This paper provides evidence that common drivers of consumption and house prices, as opposed to wealth or collateral channels, are responsible for most of the positive correlation between the two series. Using micro data from the PSID and the CEX, I illustrate the relative importance of the...

Based on a large sample of withdrawn mergers over a time period from 1979 until 2003, we examine the informational content revealed to the market by a merger attempt. Using event study methodology, we find that firms that receive a cash offer have a significantly positive price reaction that...

Forward rates contain reliable information about cross-sectional differences in expected corporate bond returns. Many alternative bond-level and issuer-level variables, by contrast, are not reliably linked to expected bond returns or provide information about expected bond returns only through...