Reverse termination fees (RTFs) are required payments by bidders when they “walk away” from a merger or acquisition, and vary significantly in size and design. In a large sample of manually collected U.S. deal contracts involving publicly traded bidders and targets, we examine the...

Traditional macroeconomics finds a multiplier of 1.0 when taxes and expenditures are increased by the same amount. It results from uniform tax increases and a constant marginal propensity to consume. We show that a greater multiplier results when the tax rate increases on those with a lower...

We use co-fractional models to evaluate the predictive relations between returns and a valuation ratio. The co-fractional model can handle situations where financial returns are predicted using persistent valuation ratios, like dividend to price. For our application we consider very long time...

Alexander, Arnold and Wu (2020) introduce an algorithm for multi-stage stock pricing that uses a present value annuity structure. This algorithm is adapted for a financial calculator by using an iterative bond pricing structure

A process for multi-stage stock pricing is presented with evidence of improved classroom performance. The technique is expanded upon for more advanced class presentations and for potential fintech applications by taking advantage of present value annuity and future value annuity due structures