This paper proposes a theoretical model that incorporates corporate governance into the basic CAPM, where corporate …

against Sharpe-Lintner CAPM and Fama-French three factor models are found mainly during the recent financial crisis. Also we …

We document the empirical fact that asset prices in the consumption-goods and investment-goods sector behave almost …

data and triple-difference estimators, we find that this dividend tax cut affects allocation of corporate investment. Cash …-constrained firms increase investment after the dividend tax cut relative to cash-rich firms. Reallocation is stronger among closely … and by higher dividends in cash-rich firms after the tax cut. The heterogeneous investment responses imply that the …

The ifo Investment Survey asks firms in the German manufacturing sector about the importance of sales, technological … factors, finance, return expectations, and macroeconomic policy for their investment activity in a given year. We show that … these subjective investment determinants 1) capture economically what their labels suggest, and 2) have strong explanatory …

(CAPM) to price assets in different market structures. Second, we use our model to analyze whether when markets are … partially segmented using the local or the global CAPM yields significant errors in the estimation of the cost of capital for a …

When companies finance their investment via the international markets for stocks and bonds, relief from domestic …