We study dividend announcements, conditioning on whether the timing of the announcement is anticipated. We find that liquidity deteriorates before (after) anticipated (unanticipated) announcements. We identify both timing and content effects and also contrast trading volume, price volatility,...

This article develops a general equilibrium model for analyzing the in teraction of corporate financial and production decisions, consumers' behavior, and government financing. The authors use the model to inv estigate how changes in income tax rates and government debt policy a ffect...

The authors derive a closed-form expression for the differences between forward and futures prices in the framework of a Lucas equilibrium model. They calculate this difference for fixed income securities in two ways: using historic interest-rate data to calibrate the matrix of nominal state...