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Working Paper
Pricing IPOs of mutual thrift conversions: the joint effect of regulation and market discipline

A large number of mutual savings and loan associations (MSLs) converted their charters into stock ownership between the mid-1980s to mid-1990s. Because these conversions tended to generate windfall profits for insiders and investors, new conversion guidelines and regulations were proposed by the FDIC to make sure that prices of the conversion IPO were right and fair. As pointed out by Mr. Henry B. Gonzales, former Chairman of the House Banking Committee, "conversion regulations of the Office of Thrift Supervision have ensured that insiders and acquirers don't benefit at the expenses of the ...
Working Paper Series , Paper WP-01-25

Journal Article
The equity risk-premium puzzle

FRBSF Economic Letter

Working Paper
Pricing bid-ask spreads in common stocks, liquidity premium and the small firm effect

Research Working Paper , Paper 93-19

Working Paper
Corporate payout policy and managerial stock incentives

We examine how corporate payout policy is affected by managerial stock incentives using data on more than 1100 nonfinancial firms during 1993-97. We find that management share ownership encourages higher payouts by firms with potentially the greatest agency problems--those with low market-to-book ratios and low management stock ownership. We also find that management stock options change the composition of payouts. We find a strong negative relationship between dividends and management stock options, as predicted by Lambert, Lannen, and Larcker (1989), and a positive relationship between ...
Finance and Economics Discussion Series , Paper 1999-23

Journal Article
How long is a long-term investment?

Conventional wisdom tells us that stocks tend to outperform government bonds in the long term. That is, if stocks are held long enough, they are usually better investments because their total return is likely to be higher than the return on bonds. While this view may be correct in principle, in practice a crucial question remains: How long is long enough? The answer is important to every investor, not just the wealthy few. With employers relying increasingly on defined-contribution retirement plans, employees must make their own saving and investment decisions. ; Shen reviews historical ...
Economic Review , Volume 90 , Issue Q I , Pages 5-32

Journal Article
Is margin lending marginal?

Regional Review , Volume 11 , Issue Q 3 , Pages 3 - 6

Working Paper
Market discipline in the governance of U.S. Bank Holding Companies: monitoring vs. influencing

Market discipline is an article of faith among financial economists, and the use of market discipline as a regulatory tool is gaining credibility. Effective market discipline involves two distinct components: security holders' ability to accurately assess the condition of a firm ("monitoring") and their ability to cause subsequent managerial actions to reflect those assessments ("influence"). Substantial evidence supports the existence of market monitoring. However, little evidence exists on market influence, and then only for stockholders and for rare events such as management turnover. ...
Working Paper Series , Paper WP-00-3

Working Paper
Evidence of excess returns on firms that issue or repurchase equity

Between 1927 and 1992, portfolios of the stock of the 5 percent of firms with the lowest annual growth in shares outstanding (generally a reduction in shares outstanding) posted returns over the subsequent five years that averaged 12 percentage points more per year than the returns to portfolios of the 5 percent of firms with the highest annual growth in shares. The difference in returns is greater in more recent years and was positive for all of the final 33 years of the sample. The difference is apparent for portfolios of firms of all sizes and industries. The market beta of the returns to ...
Finance and Economics Discussion Series , Paper 1999-06

Journal Article
Are stocks overtaking real estate in household portfolios?

The rapid growth of the stock market since 1990 has encouraged the view that corporate equity holdings are becoming the primary asset for a broad spectrum of American households. A closer look at the evidence, however, reveals that real estate continues to eclipse stocks as a share of most households' portfolios.
Current Issues in Economics and Finance , Volume 5 , Issue Apr



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