Using comprehensive data on U.S. corporate bond trades since 2002, we find that retail bond investors over-rely on untimely credit ratings, neglect firm fundamentals, and appear to misunderstand the trade-off between bond risk and yields. Specifically, retail investors appear to select bonds by...

Industry concentration and corporate profit rates have increased, in the United States, over the past two decades. This paper investigates the welfare implications of economic activity concentrating within a few firms that hold market power. I develop a general equilibrium model that features...

We find that the stock market appears to mis-value the innovative activity of firms which are currently investing in R&D above its optimal value. A long-short portfolio strategy which exploits information on the firm's innovative ability and R&D level is profitable only for firms that overspend...

Over the years, top journals have published a factor zoo containing hundreds of characteristics, only to see many of them losing empirical significance over time. In this paper, we perform an out-of-sample factor-zoo analysis on the rise and fall of characteristics in explaining cross-sectional...

In the post-global financial crisis period, several countries including large emerging economies like India have undergone an increased macroeconomic flux and intensified financial volatility. India has been experiencing choppy foreign direct investment (FDI) inflows during the period. The...

In order to value a bond with one or more embedded options, one must consider the volatility of interest rates, as changes in volatility will affect the possibility of the option being exercised. The valuation of bonds with embedded options can be achieved by constructing a binomial or trinomial...

A discrimination procedure, based on the location model is described and suggested for use in situation where the discriminating variables are mixtures of continuous and binary variables. Some procedures that have been previously employed, in a similar situation, like Fisher's linear...

This essay explores different methodologies for determining the fair value of floating rate notes in a practical and reproducible manner. Along the way, we explored different methodologies for bootstrapping the forward rate and discount curve and thoroughly explained other concepts that are...

In succinctly the purpose of research is to examine the worth of brand equity from customer perspective. To measure the brand equity of service firm (multinationals fast food restaurants) taking sample of 100 customer's from 5 different multinational fast food restaurants in Multan, Pakistan