study we investigate the mean-volatility spillover effects that happen across international stock markets. The study, by … taking into consideration the stock market returns based on various indices, investigates the mean-volatility spillover … precise and separate measures of return spillovers and volatility spillovers. The analysis provides the evidence of strong …

This paper presents an alternative theory explaining why firms adopt dividend policies of various kinds at intermediate … levels. We extend the dividend clientele model from a traditional corner-solution framework to an interior-solution framework … the point where the dividend payment just satisfies the investor's current liquidity needs. Because, generally speaking …

S&P 500 Index option-based volatility indexes have untenable risk-return profiles. These volatility indexes are not … designed with consideration of important real-world risk characteristics of options and fail to represent volatility as a … cardinal characteristics of options on S&P 500 Index, central to designing viable volatility investment strategies, are …

not due to differences in the investor base, but instead to the unique transformations of asset volatility and leverage … that credit spreads and equity volatility represent. We focus on the investment channel. Using firm-level data, we find … that the sensitivity of investment to equity volatility is highly significant, but changes sign in the cross section of …