Rodney L. White Center for Financial Research Working Papers

From Wharton School Rodney L. White Center for Financial Research
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16-75: The Value of Information in Impersonal and Personal Markets

Jeffrey F. Jaffe and Mark Rubinstein

16-74: The Inflationary Impact of Excess Demand in Agriculture

Susan Wachter

16-73: A Generalized Theory of Velocity

John M. Mason

16-72: Dividend Policy Under Imperfect Capital Markets: Revised and Extended Results

Jean Crockett

15-99: Imperfect Market Monitoring and SOES Trading

Thierry Foucalt, Ailsa Roell and Patrik Sandas

15-98: A Theory of Dividends Based on Tax Clienteles

Franklin Allen, Antonio Bernardo and Ivo Welch

15-96: Executive Compensation and the Optimality of Managerial Entrenchment

Gary Gorton and Bruce D. Grundy

15-95: Options, the Value of Capital, and Investment

Andrew Abel, Avinash Dixit, Janice Eberly and Robert Pindyck

15-94: Corporate Financial Structure, Incentives and Optimal Contracting (Reprint 049)

Franklin Allen and Andrew Winton

15-93: Multifactor Models Do Not Explain Deviations From the CAPM (Revised: 21-94)

Craig A. MacKinlay

15-92: Stock Markets and Resource Allocation (Reprint 036)

Franklin Allen

15-91: Risks and Returns of Low-Grade Bonds: An Update (Reprint 027)

Marshall E. Blume and Donald Keim

15-90: Intertemporal Price Discovery by Market Makers: Active versus Passive Learning

Chris J. Leach and Ananth Madhavan

15-89: Volatility Patterns of Fixed Income Securities

Marshall E. Blume and Donald Keim

15-88: Stock Prices Under Time-Varying Dividend Risk: An Exact Solution in an Infinite-Horizon General Equilibrium Model

Andrew Abel

15-87: Announcement Effects of New Equity Issues and the use of Intraday Price Data

Michael J. Barclay and Robert Litzenberger

15-86: Maximum Likelihood Estimation of Generalized Ito Processes with Discretely Sampled Data

Andrew Lo

15-85: Predicting Returns in the Stock and Bond Markets

Donald Keim and Robert Stambaugh

15-84: Government Debt, the Money Supply, and Inflation; Theory and Evidence for Seven Industrialized Economies

Aris Protopapadakis and Jeremy Siegel

15-83: A Note on 'Why do Companies Pay Dividends?'

Isik Inselbag

15-82: The Social Costs of Unit Banking Restrictions

Mark Flannery

15-81: Insider Holdings and the Pricing of Initial Public Offerings

Jay Ritter

15-80: An Analysis of the Principal-Agent Problem

Sanford Grossman and Oliver Hart

15-79: Leasing, Borrowing and Financial Risk

Haim Levy and Marshall Sarnat

15-77: Regulation of Bank Capital and Portfolio Risk

Michael Koehn and Anthony M. Santomero

15-76: Valuation and the Risk of Ruin

Joseph D. Vinso

15-75: Bank Liability Management and the Efficiency of Financial Intermediation

Paul Smith

15-74: Dealer Inventory Behavior: An Empirical Investigation of NASDAQ Stocks

Hans Stoll

15-73: Notes on the Theory of Optimal Public Investment in Pollution Control

Robert H. Edelstein

15-72: The Valuation of Convertible Bonds: A Further Analysis

James Walter and Augustin Que

15-00: Does the Internet Increase Trading? Evidence from Investor Behavior in 401(K) Plans

James Choi, David Laibson and Andrew Metrick

14-99: Adverse Selection and Competitive Market Making: Empirical Evidence from a Pure Limit Order Market

Patrik Sandas

14-98: Eighths, Sixteenths and Market Depth: Changes in Tick Size and Liquidity Provision on the NYSE

Michael Goldstein and Kenneth A. Kavajecz

14-96: Financial Markets, Intermediaries, and Intertemporal Smoothing (Revision of 5-95) (Reprint 061)

Franklin Allen and Douglas Gale

14-95: Testing Option Pricing Models

David S. Bates

14-94: Dividend Policy (Reprint 050)

Franklin Allen and Roni Michaely

14-93: A Unified Model of Investment Under Uncertainty

Andrew Abel and Janice Eberly

14-92: Stocks are a Good Hedge for Inflation (In the Long Run)

Jacob Boudoukh and Matthew Richardson

14-91: Limited Market Participation and Volatility of Asset Prices (Revised: 2-92)

Franklin Allen and Douglas Gale

14-90: The Real Exchange in the Short, Medium and Long Run

Jack D. Glen

14-89: The Valuation of Callable Bonds

Marshall E. Blume and Donald Keim

14-88: Assessing Dynamic Efficiency: Theory and Evidence

Andrew Abel, N. Gregory Mankiw, Lawrence Summers and Richard Zeckhauser

14-87: Loan Sales, Recourse, and Reputation: An Analysis of Secondary Loan Participations

Gary Gorton and Joseph Haubrich

14-86: The Role of Risk Aversion in the Determination of Equilibrium Stock Prices and their Variability

K. Y. Kim

14-85: Dividend Yields and Stock Returns: Implications of Abnormal January Returns

Donald Keim

14-84: Protopapadakis, Aris/Stoll, Hans = The Law of One Price in International Commodity markets: A Reformulation and some Formal Tests

Reformulation and some Formal Tests

14-83: Expectations of Real Interest Rates and Aggregate Consumption: Synthesis and Tests

Wayne Ferson

14-82: The Use of 'Alphas' to Improve Investment Performance

Marshall E. Blume

14-81: The Impact of Inflation Upon Corporate Taxation

Joel Hasbrouck

14-80: Majority Choice Determination of the Level of Non-Neutral Government Debt

Simon Benninga