar & Riza Demirer & Festus V. Bekun, 2021. "Flexible Time-Varying Betas in a Novel Mixture Innovation Factor Model with Latent Threshold," Mathematics, MDPI, vol. 9(8), pages 1-20, April.
    11. Trinks, Arjan & Mulder, Machiel & Scholtens, Bert, 2022. "External carbon costs and internal carbon pricing," Renewable and Sustainable Energy Reviews, Elsevier, vol. 168(C).
    12. Hollstein, Fabian & Prokopczuk, Marcel & Wese Simen, Chardin, 2020. "Beta uncertainty," Journal of Banking & Finance, Elsevier, vol. 116(C).
    13. Hollstein, Fabian & Prokopczuk, Marcel, 2022. "Testing Factor Models in the Cross-Section," Journal of Banking & Finance, Elsevier, vol. 145(C).
    14. Kayo, Eduardo K. & Martelanc, Roy & Brunaldi, Eduardo O. & da Silva, Walter E., 2020. "Capital asset pricing model, beta stability, and the pricing puzzle of electricity transmission in Brazil," Energy Policy, Elsevier, vol. 142(C).
    15. Hollstein, Fabian, 2020. "Estimating beta: The international evidence," Journal of Banking & Finance, Elsevier, vol. 121(C).
    16. Matti Keloharju & Juhani T. Linnainmaa & Peter Nyberg, 2019. "Long-Term Discount Rates Do Not Vary Across Firms," NBER Working Papers 25579, National Bureau of Economic Research, Inc.

  7. Nimesh Patel & Ivo Welch, 2017. "Extended Stock Returns in Response to S&P 500 Index Changes," The Review of Asset Pricing Studies, Society for Financial Studies, vol. 7(2), pages 172-208.

    Cited by:

    1. Kenechukwu E. Anadu & Mathias S. Kruttli & Patrick E. McCabe & Emilio Osambela & Chaehee Shin, 2018. "The Shift from Active to Passive Investing: Potential Risks to Financial Stability?," Supervisory Research and Analysis Working Papers RPA 18-4, Federal Reserve Bank of Boston.
    2. Pavlova, Anna & Kashyap, Anil & Kovrijnykh, Natalia & ,, 2018. "The Benchmark Inclusion Subsidy," CEPR Discussion Papers 13356, C.E.P.R. Discussion Papers.
    3. Michael J. O'Neill & Robert E. Whaley, 2023. "Effects of nondiscretionary trading on futures prices," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 43(1), pages 33-68, January.
    4. Anand M. Vijh & Jiawei (Brooke) Wang, 2022. "Negative returns on addition to the S&P 500 index and positive returns on deletion? New evidence on the attractiveness of S&P 500 versus S&P 400 indexes," Financial Management, Financial Management Association International, vol. 51(4), pages 1127-1164, December.
    5. Kumar, Rajnish & Lawrence, Edward R. & Prakash, Arun & Rodríguez, Iván M., 2023. "Additions to and deletions from the S&P 500 index: A resolution to the asymmetric price response puzzle," Journal of Banking & Finance, Elsevier, vol. 154(C).
    6. Fernando Broner & Alberto Martin & Lorenzo Pandolfi & Tomas Williams, 2020. "Winners and Losers from Sovereign Debt Inflows," CSEF Working Papers 562, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
    7. Benjamin Bennett & René M. Stulz & Zexi Wang, 2020. "Does Joining the S&P 500 Index Hurt Firms?," NBER Working Papers 27593, National Bureau of Economic Research, Inc.

  8. Jason Alan Snyder & Ivo Welch, 2017. "Do Powerful Politicians Really Cause Corporate Downsizing?," Journal of Political Economy, University of Chicago Press, vol. 125(6), pages 2225-2231.

    Cited by:

    1. Boehm, Christoph E., 2020. "Government consumption and investment: Does the composition of purchases affect the multiplier?," Journal of Monetary Economics, Elsevier, vol. 115(C), pages 80-93.
    2. Alan Auerbach & Yuriy Gorodnichenko & Daniel Murphy, 2020. "Local Fiscal Multipliers and Fiscal Spillovers in the USA," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 68(1), pages 195-229, March.
    3. Akey, Pat & Heimer, Rawley Z. & Lewellen, Stefan, 2021. "Politicizing consumer credit," Journal of Financial Economics, Elsevier, vol. 139(2), pages 627-655.
    4. Li, Rong & Zhou, Yijiang, 2021. "Estimating local fiscal multipliers using political connections," China Economic Review, Elsevier, vol. 66(C).

  9. Antonio E. Bernardo & Alan Schwartz & Ivo Welch, 2016. "Contracting Externalities and Mandatory Menus in the US Corporate Bankruptcy Code," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 32(2), pages 395-432.

    Cited by:

    1. Antill, Samuel & Grenadier, Steven R., 2019. "Optimal capital structure and bankruptcy choice: Dynamic bargaining versus liquidation," Journal of Financial Economics, Elsevier, vol. 133(1), pages 198-224.

  10. Welch, Ivo, 2016. "Plausibility: A Fair & Balanced View of 30 Years of Progress in Ecologics," Foundations and Trends(R) in Accounting, now publishers, vol. 10(2-4), pages 376-412, August.

    Cited by:

    1. Lourenço, Sofia M., 2019. "Field Experiments in Managerial Accounting Research," Foundations and Trends(R) in Accounting, now publishers, vol. 14(1), pages 1-72, December.

  11. Mavroeidis, Sophocles & Sasaki, Yuya & Welch, Ivo, 2015. "Estimation of heterogeneous autoregressive parameters with short panel data," Journal of Econometrics, Elsevier, vol. 188(1), pages 219-235.

    Cited by:

    1. Mario Crucini & Nam Vu, 2021. "Did the American Recovery and Reinvestment Act Help Counties Most Affected by the Great Recession?," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 42, pages 264-282, October.
    2. Okui, Ryo & Yanagi, Takahide, 2019. "Panel data analysis with heterogeneous dynamics," Journal of Econometrics, Elsevier, vol. 212(2), pages 451-475.
    3. Ryo Okui & Takahide Yanagi, 2018. "Kernel Estimation for Panel Data with Heterogeneous Dynamics," Papers 1802.08825, arXiv.org, revised May 2019.
    4. Pesaran, M. H. & Yang, L., 2023. "Heterogeneous Autoregressions in Short T Panel Data Models," Cambridge Working Papers in Economics 2342, Faculty of Economics, University of Cambridge.
    5. Durand, Robert B. & Greene, William H. & Harris, Mark N. & Khoo, Joye, 2022. "Heterogeneity in speed of adjustment using finite mixture models," Economic Modelling, Elsevier, vol. 107(C).
    6. Zhang, Yue-Jun & Liu, Zhao & Qin, Chang-Xiong & Tan, Tai-De, 2017. "The direct and indirect CO2 rebound effect for private cars in China," Energy Policy, Elsevier, vol. 100(C), pages 149-161.

