Using the maturity of incremental bond issues and the weighted-average maturity of all outstanding debt, we test various theories from the corporate debt maturity literature to discover if REIT debt maturity is influenced by liquidity risk, asymmetric information, personal taxes, and agency...

IPO stock prices increased approximately 2.3% on the first day of secondary market trading over the period 1993 through 2003. While these aftermarket returns are accentuated during 1999 and 2000, they persist after the bubble burst and even increase as a percentage of total underpricing. We...

We demonstrate a simple procedure to test arbitrage models without adding an auxiliary error model. Our tests rely on the dynamics of the model to draw inference through out-of-sample forecasting. As an illustration, we estimate the Cox et al. model with a rolling sample to forecast zero-coupon...