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. Irregular stock repurchases are increasingly used to substitute for cash dividends (henceforth “ dividends ”) to reflect their financial flexibility advantage (Stephens and Weisbach, ; Dittmar, ; Grullon ...
and model uncertainty, and learning. We first establish the properties of the method for the portfolio choice between a stock index and cash when the stock returns are either iid or predictable ...
as the cointegration between the stock and labor markets. Our model reinterprets the non-participation puzzle in stock investment and early retirement in market booms. Investor's willingness to retire earlier becomes ...
accounting for 93.7% of the median peak-to-trough decline in ML. The findings support theories in which firms deleverage to restore ample financial flexibility and are difficult to reconcile with most firms ...
the sample period are obtained from Stock Exchange Yearbooks between 1895 and 1900. Ex- dividend dates are obtained from the Financial Times. Companies which went bankrupt are assumed to pay zero future ...
educated and elderly households [5]. Therefore, the research on the relationship between financial literacy and stock returns are subject to controversy. Furthermore, some financial information is relatively ...
at the very top of the dividend income distribution. Our estimates suggest that, following the day when Lehman Brothers collapsed, taxpayers in the top 0.1% sold $1.7 billion more in stocks than individuals ...
of the flexibility that bank debt normally offers. As a result, for a comparable leverage, switching firms are more prone to liquidation risk. Switching between financial regimes increases the financial fragility ...
prices. 1 Introduction The problem of computing option prices when the underlying asset pays fixed dividends has been widely addressed in the financial literature and, following Frishling (2002), three ...
This study explores the distress risk anomaly—the tendency for stocks with high credit risk to perform poorly—among 38 countries over two decades. We find a strongly negative relationship between ...
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