  12. Ivo Welch, 2014. "Referee Recommendations," The Review of Financial Studies, Society for Financial Studies, vol. 27(9), pages 2773-2804.

    Cited by:

    1. David Card & Stefano DellaVigna, 2017. "What do Editors Maximize? Evidence from Four Leading Economics Journals," NBER Working Papers 23282, National Bureau of Economic Research, Inc.
    2. Yushan Hu & Ben Li, 2017. "The Production Economics of The Economics Production," Boston College Working Papers in Economics 924, Boston College Department of Economics.
    3. Sascha Baghestanian & Sergey V. Popov, 2018. "On publication, refereeing and working hard," Canadian Journal of Economics, Canadian Economics Association, vol. 51(4), pages 1419-1459, November.
    4. David Card & Stefano DellaVigna, 2020. "What Do Editors Maximize? Evidence from Four Economics Journals," The Review of Economics and Statistics, MIT Press, vol. 102(1), pages 195-217, March.
    5. Toivanen, Otto & Spiegel, Yossi, 2022. "From conference submission to publication and citations: Evidence from the EARIE conference," CEPR Discussion Papers 16990, C.E.P.R. Discussion Papers.
    6. Rui Dai & Lawrence Donohue & Qingyi (Freda) Drechsler & Wei Jiang, 2023. "Dissemination, Publication, and Impact of Finance Research: When Novelty Meets Conventionality," Review of Finance, European Finance Association, vol. 27(1), pages 79-141.
    7. Sascha Baghestanian & Sergey V. Popov, 2017. "Alma Mat(t)er(s): Determinants of Early Career Success in Economics," Economics Working Papers 17-02, Queen's Management School, Queen's University Belfast.
    8. Bayar, Onur & Chemmanur, Thomas J., 2021. "A model of the editorial process in academic journals," Research Policy, Elsevier, vol. 50(9).
    9. Craig W. Holden, 2017. "Do Acceptance and Publication Times Differ Across Finance Journals?," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 6(1), pages 102-126.
    10. Gehrig, Thomas & Stenbacka, Rune, 2017. "Journal Competition and the Quality of Published Research: Simultaneous versus Sequential Screening," CEPR Discussion Papers 12065, C.E.P.R. Discussion Papers.

  13. Peter Iliev & Ivo Welch, 2013. "A Model of Operational Slack: The Short-Run, Medium-Run, and Long-Run Consequences of Limited Attention Capacity," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 29(1), pages 2-34, February.

    Cited by:

    1. Kfir Eliaz & Ran Spiegler, 2023. "Capability Building in Sluggish Organizations," Management Science, INFORMS, vol. 69(3), pages 1703-1713, March.

  14. Welch, Ivo, 2013. "A Critique of Recent Quantitative and Deep-Structure Modeling in Capital Structure Research and Beyond," Critical Finance Review, now publishers, vol. 2(1), pages 131-172, July.

    Cited by:

    1. Hennessy, Christopher A. & Kasahara, Akitada & Strebulaev, Ilya A., 2020. "Empirical analysis of corporate tax reforms: What is the null and where did it come from?," Journal of Financial Economics, Elsevier, vol. 135(3), pages 555-576.
    2. Zhou, Qing & Faff, Robert & Alpert, Karen, 2014. "Bias correction in the estimation of dynamic panel models in corporate finance," Journal of Corporate Finance, Elsevier, vol. 25(C), pages 494-513.
    3. Zhou, Qing & Tan, Kelvin Jui Keng & Faff, Robert & Zhu, Yushu, 2016. "Deviation from target capital structure, cost of equity and speed of adjustment," Journal of Corporate Finance, Elsevier, vol. 39(C), pages 99-120.
    4. Bilgin, Rumeysa, 2023. "The Selection Of Control Variables In Capital Structure Research With Machine Learning," SocArXiv e26qf, Center for Open Science.
    5. Liu, Tingting & Mulherin, J. Harold, 2018. "How has takeover competition changed over time?," Journal of Corporate Finance, Elsevier, vol. 49(C), pages 104-119.
    6. Lotfaliei, Babak, 2018. "The variance risk premium and capital structure," ESRB Working Paper Series 70, European Systemic Risk Board.
    7. Toni M. Whited, 2022. "Integrating Structural and Reduced-Form Methods in Empirical Finance," Papers 2205.01175, arXiv.org.
    8. Karpavičius, Sigitas & Yu, Fan, 2019. "Managerial risk incentives and a firm’s financing policy," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 167-181.
    9. Mieczysław Kowerski, 2022. "A number of capital structure models presented even in prominent papers are estimated with incorrect estimators," Bank i Kredyt, Narodowy Bank Polski, vol. 53(5), pages 475-496.

  15. Bernardo, Antonio E. & Welch, Ivo, 2013. "Leverage and preemptive selling of financial institutions," Journal of Financial Intermediation, Elsevier, vol. 22(2), pages 123-151.

    Cited by:

    1. Lee, Chien-Chiang & Lee, Chi-Chuan & Zeng, Jhih-Hong & Hsu, Yu-Ling, 2017. "Peer bank behavior, economic policy uncertainty, and leverage decision of financial institutions," Journal of Financial Stability, Elsevier, vol. 30(C), pages 79-91.
    2. Chien-Chiang Lee & Chun-Wei Lin & Chi-Chuan Lee, 2021. "The impact of peer effects and economic policy-related uncertainty on U.S. life insurers' investment decisions," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 46(1), pages 22-52, January.
    3. Agostino Capponi & Paul Glasserman & Marko Weber, 2020. "Swing Pricing for Mutual Funds: Breaking the Feedback Loop Between Fire Sales and Fund Redemptions," Management Science, INFORMS, vol. 66(8), pages 3581-3602, August.
    4. Douglas da Rosa München & Herbert Kimura, 2020. "Regulatory Banking Leverage: what do you know?," Working Papers Series 540, Central Bank of Brazil, Research Department.

  16. Ivo Welch, 2011. "Two Common Problems in Capital Structure Research: The Financial‐Debt‐To‐Asset Ratio and Issuing Activity Versus Leverage Changes," International Review of Finance, International Review of Finance Ltd., vol. 11(1), pages 1-17, March.

