Using a comprehensive database of American prisoners of war during World War II, we find that survival from captivity generally declines as the hierarchy of a prisoner's group becomes steeper or more closely matches the military's established hierarchy. There is no evidence that survival is...

Share issuance predicts cross-sectional returns in a non-U.S. sample of stocks from 41 different countries. Issuance predictability has greater statistical significance than either size or momentum, and is similar to book-to-market. As in the U.S., the international issuance effect is robust...

If investors are rational, the variance of closed-end mutual fund returns should equal the variance of the underlying securities in their portfolios. In fact, this paper shows that the average closed-end fund's monthly return is 64 percent more volatile than its assets. Unlike variance-bounds...