Search Results
Journal Article
The high-yield debt market: 1980-1990
A review of the growth of the junk bond market, the trends that contributed to its expansion, and the impact of recent events on its viability.
Working Paper
Information and voting power in the proxy process
We document shareholder support for wealth-decreasing changes in corporate governance in the form of antitakeover charter amendments. the enactment of these amendments is shown to be related to ownership structure. This gives rise to a sample selection bias that contaminates traditional event-study results and explains the discrepancy between our findings and those reported in previous studies. We also provide evidence that strategic behavior by managers plays a role in the adoption of these amendments.
Journal Article
Expectations and the core rate of inflation
A comparison of actual inflation rates with expected inflation rates generated by a wide variety of econometric models, concluding that expected inflation may serve as an effective guide to monetary policy.