    Cited by:

    1. Márcio Telles Portal & Luís Laureano, 2015. "Rebound Effect of Allowance for Corporate Equity on Debt Bias," Working Papers Series 2 15-06, ISCTE-IUL, Business Research Unit (BRU-IUL).
    2. Zhiyong An, 2017. "Private Property Rights and Capital Structure: Empirical Evidence from the 2004 Constitutional Amendment in China," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 173(3), pages 454-469, September.
    3. Kieschnick, Robert & Moussawi, Rabih, 2018. "Firm age, corporate governance, and capital structure choices," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 597-614.
    4. Bilgin, Rumeysa, 2023. "The Selection Of Control Variables In Capital Structure Research With Machine Learning," SocArXiv e26qf, Center for Open Science.
    5. Brennan, Michael J. & Kraft, Holger, 2016. "Leaning against the wind: Debt financing in the face of adversity," SAFE Working Paper Series 119, Leibniz Institute for Financial Research SAFE, revised 2016.
    6. Yildirim, Ramazan & Ilhan, Bilal, 2018. "Fıkhi Filtreleme Metodolojisi - Yeni Bir Fıkhi Yaklaşım [Shari’ah Screening Methodology - New Shari’ah Compliant Approach”]," MPRA Paper 90417, University Library of Munich, Germany.
    7. Jana Steklá & Marta Gryčová, 2015. "The Relationship between Capital Structure and Profita-bility of the Limited Liability Companies," Acta Universitatis Bohemiae Meridionales, University of South Bohemia in Ceske Budejovice, vol. 18(2), pages 29-39.
    8. Mona Yaghoubi & Michael O’Connor Keefe, 2018. "The Influence of Investment Volatility on Capital Structure and Cash Holdings," Working Papers in Economics 18/20, University of Canterbury, Department of Economics and Finance.
    9. Julien Salin & Nadine Levratto, 2020. "Are business angel-backed companies truly different? a comparative analysis of the financial structure," EconomiX Working Papers 2020-5, University of Paris Nanterre, EconomiX.
    10. Ferry Aditya, 2016. "Corporate Social Responsibility (CSR) Performance and Accrual Quality: Case study on Firms Listed on Indonesia Stock Exchange (IDX)," Business and Economic Research, Macrothink Institute, vol. 6(2), pages 51-64, December.
    11. Vodwal, Sandeep & Bansal, Vishakha & Sinha, Pankaj, 2019. "Impact of Financial Crisis on Determinants of Capital Structure of Indian Non-financial Firms: Estimating Dynamic Panel Data Model using Two-Step System GMM," MPRA Paper 95482, University Library of Munich, Germany.
    12. Amiyatosh Purnanandam & Uday Rajan, 2018. "Growth Option Exercise and Capital Structure [Illiquidity and stock returns: cross-section and time series effects]," Review of Finance, European Finance Association, vol. 22(1), pages 177-206.
    13. Yildirim, Ramazan & Masih, Mansur & Bacha, Obiyathulla, 2017. "Determinants of capital structure - Evidence from Shari'ah compliant and non-compliant firms," MPRA Paper 90280, University Library of Munich, Germany, revised 26 May 2018.
    14. John Graham & Mark T. Leary & Michael R. Roberts, 2014. "A Century of Capital Structure: The Leveraging of Corporate America," NBER Working Papers 19910, National Bureau of Economic Research, Inc.
    15. Ralf Diedrich & Stefan Dierkes & Hans-Christian Gröger, 2022. "A note on the cost of capital with fixed payout ratios," Review of Quantitative Finance and Accounting, Springer, vol. 59(4), pages 1559-1575, November.
    16. Tan, Kelvin Jui Keng & Zhou, Qing & Pan, Zheyao & Faff, Robert, 2021. "Business shocks and corporate leverage," Journal of Banking & Finance, Elsevier, vol. 131(C).
    17. Ajaya Kumar Panda & Swagatika Nanda & Apoorva Arunachal Hegde & Akhilesh Kumar Kamalakant Yadav, 2023. "Receptivity of capital structure with financial flexibility: A study on manufacturing firms," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(2), pages 1981-1993, April.
    18. Justyna Franc-Dabrowska & Malgorzata Porada-Rochon, 2013. "Threat of Insolvency of Private Sector Companies on the Example of Poland, Czech Republic and Slovakia," Diversity, Technology, and Innovation for Operational Competitiveness: Proceedings of the 2013 International Conference on Technology Innovation and Industrial Management,, ToKnowPress.
    19. Daniela Venanzi, 2017. "How Country Affects the Capital Structure Choice: Literature Review and Criticism," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 9(4), pages 1-11, April.
    20. Robert W Faff & Stephen Gray & Kelvin Jui Keng Tan, 2016. "A contemporary view of corporate finance theory, empirical evidence and practice," Australian Journal of Management, Australian School of Business, vol. 41(4), pages 662-686, November.
    21. Xinhua Mao & Jiahua Gan & Xilong Zhao, 2019. "Debt Risk Evaluation of Toll Freeways in Mainland China Using the Grey Approach," Sustainability, MDPI, vol. 11(5), pages 1-17, March.
    22. Qaiser Munir & Tongxia Li, 2018. "Nonlinearity between CEO power and firm leverage: evidence from the threshold model," Review of Managerial Science, Springer, vol. 12(3), pages 593-620, July.
    23. José A. Clemente-Almendros & Francisco Sogorb-Mira, 2016. "The effect of taxes on the debt policy of spanish listed companies," SERIEs: Journal of the Spanish Economic Association, Springer;Spanish Economic Association, vol. 7(3), pages 359-391, August.
    24. Xiaoyan Chen & Xin Ling, 2017. "Determinants of Chinese equity financing behaviours: traditional model and the alternatives," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 57, pages 69-100, April.
    25. Richard Arhinful & Mehrshad Radmehr, 2023. "The Impact of Financial Leverage on the Financial Performance of the Firms Listed on the Tokyo Stock Exchange," SAGE Open, , vol. 13(4), pages 21582440231, November.
