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The Choice Between Equity and Debt: An Empirical Study
This empirical study of security issues by UK companies between 1959 and 1974 focuses on how companies select between financing instruments at a given point in time. It throws light on a number ofExpand
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Triumph of the Optimists: 101 Years of Global Investment Returns Princeton
A device for use in installing wax foundations in bee frames having side members fabricated from substantially dielectric materials and characterized by a plurality of electrically conductiveExpand
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The Worldwide Equity Premium: A Smaller Puzzle
We use a new database of long-run stock, bond, bill, inflation, and currency returns to estimate the equity risk premium for 17 countries and a world index over a 106-year interval. Taking U.S.Expand
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Murphy's Law and Market Anomalies
Many researchers have uncovered empirical regularities in stock market returns. If these regularities persist, investors can expect to achieve superior performance. Unfortunately, nature can beExpand
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Event study methodologies and the size effect: The case of UK press recommendations
Abstract This study of 862 press recommendations demonstrates that the size effect can distort longer-term performance measures, and hence event studies. Relative to similar sized companies,Expand
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Equity Rights Issues and the Efficiency of the UK Stock Market
IN THE UK, as in most other European countries, quoted companies raise virtually all their new equity capital via the rights issue method.' In recent years, some ?1 to ?1.5 billion has been raised inExpand
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U.K. Financial Market Returns 1955-2000
We present and analyze new monthly index series for U.K. financial assets, covering equities, bonds, bills, and inflation. The data are consistent with the CRSP/Ibbotson series for the United States.Expand
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Volatility forecasting without data-snooping
Abstract Data-snooping arises when the properties of a data series influence the researcher's choice of model specification. When data has been snooped, tests undertaken using the same series areExpand
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Global Evidence on the Equity Risk Premium
The size of the equity risk premium—the incremental return that shareholders require to hold risky equities rather than risk‐free securities—is a key issue in corporate finance. Financial economistsExpand
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The Stability of UK Risk Measures and The Problem of Thin Trading
This paper examines the problems of estimating risk measures and their stability in thin markets. It shows analytically that conventional approaches used in previous studies can lead to seriousExpand
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