The shift in corporate payout policy from dividends to buybacks creates the need for a new supply model of stock returns. Our study provides theoretical and empirical evidence for a total payout (dividends plus buybacks) model of stock returns. First, we show that long-run stock returns between...

In 2001, a small group of academics and practitioners met to discuss the equity risk premium (ERP). Ten years later, in 2011, a similar discussion took place, with participants writing up their thoughts for this volume. The result is a rich set of papers that practitioners may find useful in...

Rates of return from residential, commercial and farm real estate in the U.S. from 1978 to 2008 inclusive are compiled. These real estate returns are contrasted with comparable stock, bond, and commodity investments, and with inflation. Recessions and other episodic events that are peculiar to...

"Hot issue" markets, which refer to instances when stocks increase their offering prices to a level greater than average market premiums, have been overlooked in recent academic literature. Thus, this research examines factors which may aid in the prediction of hot issue markets. A sample of...