Traditional variable annuities build retirement income for annuitants through investments in stocks and bonds. These annuities are variable because their performance depends upon the performance of uncertain financial markets. The risk of poor performance lies solely upon annuitants, rather than...

Dearth of market values for firms in several industries is a serious limitation in empirical research. Book value and other proxies may not be satisfactory surrogates. This study provides the methodologies of matching-allocation and multiple imputation as remedies for lack of marked-to-market...

Capital structure studies have been occupied for several years with the questions of whether firms have targets for their capital structure and whether they rebalance actual capital structure towards those targets. Such studies routinely exclude the financial sector from their purview. In this...