We estimate ex ante expected returns for a sample of S&P 500 firms over the period 1983- 1998. The ex ante estimates show a better overall fit with the domestic version of the singlefactor CAPM than with the global version, but the difference is small. This finding has no trend in time and is...

Managers appear to design stock splits to return the price of the company's shares to the price level achieved after the last split. Reducing the share price below the price achieved in the last split is interpreted by investors and securities analysts as a positive signal.

This paper presents estimates of shareholder required rates of return and risk premia which are derived using forward-looking analysts' growth forecasts. We update through 1991 earlier work which, due to data availability, was restricted to the period 1982-1984. Using stronger tests, we also...