    26. Thomas J.Flavin & Abhinav Goyal & Thomas O'Connor, 2020. "Role of corporate governance and lifecycle in determining payout precommitment in an emerging economy," Economics Department Working Paper Series n297-20.pdf, Department of Economics, National University of Ireland - Maynooth.
    27. Steklá, Jana & Gryčová, M. & Homolka, J., 2015. "Evaluation of Capital Structure of Agricultural Cooperatives," AGRIS on-line Papers in Economics and Informatics, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 7(3), pages 1-12, September.
    28. Antonio De Socio & Paolo Finaldi Russo, 2016. "The debt of Italian non-financial firms: an international comparison," Questioni di Economia e Finanza (Occasional Papers) 308, Bank of Italy, Economic Research and International Relations Area.
    29. Lee, Lillian & Chowdhury, Anup & Shubita, Moade, 2023. "Impact of Paris Agreement on financing strategy: Evidence from global FPSO industry," Technological Forecasting and Social Change, Elsevier, vol. 188(C).
    30. Larkin, Yelena, 2013. "Brand perception, cash flow stability, and financial policy," Journal of Financial Economics, Elsevier, vol. 110(1), pages 232-253.
    31. Michaely, Roni & Popadak, Jillian & Vincent, Christopher, 2015. "The Deleveraging of U.S. Firms and Institutional Investors’ Role," MPRA Paper 66128, University Library of Munich, Germany.
    32. Baines, Joseph & Hager, Sandy Brian, 2021. "The Great Debt Divergence and its Implications for the Covid-19 Crisis: Mapping Corporate Leverage as Power," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, issue Latest Ar.
    33. Lindner, Thomas & Klein, Florian & Schmidt, Stefan, 2018. "The effect of internationalization on firm capital structure: A meta-analysis and exploration of institutional contingencies," International Business Review, Elsevier, vol. 27(6), pages 1238-1249.
    34. Byun, Seong K. & Lin, Zhilu & Wei, Siqi, 2021. "Are U.S. firms using more short-term debt?," Journal of Corporate Finance, Elsevier, vol. 69(C).
    35. Mona Yaghoubi & Reza Yaghoubi, 2021. "The Effect of SARS Outbreak on Corporate Investments," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(2), pages 117-125.
    36. Demirci, Irem & Huang, Jennifer & Sialm, Clemens, 2019. "Government debt and corporate leverage: International evidence," Journal of Financial Economics, Elsevier, vol. 133(2), pages 337-356.
    37. Chemmanur, Thomas J. & Cheng, Yingmei & Zhang, Tianming, 2013. "Human capital, capital structure, and employee pay: An empirical analysis," Journal of Financial Economics, Elsevier, vol. 110(2), pages 478-502.
    38. Lin, Shannon & Tong, Naqiong & Tucker, Alan L., 2014. "Corporate tax aggression and debt," Journal of Banking & Finance, Elsevier, vol. 40(C), pages 227-241.
    39. Kim, Hyunseob, 2020. "How does labor market size affect firm capital structure? Evidence from large plant openings," Journal of Financial Economics, Elsevier, vol. 138(1), pages 277-294.
    40. Mai, Nhat Chi, 2012. "Market timing, taxes and capital structure: evidence from Vietnam," OSF Preprints t3mvs, Center for Open Science.
    41. Ruwani Fernando, Jayasuriya Mahapatabendige & Li, Leon & Hou, Greg, 2021. "Heterogeneity in capital structure adjustment revisited: Default versus non-default firms and short versus long time horizon," International Review of Economics & Finance, Elsevier, vol. 76(C), pages 185-204.
    42. Drobetz, Wolfgang & Gounopoulos, Dimitrios & Merikas, Andreas & Schröder, Henning, 2013. "Capital structure decisions of globally-listed shipping companies," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 52(C), pages 49-76.
    43. Trigilia, Giulio, 2016. "Optimal Leverage and Strategic Disclosure," Economic Research Papers 269584, University of Warwick - Department of Economics.
    44. Bahar Ulupinar & Isa Camyar, 2020. "Election Uncertainty and Capital Structure," Economics Bulletin, AccessEcon, vol. 40(1), pages 425-436.
    45. Hongling Guo & Zuoping Xiao, 2021. "Effect of severe litigation and bank connection on bank financing in China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(3), pages 3883-3914, September.
    46. Ogiriki Tonye & Iweias Seth Sokiri, 2020. "Financial Leverage on Earnings Management of Quoted Manufacturing Companies in Nigeria," International Journal of Management Science and Business Administration, Inovatus Services Ltd., vol. 6(4), pages 7-21, May.
    47. Yunus Yasin Dogan & Chinmoy Ghosh & Milena Petrova, 2019. "On the Determinants of REIT Capital Structure: Evidence from around the World," The Journal of Real Estate Finance and Economics, Springer, vol. 59(2), pages 295-328, August.
    48. Antonio De Socio & Valentina Nigro, 2012. "Does corporate taxation affect cross-country firm leverage?," Temi di discussione (Economic working papers) 889, Bank of Italy, Economic Research and International Relations Area.
    49. Michael J. Brennan & Holger Kraft, 2018. "Leaning Against the Wind: Debt Financing in the Face of Adversity," Financial Management, Financial Management Association International, vol. 47(3), pages 485-518, September.
    50. Keefe, Michael O'Connor & Yaghoubi, Mona, 2016. "The influence of cash flow volatility on capital structure and the use of debt of different maturities," Journal of Corporate Finance, Elsevier, vol. 38(C), pages 18-36.
    51. Hyung-Jong Na & Hyeon Kang & Hyang-Eun Lee, 2021. "Does Tax Incentives Affect Future Firm Value for Corporate Sustainability?," Sustainability, MDPI, vol. 13(22), pages 1-17, November.
    52. Vidhan K. Goyal & Frank Packer, 2017. "Capital Structure in Emerging Asia," HKUST IEMS Working Paper Series 2017-48, HKUST Institute for Emerging Market Studies, revised Dec 2017.
    53. Kenneth J. Kopecky & Zhichuan (Frank) Li & Timothy F. Sugrue & Alan L. Tucker, 2018. "Revisiting M&M with Taxes: An Alternative Equilibrating Process," IJFS, MDPI, vol. 6(1), pages 1-12, January.
