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Post-Fomc Announcement Drift in U.S. Bond Markets
Brooks, Jordan - 2018
The sensitivity of long-term rates to short-term rates represents a puzzle for standard macro-finance models. Post-FOMC announcement drift in Treasury markets after Federal Funds target changes contributes to the excess sensitivity of long rates. Mutual fund investors respond to the salience of...
Persistent link: https://www.econbiz.de/10012909867
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Policy Watch : Challenges for Terrorism Risk Insurance in the United States
Kunreuther, Howard - 2012
This paper examines the role that insurance has played in dealing with terrorism before and after September 11, 2001 …, by focusing on the distinctive challenges associated with terrorism as a catastrophic risk. The Terrorism Risk Insurance … Act of 2002 (TRIA) was passed by the U.S. Congress in November 2002, establishing a national terrorism insurance program …
Persistent link: https://www.econbiz.de/10012755733
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Did Firms Substitute Dividends for Share Repurchases after the 2003 Reductions in Shareholder Tax Rates?
Blouin, Jennifer - 2012
This paper tests whether firms altered their dividend and share repurchase policies in response to the 2003 reductions in shareholder tax rates. We predict that firms substituted dividends for repurchases, because the reduction in dividend tax rates exceeded the reduction in the capital gains...
Persistent link: https://www.econbiz.de/10012755294
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Stock Repurchases and Incentive Compensation
Jolls, Christine - 2010
A longstanding puzzle in corporate finance is the rise of stock repurchases as a means of distributing earnings to shareholders. While most attempts to explain repurchase behavior focus on the incentives of firms, this paper focuses on the incentives of the agents who run firms, as determined by...
Persistent link: https://www.econbiz.de/10012763613
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Short- and Long-Horizon Behavioral Factors
Daniel, Kent D. - 2018
We propose a theoretically-motivated factor model based on investor psychology and assess its ability to explain the cross-section of U.S. equity returns. Our factor model augments the market factor with two factors which capture long- and short-horizon mispricing. The long-horizon factor...
Persistent link: https://www.econbiz.de/10012931217
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Why Does Capital No Longer Flow More to the Industries with the Best Growth Opportunities?
Lee, Dong Wook - 2016
With functionally efficient capital markets, we expect capital to flow more to the industries with the best growth opportunities. As a result, these industries should invest more and see their assets grow more relative to industries with the worst growth opportunities. We find that industries...
Persistent link: https://www.econbiz.de/10012977620
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Payout Policy in the 21st Century
Brav, Alon - 2003
We survey 384 CFOs and Treasurers, and conduct in-depth interviews with an additional two dozen, to determine the key factors that drive dividend and share repurchase policies. We find that managers are very reluctant to cut dividends, that dividends are smoothed through time, and that dividend...
Persistent link: https://www.econbiz.de/10012786617
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Tax Reform Made Me Do it!
Hanlon, Michelle - 2018
This paper examines corporations' actions, and statements about actions, following the tax law change known as the Tax Cuts and Jobs Act (TCJA). Specifically, we examine four different outcomes—bonuses (or other actions that benefit workers), announcements of new investments, share...
Persistent link: https://www.econbiz.de/10012907455
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Firm Expansion and CEO Pay
Bebchuk, Lucian A.; Grinstein, Yaniv - 2021
We study the extent to which decisions to expand firm size are associated with increases in subsequent CEO compensation. Controlling for past stock performance, we find a positive correlation between CEO compensation and the CEO's past decisions to increase firm size. This correlation is...
Persistent link: https://www.econbiz.de/10013310266
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Sovereign Debt Repurchases : No Cure for Overhang
Bulow, Jeremy; Rogoff, Kenneth - 2021
We show, in a reasonably general model, that if a highly indebted country has good investment projects available to it, then it will not benefit from using any of its resources to buy back debt at market prices. Debt buybacks and debt-equity swaps only make sense for the country if these...
Persistent link: https://www.econbiz.de/10013233033