We examine the impact of the 2003 dividend tax cut, which removes the differential taxation between dividends and capital gains for individual investors, on the ex-dividend day price and trading volume. We find the ex-dividend day price and volume are affected by taxes, risk, and transaction...

Both securitization and remote lending have become much more extensive since the 1970s. We present a tractable theoretical model that links these two trends. DeMarzo and Duffie (Econometrica 1999) study the problem of a bank that wishes to securitize an exogenous portfolio of loans about which...

We consider a privately informed issuer which holds a portfolio of assets that can be sold to raise cash, where the fractions of assets sold serve as a multidimensional signal. If good news about one asset is good news for the others, then there is a unique equilibrium that satisfies the...