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Advanced Search Results For "finance"

1 - 10 of 9,089 results for
 "finance"
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Subjective Bond Returns and Belief Aggregation.

Publication Type:Academic Journal

Source(s):Review of Financial Studies. Aug2022, Vol. 35 Issue 8, p3710-3741. 32p.

Abstract:This paper proposes an aggregation scheme of subjective bond return expectations based on the historical accuracy of professional interest rate forecasters. We use disaggregated survey data on bond returns and document large disagreement in the cross-s...

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Biased by Choice: How Financial Constraints Can Reduce Financial Mistakes.

Publication Type:Academic Journal

Source(s):Review of Financial Studies. Apr2022, Vol. 35 Issue 4, p1643-1681. 39p.

Abstract:We show that constraints can improve financial decision-making by disciplining behavioral biases. In financial markets, restrictions on leverage limit traders' ability to borrow to open new positions. We demonstrate that regulation that restricts the p...

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Creditor Control of Corporate Acquisitions.

Publication Type:Academic Journal

Source(s):Review of Financial Studies. Apr2022, Vol. 35 Issue 4, p1897-1932. 36p.

Abstract:We examine the impact of creditor control rights on corporate acquisitions. Nearly 75 |$\%$| of loan agreements include restrictions that limit borrower acquisition decisions throughout the life of the contract. Following a financial covenant violation...

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Opioid Crisis Effects on Municipal Finance.

Publication Type:Academic Journal

Source(s):Review of Financial Studies. Apr2022, Vol. 35 Issue 4, p2019-2066. 48p.

Abstract:We investigate the effects of opioid abuse on municipal finance. We employ instrumental variables, border discontinuity difference-in-differences regressions, and coarsened exact matching to identify consistent causal effects, while controlling for var...

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When Shareholders Disagree: Trading after Shareholder Meetings.

Publication Type:Academic Journal

Source(s):Review of Financial Studies. Apr2022, Vol. 35 Issue 4, p1813-1867. 55p.

Abstract:This paper analyzes how trading after shareholder meetings changes the composition of the shareholder base. Analyzing daily trades, we find that mutual funds reduce their holdings if their votes are opposed to the voting outcome. Trading volume is high...

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Disagreement in the Equity Options Market and Stock Returns.

Publication Type:Academic Journal

Source(s):Review of Financial Studies. Mar2022, Vol. 35 Issue 3, p1443-1479. 37p.

Abstract:We estimate investor disagreement from synthetic long and short stock trades in the equity options market. We show that high disagreement predicts low stock returns after positive earnings surprises and high stock returns after negative earnings surpri...

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Option Return Predictability.

Publication Type:Academic Journal

Source(s):Review of Financial Studies. Mar2022, Vol. 35 Issue 3, p1394-1442. 49p.

Abstract:We uncover new return predictability in the cross-section of delta-hedged equity options. Expected returns to writing delta-hedged calls are negatively correlated with stock price, profit margin, and firm profitability, but positively correlated with c...

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Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting.

Publication Type:Academic Journal

Source(s):Review of Financial Studies. Jan2022, Vol. 35 Issue 1, p299-342. 44p.

Abstract:The contributions of asset selection and incremental leverage to buyout investment performance are more important than typically assumed or estimated to be. Buyout funds select small firms with distinct value characteristics. Public equities with these...

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Methodological Variation in Empirical Corporate Finance.

Publication Type:Academic Journal

Source(s):Review of Financial Studies. Feb2022, Vol. 35 Issue 2, p527-575. 49p.

Abstract:I document large variation in empirical methodology in corporate finance regressions in top finance journals. Although methodological variation allows for customization of empirical tests to fit specific theories, it can also enable excessive reporting...

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State Price Density Implied by Crude Oil Futures and Option Prices.

Publication Type:Academic Journal

Source(s):Review of Financial Studies. Feb2022, Vol. 35 Issue 2, p1064-1103. 40p.

Abstract:Both large oil price increases and decreases are associated with deteriorating economic conditions. The projection of the state price density (SPD) onto oil returns estimated from oil futures and option prices displays a U-shaped pattern. Because inves...

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