This paper examines the performance of managed commodity funds during the period 1982 through 1996. By year-end 1996 almost $30 billion of speculative capital was invested in these funds, a nearly 60-fold increase since 1980. Three types of managed commodity funds are available. First, investors...

We examine how financial analysts and equity investors incorporate information on deferred taxes from carryforwards into earnings forecasts and share prices, respectively. We focus on carryforwards because in providing this information each period, management must use their private information...

We present an equilibrium framework in which asset prices, default-free term structure and default premia are determined simultaneously.