    54. Sinha, Pankaj & Bansal, Vishakha, 2013. "Capital structure puzzle: the interrelationship between leverage, taxes and other micro economic factors," MPRA Paper 49878, University Library of Munich, Germany, revised 17 Sep 2013.
    55. Senol Emir & Hasan Dincer & Umit Hacioglu & Serhat Yuksel, 2015. "Comparative Study of Outlier Detection Algorithms via Fundamental Analysis Variables:An Application on Firms Listed in Borsa Istanbul," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 4(4), pages 45-60, October.
    56. Lexin Zhao & Hongsheng Fang, 2022. "Investment incentives and leverage: Evidence from China’s accelerated depreciation policy," The World Economy, Wiley Blackwell, vol. 45(11), pages 3625-3649, November.
    57. Shengfeng Li & Hafiz Hoque & Jia Liu, 2022. "Investor Sentiment and Firm Capital Structure," Working Papers 2022-01, Swansea University, School of Management.
    58. Tucker, Jon & Stoja, Evarist, 2011. "Industry membership and capital structure dynamics in the UK," International Review of Financial Analysis, Elsevier, vol. 20(4), pages 207-214, August.
    59. Portal, Márcio Telles & Laureano, Luis, 2017. "Does Brazilian allowance for corporate equity reduce the debt bias? Evidences of rebound effect and ownership-induced ACE clientele," Research in International Business and Finance, Elsevier, vol. 42(C), pages 480-495.
    60. Lugo, Stefano, 2019. "Insider ownership and the cost of debt capital: Evidence from bank loans," International Review of Financial Analysis, Elsevier, vol. 63(C), pages 357-368.
    61. Dbouk, Wassim & Moussawi-Haidar, Lama & Jaber, Mohamad Y., 2020. "The effect of economic uncertainty on inventory and working capital for manufacturing firms," International Journal of Production Economics, Elsevier, vol. 230(C).
    62. Trigilia, Giulio, 2016. "Optimal Leverage and Strategic Disclosure," CRETA Online Discussion Paper Series 18, Centre for Research in Economic Theory and its Applications CRETA.
    63. Yildirim, Ramazan & Ilhan, Bilal, 2018. "Shari'ah Screening Methodology- New Shari'ah Compliant Approach," MPRA Paper 90277, University Library of Munich, Germany.
    64. Yushu Zhu, 2017. "Call it good, bad or no news? The valuation effect of debt issues," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 57(4), pages 1203-1229, December.
    65. Gustafson, Matthew T. & Iliev, Peter, 2017. "The effects of removing barriers to equity issuance," Journal of Financial Economics, Elsevier, vol. 124(3), pages 580-598.
    66. Karpuz, Ahmet & Luo, Di & Xiao, Rongbing & Zhao, Huainan, 2023. "The effect of labour protection laws on the relationship between leverage and wages," Journal of Banking & Finance, Elsevier, vol. 148(C).
    67. Vidhan Goyal & Frank Packer, 2017. "Corporate leverage in emerging Asia," BIS Papers chapters, in: Bank for International Settlements (ed.), Financial systems and the real economy, volume 91, pages 65-94, Bank for International Settlements.
    68. Ahmed, Huson Joher Ali & Azad, A.S.M. Sohel & Poon, Wai Ching & Safiullah, Md, 2023. "Is there a CSI-leverage nexus?," International Review of Financial Analysis, Elsevier, vol. 89(C).
    69. Thaddeus Neururer & George Papadakis & Edward J. Riedl, 2016. "Tests of investor learning models using earnings innovations and implied volatilities," Review of Accounting Studies, Springer, vol. 21(2), pages 400-437, June.
    70. San Martín, Pablo & Saona, Paolo, 2017. "Capital structure in the Chilean corporate sector: Revisiting the stylized facts," Research in International Business and Finance, Elsevier, vol. 40(C), pages 163-174.
    71. Lazov, Igor, 2017. "Profit management of car rental companies," European Journal of Operational Research, Elsevier, vol. 258(1), pages 307-314.
    72. Jiyoon Lee, 2021. "Information Asymmetry, Mispricing, and Security Issuance," Journal of Finance, American Finance Association, vol. 76(6), pages 3401-3446, December.
    73. Le Trung Thanh, 2017. "Corruption, Provincial Institutions And Capital Structure: New Evidence From A Transitional Economy," Organizations and Markets in Emerging Economies, Faculty of Economics, Vilnius University, vol. 8(1).
    74. Dang, Viet Anh & Kim, Minjoo & Shin, Yongcheol, 2015. "In search of robust methods for dynamic panel data models in empirical corporate finance," Journal of Banking & Finance, Elsevier, vol. 53(C), pages 84-98.
    75. Bontempi, Maria Elena & Bottazzi, Laura & Golinelli, Roberto, 2020. "A multilevel index of heterogeneous short-term and long-term debt dynamics," Journal of Corporate Finance, Elsevier, vol. 64(C).
    76. Linnenluecke, Martina K. & Chen, Xiaoyan & Ling, Xin & Smith, Tom & Zhu, Yushu, 2016. "Emerging trends in Asia-Pacific finance research: A review of recent influential publications and a research agenda," Pacific-Basin Finance Journal, Elsevier, vol. 36(C), pages 66-76.
    77. Li, Shengfeng & Hoque, Hafiz & Liu, Jia, 2023. "Investor sentiment and firm capital structure," Journal of Corporate Finance, Elsevier, vol. 80(C).
    78. Mufaddal Baxamusa & Saima Javaid & Khadija Harery, 2016. "Why do Firms Purchase Used Assets?," International Review of Finance, International Review of Finance Ltd., vol. 16(2), pages 243-264, June.
    79. Demid Chernenko, 2019. "Capital structure and oligarch ownership," Economic Change and Restructuring, Springer, vol. 52(4), pages 383-411, November.
    80. Trigilia, Giulio, 2016. "Optimal Leverage and Strategic Disclosure," The Warwick Economics Research Paper Series (TWERPS) 1111, University of Warwick, Department of Economics.
    81. Li, Shengfeng & Hoque, Hafiz & Thijssen, Jacco, 2021. "Firm financial behaviour dynamics and interactions: A structural vector autoregression approach," Journal of Corporate Finance, Elsevier, vol. 69(C).

