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The Theory and Practice of Corporate Finance: Evidence from the Field
We survey 392 CFOs about the cost of capital, capital budgeting, and capital structure. Large firms rely heavily on net present value techniques and the capital asset pricing model, while small firmsExpand
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Time-Varying World Market Integration
We propose a conditional measure of capital market integration that allows us to characterize both the cross-section and time-series of expected returns in developed and emerging markets. OurExpand
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Foreign Speculators and Emerging Equity Markets
A number of countries have delayed the opening of their capital markets to international" investment because of reservations about the impact of foreign speculators on both expected" returns andExpand
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Payout Policy in the 21st Century
We survey 384 CFOs and Treasurers, and conduct in-depth interviews with an additional two dozen, to determine the key factors that drive dividend and share repurchase policies. We find that managersExpand
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Predictable Risk and Returns in Emerging Markets
The emergence of new equity markets in Europe, Latin America, Asia, the Mideast and Africa provides a new menu of opportunities for investors. These markets exhibit high expected returns as well asExpand
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Emerging Equity Market Volatility
Returns in emerging capital markets are very different from returns in developed markets. While most previous research has focused on average returns, we analyze the volatility of the returns inExpand
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The World Price of Covariance Risk
In a financially integrated global market, the conditionally expected return on a portfolio of securities from a particular country is determined by the country's world risk exposure. This paperExpand
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The Real Effects of Financial Constraints: Evidence from a Financial Crisis
We survey 1,050 CFOs in the U.S., Europe, and Asia to assess whether their firms are credit constrained during the global credit crisis of 2008. We study whether corporate spending plans differExpand
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The Strategic and Tactical Value of Commodity Futures
Investors face numerous challenges when seeking to estimate the prospective performance of a long-only investment in commodity futures. For instance, historically, the average annualized excessExpand
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The Variation of Economic Risk Premiums
This paper provides an analysis of the predictable components of monthly common stock and bond portfolio returns. Most of the predictability is associated with sensitivity to economic variables in aExpand
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