This paper investigates the hypothesis that bank loans convey information to the capital market
regarding the value of the borrowing firm. Unlike previous researchers, we distinguished …

This paper evaluates the conjecture that excess stock returns that have been documented
around the announcement of corporate spin-offs represent, at least in part, the re-creation of …

… What follows is an update of the Lummer and Siegel study. In this … Scott Lummer was a
managing director of Ibbotson Associates … who co-authored the first version of this article (Lummer …

This paper considers two aspects of the tendency for systematic risk to change during the
period surrounding a firm-specific event. First, a statistic allowing for heteroskedasticity is …

Corporate cash managers have developed a number of equity-based strategies designed to
utilize the partial tax exclusion for dividend income. A problem that has been common to all …

… Brown and Lummer [1] found that the covered call technique led to an almost 300% …
The Brown and Lummer (BL) results were based on tax provisions in force prior to the reform …

Although mean-variance optimization (MVO) is over 40 years old, its use as an applied portfolio
management tool has only recently become extensive. Its origins are well-known: Harry …

Corporate cash managers, traditionally more concerned with capital preservation than high
yields, have recently begun to consider new alternatives for their investments. One potential …

This thesis is a study of the effects of international joint ventures on the market value of
participating US firms. The study will be a two pronged investigation. Theoretical analysis will be …

Comments on the articleThe Behavior of Equity and Debt Risk Premiums,'by John D. Finnerty
and Dean Leistikow, published in the Summer 1993 edition of theJournal of Portfolio …