This research finds empirical evidence indicating that smoothed real asset prices lead security prices in a controlled economy. The results are important for illustrating the effect controlled inflation can have on controlled security prices. Copyright Kluwer Academic Publishers 1999

This research investigates the existence of segmentation in the market for fixedincome securities. Evidence is found of higher yield spreads being required for non-distressed bonds making larger contributions to the risk of pure debt portfolios over the 2003–2011 period. Abnormal returns...

This research analyzes a theory of merger financing that indicates that the terms of payment for target shares should be used to optimally influence the postmerger liquidity and capital structure of the combined firm. In an empirical test on a large sample of mergers, the stock market reaction...

This paper demonstrates analytically how short sellers can put non-transitory downward pressure on the stock market prices and intrinsic values of companies that need to raise external capital because of insufficient internal liquidity. The model helps explain anomalous empirical findings in the...