  17. Ivo Welch & Amit Goyal, 2008. "A Comprehensive Look at The Empirical Performance of Equity Premium Prediction," The Review of Financial Studies, Society for Financial Studies, vol. 21(4), pages 1455-1508, July.
    See citations under working paper version above.
  18. Jonathan Ingersoll & Ivo Welch, 2007. "Portfolio Performance Manipulation and Manipulation-proof Performance Measures," The Review of Financial Studies, Society for Financial Studies, vol. 20(5), pages 1503-1546, 2007 17.
    See citations under working paper version above.
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    152. Jennifer Betz & Ralf Kellner & Daniel Rösch, 2021. "Time matters: How default resolution times impact final loss rates," Journal of the Royal Statistical Society Series C, Royal Statistical Society, vol. 70(3), pages 619-644, June.
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    154. Régis BLAZY & Stéphane ESQUERRE, 2019. "The CV effect: How far do the chances to reorganize depend on the bankruptcy judges’ profile?," Working Papers of LaRGE Research Center 2019-07, Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg.
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    160. Büyükboyacı, Mürüvvet & Gürdal, Mehmet Y. & Kıbrıs, Arzu & Kıbrıs, Özgür, 2019. "An experimental study of the investment implications of bankruptcy laws," Journal of Economic Behavior & Organization, Elsevier, vol. 158(C), pages 607-629.
    161. Pascal François & Alon Raviv, 2014. "Heterogeneous Beliefs and the Choice Between Private Restructuring and Formal Bankruptcy," Cahiers de recherche 1401, CIRPEE.
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    166. Barry E. Adler, 2012. "Game-Theoretic Bankruptcy Valuation," The Journal of Legal Studies, University of Chicago Press, vol. 41(1), pages 209-238.
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  20. Arturo Bris & Alan Schwartz & Ivo Welch, 2005. "Who Should Pay for Bankruptcy Costs?," The Journal of Legal Studies, University of Chicago Press, vol. 34(2), pages 295-341, June.
    See citations under working paper version above.
  21. Arturo Bris & Ivo Welch, 2005. "The Optimal Concentration of Creditors," Journal of Finance, American Finance Association, vol. 60(5), pages 2193-2212, October.
    See citations under working paper version above.
  22. Ivo Welch, 2004. "Capital Structure and Stock Returns," Journal of Political Economy, University of Chicago Press, vol. 112(1), pages 106-131, February.
    See citations under working paper version above.
  23. Antonio E. Bernardo & Ivo Welch, 2004. "Liquidity and Financial Market Runs," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 119(1), pages 135-158.
    See citations under working paper version above.
  24. Amit Goyal & Ivo Welch, 2003. "Predicting the Equity Premium with Dividend Ratios," Management Science, INFORMS, vol. 49(5), pages 639-654, May.
    See citations under working paper version above.
  25. Jay R. Ritter & Ivo Welch, 2002. "A Review of IPO Activity, Pricing, and Allocations," Journal of Finance, American Finance Association, vol. 57(4), pages 1795-1828, August.
    See citations under working paper version above.
  26. David Hirshleifer & Ivo Welch, 2002. "An Economic Approach to the Psychology of Change: Amnesia, Inertia, and Impulsiveness," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 11(3), pages 379-421, September.
    See citations under working paper version above.
  27. Antonio E. Bernardo & Ivo Welch, 2001. "On the Evolution of Overconfidence and Entrepreneurs," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 10(3), pages 301-330, September.
    See citations under working paper version above.
  28. Ivo Welch & David Wessels, 2000. "The Cross-Sectional Determinants Of Corporate Capital Expenditures: A Multinational Comparison," Schmalenbach Business Review (sbr), LMU Munich School of Management, vol. 52(2), pages 103-136, April.
    See citations under working paper version above.
  29. Bernardo, Antonio E & Talley, Eric & Welch, Ivo, 2000. "A Theory of Legal Presumptions," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 16(1), pages 1-49, April.
    See citations under working paper version above.
  30. Franklin Allen & Antonio E. Bernardo & Ivo Welch, 2000. "A Theory of Dividends Based on Tax Clienteles," Journal of Finance, American Finance Association, vol. 55(6), pages 2499-2536, December.
    See citations under working paper version above.
  31. Welch, Ivo, 2000. "Herding among security analysts," Journal of Financial Economics, Elsevier, vol. 58(3), pages 369-396, December.

