Showing 1 - 10 of 44
, a new historical annual time series estimate of motor vehicle stocks in the United States is presented. …
Persistent link: https://www.econbiz.de/10005513050
This paper analyzes predictive regressions in a panel data setting. The standard fixed effects estimator suffers from a small sample bias, which is the analogue of the Stambaugh bias in time-series predictive regressions. Monte Carlo evidence shows that the bias and resulting size distortions...
Persistent link: https://www.econbiz.de/10005498753
Many authors have investigated the possibility of long memory in asset returns. Generally, very little evidence has been found for long memory in either stock returns or exchange rate returns. This paper applies the log-periodogram regression to a wide range of emerging market stock returns and...
Persistent link: https://www.econbiz.de/10005372566
We examine how corporate payout policy is affected by managerial stock incentives using data on more than 1100 nonfinancial firms during 1993-97. We find that management share ownership encourages higher payouts by firms with potentially the greatest agency problems--those with low...
Persistent link: https://www.econbiz.de/10005393658
This paper examines the effect of inflation on stock valuations and expected long-run returns. Ex ante estimates of expected long-run returns are constructed by incorporating analysts' earnings forecasts into a variant of the Campbell-Shiller dividend-price ratio model. The negative relation...
Persistent link: https://www.econbiz.de/10005393671
According to some accounts, compensation practices have recently been undergoing marked changes, with an increasing number of firms said to be substituting lump-sum payments for regular pay increases, allowing for greater variability of remuneration across individuals or groups, and making...
Persistent link: https://www.econbiz.de/10005393717
Restrictions on the ownership structure of a public company may harm the company's performance by preventing owners from choosing the best structure. We examine the stock-price performance and ownership structure, before and after the expiration of anti-takeover regulations, of a sample of...
Persistent link: https://www.econbiz.de/10005393776
Persistent link: https://www.econbiz.de/10005393789
We estimate the cross-sectional relationship between open market repurchases and accounting data for a large sample of dividend- paying and non-dividend paying firms over a twelve year period (1984-95). Consistent with the hypothesis that firms use open market repurchases to reduce the agency...
Persistent link: https://www.econbiz.de/10005393795
if firm risk is low (i.e. lower stock price volatility and lower bankruptcy risk) and employees are also covered by a …
Persistent link: https://www.econbiz.de/10005393809