We study the dispersion of month-end valuations placed on identical corporatebonds by different mutual funds. Such dispersion is related to bond-specificcharacteristics associated with liquidity and market volatility. TRACE may havecontributed to the general decline in dispersion over our sample...

We investigate a consumption-based present value relation that is a function of future dividend growth. Using data on aggregate consumption and measures of the dividend payments from aggregate wealth, we show that changing forecasts of dividend growth are an important feature of the post-war...