    Cited by:

    1. So, Eric C., 2013. "A new approach to predicting analyst forecast errors: Do investors overweight analyst forecasts?," Journal of Financial Economics, Elsevier, vol. 108(3), pages 615-640.
    2. Ferdinand Thies & Sören Wallbach & Michael Wessel & Markus Besler & Alexander Benlian, 2022. "Initial coin offerings and the cryptocurrency hype - the moderating role of exogenous and endogenous signals," Electronic Markets, Springer;IIM University of St. Gallen, vol. 32(3), pages 1691-1705, September.
    3. Bhalotra, Sonia R. & Fernandez Sierra, Manuel, 2018. "The Distribution of the Gender Wage Gap," IZA Discussion Papers 11640, Institute of Labor Economics (IZA).
    4. Michael McAleer & Kim Radalj, 2013. "Herding, Information Cascades and Volatility Spillovers in Futures Markets," Documentos de Trabajo del ICAE 2013-25, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Instituto Complutense de Análisis Económico.
    5. Trenca Ioan & Petria Nicolae & Dezsi Eva, 2013. "An Inquiry Into Contagion Transmission And Spillover Effects In Stock Markets," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(2), pages 472-482, December.
    6. Pei Peter Lung & Pisun Xu, 2014. "Tipping and Option Trading," Financial Management, Financial Management Association International, vol. 43(3), pages 671-701, September.
    7. Vasyl Golosnoy & Nestor Parolya, 2016. "`To Have What They are Having': Portfolio Choice for Mimicking Mean-Variance Savers," Papers 1611.01524, arXiv.org.
    8. Talpsepp, Tõnn & Tänav, Anne-Liis, 2021. "Do gender, age and education affect herding in the real estate market?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 32(C).
    9. Brian Lucey & Raj Aggarwal, 2005. "Psychological Barriers in Gold Prices," The Institute for International Integration Studies Discussion Paper Series iiisdp053, IIIS.
    10. Agnieszka Rusinowska & Vassili Vergopoulos, 2016. "Ingratiation and Favoritism in Organizations," Documents de travail du Centre d'Economie de la Sorbonne 16010, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    11. Ben Klemens, 2013. "A Peer-based Model of Fat-tailed Outcomes," Papers 1304.0718, arXiv.org.
    12. Philip A. Stork, 2011. "The intertemporal mechanics of European stock price momentum," Studies in Economics and Finance, Emerald Group Publishing Limited, vol. 28(3), pages 217-232, August.
    13. Marco Ottaviani & Peter Norman Sorensen, 2001. "The Strategy of Professional Forecasting," Discussion Papers 01-09, University of Copenhagen. Department of Economics.
    14. Reveley Callum & Shanaev Savva & Bin Yu & Panta Humnath & Ghimire Binam, 2023. "Analyst herding—whether, why, and when? Two new tests for herding detection in target forecast prices," Economics and Business Review, Sciendo, vol. 9(4), pages 25-55, December.
    15. AltInkIlIç, Oya & Hansen, Robert S., 2009. "On the information role of stock recommendation revisions," Journal of Accounting and Economics, Elsevier, vol. 48(1), pages 17-36, October.
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    17. Zhang, C., 2006. "Ethics, investments and investor behavior," Other publications TiSEM 97c94039-7311-4f85-8047-2, Tilburg University, School of Economics and Management.
    18. Jungmin Lee, 2008. "Outlier Aversion in Subjective Evaluation," Journal of Sports Economics, , vol. 9(2), pages 141-159, April.
    19. Palomino, F.A. & Renneboog, L.D.R. & Zhang, C., 2005. "Stock Price Reactions to Short-Lived Public Information : The Case of Betting Odds," Other publications TiSEM 1deb12a0-54a3-47f7-9626-5, Tilburg University, School of Economics and Management.
    20. Young‐Soo Choi & Svetlana Mira & Nicholas Taylor, 2022. "Local versus foreign analysts' forecast accuracy: does herding matter?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(S1), pages 1143-1188, April.
    21. Palomino, Frederic & Renneboog, Luc & Zhang, Chendi, 2009. "Information salience, investor sentiment, and stock returns: The case of British soccer betting," Journal of Corporate Finance, Elsevier, vol. 15(3), pages 368-387, June.
    22. Azzi, Sarah & Bird, Ron, 2005. "Prophets during boom and gloom downunder," Global Finance Journal, Elsevier, vol. 15(3), pages 337-367, February.
    23. Xudong An & Larry Cordell & Joseph B. Nichols, 2020. "Reputation, Information, and Herding in Credit Ratings: Evidence from CMBS," The Journal of Real Estate Finance and Economics, Springer, vol. 61(3), pages 476-504, October.
    24. Altınkılıç, Oya & Balashov, Vadim S. & Hansen, Robert S., 2019. "Investment bank monitoring and bonding of security analysts’ research," Journal of Accounting and Economics, Elsevier, vol. 67(1), pages 98-119.
    25. Lawrence D. Brown & Andrew C. Call & Michael B. Clement & Nathan Y. Sharp, 2015. "Inside the “Black Box” of Sell‐Side Financial Analysts," Journal of Accounting Research, Wiley Blackwell, vol. 53(1), pages 1-47, March.
    26. Radoslav Raykov, 2021. "Systemic Risk and Portfolio Diversification: Evidence from the Futures Market," Staff Working Papers 21-50, Bank of Canada.
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    34. Ottaviani, Marco & Sorensen, Peter Norman, 2006. "Professional advice," Journal of Economic Theory, Elsevier, vol. 126(1), pages 120-142, January.
    35. Rui Lu & Wenxuan Hou & Henry Oppenheimer & Ting Zhang, 2018. "The Integrity of Financial Analysts: Evidence from Asymmetric Responses to Earnings Surprises," Journal of Business Ethics, Springer, vol. 151(3), pages 761-783, September.
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    37. Jinesh Jain & Nidhi Walia & Simarjeet Singh & Esha Jain, 2022. "Mapping the field of behavioural biases: a literature review using bibliometric analysis," Management Review Quarterly, Springer, vol. 72(3), pages 823-855, September.
    38. Ljungqvist, Alexander & Marston, Felicia & Yan, Hong & Starks, Laura T & Wei, Kelsey D., 2005. "Conflicts of Interest in Sell-Side Research and the Moderating Role of Institutional Investors," CEPR Discussion Papers 5001, C.E.P.R. Discussion Papers.
    39. Wang, Hailong & Hu, Duni, 2021. "Heterogeneous beliefs with herding behaviors and asset pricing in two goods world," The North American Journal of Economics and Finance, Elsevier, vol. 57(C).
    40. Menz, Klaus-Michael, 2010. "Market discipline and the evaluation of Euro financial bonds--An empirical analysis," Research in International Business and Finance, Elsevier, vol. 24(3), pages 315-328, September.
    41. Chiang, Thomas C. & Zheng, Dazhi, 2010. "An empirical analysis of herd behavior in global stock markets," Journal of Banking & Finance, Elsevier, vol. 34(8), pages 1911-1921, August.
    42. Jordi Blanes, 2003. "Credibility and Cheap Talk of Securities Analysts:Theory and Evidence," FMG Discussion Papers dp472, Financial Markets Group.
    43. Zhao, Zheng & Zhang, YongJie & Feng, Xu & Zhang, Wei, 2014. "An analysis of herding behavior in security analysts’ networks," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 413(C), pages 116-124.
    44. Autore, Don M. & Kovacs, Tunde, 2010. "Equity issues and temporal variation in information asymmetry," Journal of Banking & Finance, Elsevier, vol. 34(1), pages 12-23, January.
    45. Bao, Yangming & Goetz, Martin, 2018. "Local peer effects and corporate investment," SAFE Working Paper Series 220, Leibniz Institute for Financial Research SAFE.
    46. Alexander T. Nicolai & Ann‐Christine Schulz & Thomas W. Thomas, 2010. "What Wall Street Wants – Exploring the Role of Security Analysts in the Evolution and Spread of Management Concepts," Journal of Management Studies, Wiley Blackwell, vol. 47(1), pages 162-189, January.
    47. Marco LiCalzi & Paolo Pellizzari, 2002. "Fundamentalists Clashing over the Book: A Study of Order-Driven Stock Markets," Computational Economics 0207001, University Library of Munich, Germany, revised 04 Mar 2003.
    48. Geoffrey M. Ngene & Daniel P. Sohn & M. Kabir Hassan, 2017. "Time-Varying and Spatial Herding Behavior in the US Housing Market: Evidence from Direct Housing Prices," The Journal of Real Estate Finance and Economics, Springer, vol. 54(4), pages 482-514, May.
    49. Chen, Mark A. & Marquez, Robert, 2009. "Regulating securities analysts," Journal of Financial Intermediation, Elsevier, vol. 18(2), pages 259-283, April.
    50. Laura Andreu & Cristina Ortiz & José Sarto, 2014. "Herding in the strategic allocations of Spanish pension plan managers," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 38(4), pages 658-671, October.
    51. Michael Tang & Li Zhang, 2018. "Range has it: decoding the information content of forecast ranges," Review of Accounting Studies, Springer, vol. 23(2), pages 589-621, June.
    52. Tong, Hui, 2007. "Disclosure standards and market efficiency: Evidence from analysts' forecasts," Journal of International Economics, Elsevier, vol. 72(1), pages 222-241, May.
    53. Tan, Lin & Chiang, Thomas C. & Mason, Joseph R. & Nelling, Edward, 2008. "Herding behavior in Chinese stock markets: An examination of A and B shares," Pacific-Basin Finance Journal, Elsevier, vol. 16(1-2), pages 61-77, January.
    54. Aghamolla, Cyrus & Thakor, Richard T., 2022. "IPO peer effects," Journal of Financial Economics, Elsevier, vol. 144(1), pages 206-226.
    55. Kargin, Vladislav, 2003. "Prevention of herding by experts," Economics Letters, Elsevier, vol. 78(3), pages 401-407, March.
    56. Mikhail, Michael B. & Walther, Beverly R. & Willis, Richard H., 2004. "Do security analysts exhibit persistent differences in stock picking ability?," Journal of Financial Economics, Elsevier, vol. 74(1), pages 67-91, October.
    57. Lin, Anchor Y. & Swanson, Peggy E., 2008. "Foreigners' perceptions of U.S. markets: Do foreigners exhibit herding tendencies?," Journal of Economics and Business, Elsevier, vol. 60(3), pages 179-203.
    58. Rangvid, Jesper & Schmeling, Maik & Schrimpf, Andreas, 2009. "Higher-order beliefs among professional stock market forecasters: some first empirical tests," ZEW Discussion Papers 09-042, ZEW - Leibniz Centre for European Economic Research.
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    2. Andreas Klasen & Roseline Wanjiru & Jenni Henderson & Josh Phillips, 2022. "Export finance and the green transition," Global Policy, London School of Economics and Political Science, vol. 13(5), pages 710-720, November.
    3. Etim Uwah, Uwem, 2019. "Capital Expenditure Decisions And Long Term Value Of The Firm: Evidence From Nigerian Manufacturing Companies," International Journal of Contemporary Accounting Issues-IJCAI (formerly International Journal of Accounting & Finance IJAF), The Institute of Chartered Accountants of Nigeria (ICAN), vol. 8(1), pages 152-169, June.
    4. Subramanian Rama Iyer & Harry Feng & Ramesh P. Rao, 2017. "Payout flexibility and capital expenditure," Review of Quantitative Finance and Accounting, Springer, vol. 49(3), pages 633-659, October.

