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Publications and Working Papers

Publications

When Is Good News Bad and Vice Versa? The Fortune Rankings of America’s Most Admired Companies 

The Power of the Pen Reconsidered: The Media, CEO Human Capital, and Corporate Governance

CEOs, Abandoned Acquisitions, and the Media

The Stock Price Performance of Spin-of Subsidiaries, Their Parents and the Spin-off ETF, 2001-2013

Prior Client Performance and the Choice of Investment Bank Advisors in Corporate Acquisitions

Sheltering Corporate Assets from Political Extraction

The Role of the Media in Corporate Governance: Do the Media Influence Managers

The Origins and Evolution of the Market for Mortgage Backed Securities

What's the Best Way to Trade Using the January Barometer?

Why Did Auction Rate Bond Auctions Fail During 2007-2008?

Auction Failures and the Market for Auction Rate Securities

Does Board Independence Matter in Companies with a Controlling Shareholder?

Capital Market Imperfections and the Sensitivity of Investment to Stock Prices

Equity Returns at the Turn-of-the-Month

Changes in Insider Ownership and Changes in the Market Value of the Firm

Dominant Shareholders, Corporate Boards and Corporate Value: A Cross-Country Analysis

Board Composition, Corporate Performance, and the Cadbury Committee Recommendation

Political Connections and Corporate Bailouts

The Other January Effect

Returns to Acquirers of Listed and Unlisted Targets

Outside Directors and Corporate Board Decisions

Predictability of Long-Term Spinoff Returns

S&P 500 Index Additions and Earnings Expectations

International Corporate Governance

Learning from a Keynote Speaker: Lessons from Merton Miller’s PACAP Addresses

The Cadbury Committee, Corporate Performance, and Top Management Turnover

Debt-Reducing Exchange Offers

Spin-offs, Ex Ante

Do Institutional Investors Exacerbate Managerial Myopia?

A Survey of U.S. Corporate Financing Innovations: 1970-1997

Does Insider Trading Really Move Stock Prices?

Earnings Signals in Fixed-Price and Dutch Auction Self-Tender Offers

MIPS, QUIPS and TOPrS: Old Wine in New Bottles

Mortgage Prepayment Float: Pricing and Risk Analysis

Equity Carve-outs and Managerial Discretion

To Live or Let Die? An Empirical Analysis of Piecemeal Voluntary Corporate Liquidations

An Analysis of Prices, Bid/Ask Spreads and Bid and Ask Depths Surrounding Ivan Boesky’s Illegal Insider Trading in Carnation’s Stock

A Survey of Evidence on Domestic and International Stock Exchange Listings with Implications for Markets and Managers

Prepacks as a Mechanism for Resolving Financial Distress

Implementing an Option-Theoretic CMO Valuation Model with Recent Prepayment Data

Prepacks: An Empirical Analysis of Prepackaged Bankruptcies

Can Takeover Losses Explain Spin-off Gains?

Open-Market Share Repurchase Programs and Bid-Ask Spreads on the NYSE: Implications for Corporate Payout Policy

Equity Ownership and the Two Faces of Debt

Rational Prepayments and the Valuation of Collateralized Mortgage Obligations

The Effect of Market Segmentation and Illiquidity on Asset Prices: Evidence From Exchange Listings

Valuation and Analysis of Collateralized Mortgage Obligations

Seasonalities in NYSE Bid-Ask Spreads and Stock Returns in January

The Origin of LYONs: A Case Study in Financial Innovation

The Economics of Pre-packaged Bankruptcy

Prepayments and the Valuation of Adjustable Rate Mortgage-Backed Securities

Corporate Performance, Corporate Takeovers, and Management Turnover

Day-of-the-Week Effects in Financial Futures: An Analysis of GNMA, T-Bond, T-Note, and T-Bill Contracts

Additional Evidence on Equity Ownership and Corporate Value

Realized Returns and the Default and Prepayment Experience of Financial Leasing Contracts

Further Evidence on the Bank Lending Process and the Capital-Market Response to Bank Loan Agreements

Requiem for a Market: An Analysis of the Rise and Fall of Financial Futures Contract

Valuing Mortgage Loan Servicing

The Determinants of Yields on Financial Leasing Contracts

The Puzzle in Post-Listing Common Stock Returns

LYON Taming

Corporate Mergers and Security Returns

Stock Exchange Listings, Firm Value, and Security Market Efficiency: The Impact of NASDAQ

A Model for the Determination of 'Fair' Premiums on Lease Cancellation Insurance Policies

Corporate Capital Expenditure Decisions and the Market Value of the Firm

Corporate Combinations and Common Stock Returns: The Case of Joint Ventures

The Market Value of Differential Voting Rights in Closely Held Corporations

The Turn-of-the-Year in Canada

A Trading Strategy for New Listings on the NYSE

Valuation of Asset Leasing Contracts

Rate of Return Indexes for GNMA Securities

The Administrative Costs of Corporate Bankruptcy: A Note

An Empirical Investigation of the Impact of 'Antitakeover' Amendments on Common Stock Prices

The Income Bond Puzzle

Further Evidence on the Terms of Financial Leases

Valuation of GNMA Mortgage-Backed Securities

A Comparison of Alternative Models for Pricing GNMA Mortgage-Backed Securities

Returns, Risks, and Pricing of Income Bonds, 1956-76 (Does Money Have an Odor?)

Evidence on the Impact of Exchange Offers on Security Prices: The Case of Income Bonds

Another Foray into the Backwaters of the Market

Discussion

Sale-and-Leaseback Agreements and Enterprise Valuation

Financial Leverage Clienteles: Theory and Evidence

Tax Reform, Firm Valuation, and Capital Costs

Price Distortions Induced by the Revenue Structure of Federally-Sponsored Mortgage Loan Programs

Capital Structure Rearrangements and Me-First Rules in an Efficient Capital Market

Corporate Mergers and The Co-Insurance of Corporate Debt

Valuation of A Mortgage Company’s Servicing Portfolio

Asset Leasing in Competitive Capital Markets

Mortgage Companies: A Financial Model and Evaluation of Their Residential Real Estate Lending Activities: A Dissertation Abstract

The Weighted Average Cost of Capital: Some Questions on Its Definition, Interpretation, and Use: Comment

Payback Substitutes for Discounted Cash Flow