AN EMPIRICAL TEST OF AN EX-ANTE MODEL OF THE DETERMINATION OF STOCK RETURN VOLATILITY

The assumption that changing expected cash flows and discount factors affect a security's return is at the foundation of many financial models. This study examines empirically the hypothesis that expected stock return variability is a function of cash flow and discount rate uncertainty. Maximum likelihood estimation techniques and expectational data are employed. Strong, positive relationships are found, verifying the foundations of the ex-ante models with ex-ante data and providing a better understanding of security markets by explaining, in part, the causes of expected stock price variability.     

AN EXAMINATION OF MERGER SYNERGISM

The empirical research discussed in this paper measures the synergistic effects of mergers on the stockholders of the acquiring and acquired firms. Synergism is defined as the incremental wealth to the shareholders of both merging firms due to the merger—net of any potential gains achievable through investors' personal diversification over the common stocks of the merging firms. Three types of mergers are identified and studied—nonconglomerate, conglomerate with increasing financial leverage, and conglomerate with decreasing financial leverage. The results indicate that these types of mergers are affected differently by the combination. Moreover, the evidence suggests operational and/or financial synergism.     

THE EMERGENCE OF AN OFFSHORE ECONOMY

There has been growing interest over the past few years in the changing political structure of the world. Predictions range from the withering away of the state to the advent of a global state. This article proposes an alternative scenario: that the state system is not disappearing, but is in the process of creating secondary, relatively unregulated juridical spaces in which economic activities can develop more or less without hindrance. This secondary space, known as `offshore', already dominates international finance and shipping, and plays a significant role in international trade and telecommunications. Offshore is a barrier to the extension of those social provisions that were traditionally provided by states. This paper offers an insight into the ways by which increasing integration of the global market is supported and facilitated by the state system.     

AN EMPIRICAL INVESTIGATION OF STOCK DIVIDENDS-IN-KIND

We investigate share price reactions to announcements of dividends payable in the common stock of corporations different from the issuing firm. We find that firms that declare these dividends (typically investment companies) experience positive abnormal returns upon announcement. We also find that such dividends are more likely to be declared when the shares to be distributed have peaked in value. Consistent with this finding, we document negative announcement-period abnormal returns for firms having their shares distributed. Additional tests reveal that prices respond more negatively when the information signal is strongest, when outside ownership is more dispersed, and when management is more entrenched.     

国际金融衍生品市场分析

自1848年美国第一个期货交易所（芝加哥期货交易所）创立至今，衍生品市场已经有了160多年的历史。而纵观这160多年的发展历程，我们能清晰的认识到它的发展并不是一帆风顺。就像任何其他新生事物的出现一样，都需要经历一个由被怀疑到被认可、不成熟到成熟的过程。早期的衍生品市场因为缺乏制度的规范遭受过投机商的挑战，还曾数度被政府法令限制交易。     

AN EMPIRICAL TEST OF THE TIMING OF BOND-REFUNDING DECISIONS

In this paper we measure the ability of firms to time bond-refunding decisions. The timing performance achieved on a sample of 161 public utility bond refundings is compared with the timing performance achieved by three benchmark models. We find that firms achieve levels of timing performance significantly better than the random selection and 100-basis-point benchmark models, but not significantly better than a stopping-time model based on present value analysis.     

一个投资银行家挑战自我的跨越

保罗·凯利一向喜欢竞争，喜欢接受新的挑战，即使是世界上竞争最激烈的华尔街投资银行界也还是锁不住他，如今他向着一个全新的领域进发，闯进低碳领域的新天地。