  37. Welch, Ivo, 1997. "Why Is Bank Debt Senior? A Theory of Asymmetry and Claim Priority Based on Influence Costs," The Review of Financial Studies, Society for Financial Studies, vol. 10(4), pages 1203-1236.

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    1. Itzhak Gilboa & David Schmeidler, 2002. "Inductive Inference: An Axiomatic Approach," NajEcon Working Paper Reviews 391749000000000544, www.najecon.org.
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    1. Korajczyk, Robert A. & Levy, Amnon, 2003. "Capital structure choice: macroeconomic conditions and financial constraints," Journal of Financial Economics, Elsevier, vol. 68(1), pages 75-109, April.
    2. Shaorong Zhang, 2005. "Underpricing, Share Overhang, and Insider Selling in Follow‐on Offerings," The Financial Review, Eastern Finance Association, vol. 40(3), pages 409-428, August.
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    6. Boone, Audra L. & Floros, Ioannis V. & Johnson, Shane A., 2016. "Redacting proprietary information at the initial public offering," Journal of Financial Economics, Elsevier, vol. 120(1), pages 102-123.
    7. Walker, Mark D. & Yost, Keven, 2008. "Seasoned equity offerings: What firms say, do, and how the market reacts," Journal of Corporate Finance, Elsevier, vol. 14(4), pages 376-386, September.
    8. Kazunori Miwa & Satoshi Taguchi & Tatsushi Yamamoto, 2017. "Are IPOs “Overpriced?” Strategic Interactions between the Entrepreneur and the Underwriter," Discussion Paper Series DP2017-07, Research Institute for Economics & Business Administration, Kobe University.
    9. Wolfgang Bessler & Stefan Thies, 2006. "Initial Public Offerings, Subsequent Seasoned Equity Offerings, and Long-Run Performance: Evidence from IPOs in Germany," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 11(3), pages 1-37, Fall.
    10. Banerjee, Shantanu & Güçbilmez, Ufuk & Pawlina, Grzegorz, 2016. "Leaders and followers in hot IPO markets," Journal of Corporate Finance, Elsevier, vol. 37(C), pages 309-334.
    11. Obrimah, Oghenovo A., 2022. "Refining the general equilibrium relation that subsists between stock returns, and each of investors’ risk preferences and information sets," Finance Research Letters, Elsevier, vol. 46(PB).
    12. Kennedy, Duane B. & Sivakumar, Ranjini & Vetzal, Kenneth R., 2006. "The implications of IPO underpricing for the firm and insiders: Tests of asymmetric information theories," Journal of Empirical Finance, Elsevier, vol. 13(1), pages 49-78, January.
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    15. Takahiro Endo & Nidhi Srinivas & Yuki Tsuboyama, 2017. "The Role of Meta-organising in Legitimacy Recovery: The Case of Frozen Food Category in Japan," Discussion Paper Series DP2017-10, Research Institute for Economics & Business Administration, Kobe University.
    16. Çolak, Gönül & Günay, Hikmet, 2011. "Strategic waiting in the IPO markets," Journal of Corporate Finance, Elsevier, vol. 17(3), pages 555-583, June.
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    4. Laura Abrardi & Annalisa Croce & Elisa Ughetto, 2019. "The dynamics of switching between governmental and independent venture capitalists: theory and evidence," Small Business Economics, Springer, vol. 53(1), pages 165-188, June.
    5. Anne LAVIGNE, 2006. "Gouvernance et investissement des fonds de pension privés aux Etats-Unis," LEO Working Papers / DR LEO 690, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
    6. Saadaoui Mallek, Ray & Albaity, Mohamed & Molyneux, Philip, 2022. "Herding behaviour heterogeneity under economic and political risks: Evidence from GCC," Economic Analysis and Policy, Elsevier, vol. 75(C), pages 345-361.
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    48. Viglia, Giampaolo & De Canio, Francesca & Stoppani, Anna & Invernizzi, Anna Chiara & Cerutti, Stefania, 2021. "Adopting revenue management strategies and data sharing to cope with crises," Journal of Business Research, Elsevier, vol. 137(C), pages 336-344.
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    7. Hoque, Hafiz & Mu, Shaolong, 2021. "Does a reduction of state control affect IPO underpricing? Evidence from the Chinese A-share market," Journal of International Money and Finance, Elsevier, vol. 115(C).
    8. Ivan Roten & Donald Mullineaux, 2005. "Equity Underwriting Spreads at Commercial Bank Holding Companies and Investment Banks," Journal of Financial Services Research, Springer;Western Finance Association, vol. 27(3), pages 243-258, September.
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    Cited by:

    1. Christoph Kaserer & Marcus Kraft, 2003. "How Issue Size, Risk, and Complexity are Influencing External Financing Costs: German IPOs Analyzed from an Economies of Scale Perspective," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 30(3‐4), pages 479-512, April.
    2. Liu, Jing, 2007. "The impact of credit rating watchlist and effect of underwriter reputation on IPO underpricing," ISU General Staff Papers 2007010108000016596, Iowa State University, Department of Economics.
    3. Yeoman, John C., 2001. "The optimal spread and offering price for underwritten securities," Journal of Financial Economics, Elsevier, vol. 62(1), pages 169-198, October.
    4. Kim, Yoonha, 2021. "Linking theories of incomplete contracts to empirics in IPO contracting," Finance Research Letters, Elsevier, vol. 41(C).
    5. N. Huyghebaert & C. Van Hulle, 2004. "The Role of Institutional Investors in Corporate Finance," Review of Business and Economic Literature, KU Leuven, Faculty of Economics and Business (FEB), Review of Business and Economic Literature, vol. 0(4), pages 689-726.
    6. Dunbar, Craig G., 1998. "The Choice between Firm-Commitment and Best-Efforts Offering Methods in IPOs: The Effect of Unsuccessful Offers," Journal of Financial Intermediation, Elsevier, vol. 7(1), pages 60-90, January.
    7. Catherine M. Daily & S. Trevis Certo & Dan R. Dalton & Rungpen Roengpitya, 2003. "IPO Underpricing: A Meta–Analysis and Research Synthesis," Entrepreneurship Theory and Practice, , vol. 27(3), pages 271-295, July.
    8. Sung-Il Cho, 1993. "Who Failed to Go Public with Best Efforts Offerings," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 3(1), pages 63-77, Fall.
    9. Dunbar, Craig G., 1997. "Overallotment option restrictions and contract choice in initial public offerings," Journal of Corporate Finance, Elsevier, vol. 3(3), pages 251-275, June.

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