quot;Streetlorequot; has touted the market return in January as a predictor of market returns for the remainder of the year since at least 1973. We systematically examine the predictive power of January returns over the period 1940-2003 and find that January returns have predictive power for...

Some estimates of the marginal values of cash reported in existing literature appear inconsistent with economic common sense. We establish reasonable benchmark values for the marginal value of cash based on economic theory and empirical evidence. In various samples and contexts, the estimates of...