We suggest that the medium-term note market provides an excellent laboratory for exploring the relationships between yield, liquidity, and the label affixed to a financial instrument. Crabbe and Turner (1995) examined the liquidity issue and uncovered the counter-intuitive result that issue size...

We examine underwriting performances by commercial bank-affiliated firms (Section 20's) and traditional investment banks over the period 1995-98. We find that gross spreads are significantly lower in the case of Section 20 underwritings, but that yield spreads are not. Our sample includes a...

We compare underwriting performance by commercial bank-affiliated firms (Section 20's) and traditional investment banks over the period 1995-98. We find that gross spreads are lower in the case of Section 20 underwritings, but that yield spreads are not. Our sample includes a substantial number...

Most initial public offerings (IPOs) feature so-called quot;lockupquot; agreements, which bar insiders from selling the stock for a set period following the IPO, usually 180 days. We examine stock price behavior in the period surrounding lockup expiration for a sample of 2,529 firms over 1988 to...

The Income-Based Repayment (IBR) plan decreases the burden of student loan debt for borrowers with high levels of debt or relatively low incomes. For borrowers with high debt or low income, student loan debt payments are based on income instead of the amount of debt and the interest rate. The...