This study investigates the effect of SEC Rule 10b-18 on long-run aggregate payout ratios and the information content hypothesis. Prior to 1984, long-run aggregate payout ratios are mean reverting and signal higher future earnings growth. The subsequent significant rise in repurchase activity in...

We estimate a model that allows for dynamic and interdependent responses of morbidity in different local areas to economic conditions at the local and national level, with statistical selection of optimal local area. We apply this approach to quarterly British data on chronic health conditions...