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Private equity critics claim that leveraged buyouts bring huge job losses and few gains in operating performance. To evaluate these claims, we construct and analyze a new dataset that covers US buy...
An economy populated by a representative agent with power utility predicts an equity premium which is far below the realized equity premium in postwar data, at least for “reasonable parameters” for ...
This paper provides evidence that credit constraints are an important determinant of international trade flows. I exploit shocks to the availability of external finance and examine the i...
since desegregation, the most important changes to American elementary and secondary schooling have almost certainly been in the realm of school finance. This is not only because dramatic changes have...
Government guarantees of private debt deplete equity. The depletion is greatest during periods when the probability of a guarantee payoff is highest. In a setting otherwise subject to Modigliani-Mille...
Private equity (PE) ownership has become commonplace within the US, and is increasing its presence across Europe and Asia. However, there is still some debate over the impact of PE acquisitions on fir...
Perceptions of Equity and the Distribution of Income.
Do a Firm's Equity Returns Reflect the Risk of Its Pension Plan?
Traditional conventions of accounting and actuarial science distort the valuation of capital risk in corporations with pension plans because under these conventions, pension assets and liabilities are...
Internal Financing of Multinational Subsidiaries: Debt vs. Equity.
Home Bias at Home:Local Equity Preference in Domestic Portfolios.
I provide evidence that geographically proximate analysts are more accurate than other analysts. Stock returns immediately surrounding forecast revisions suggest that local analysts impact prices more...
We use an innovative survey tool to collect management practice data from over 4,000 medium sized manufacturing firms across Asia, Europe and the US. These measures of managerial practice are strongly...
There is a strong link between measures of stock market performance, such as changes in Tobin's Q or past stock returns, and equity issues. Typically, this performance is thought to be a characteristi...
This paper examines the division of founder shares in entrepreneurial ventures, focusing on the decision of whether or not to divide the shares equally among all founders. To motivate the empirical an...

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