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I use a vector autoregressive model ~VAR! to decompose an individual firm's stock return into two components: changes in cash-f low expectations ~i.e., cash-f low news! and changes in discount rates ~i.e., expected-return news!. The VAR yields three main results. First, firm-level stock returns are mainly driven by cash-f low news. For a typical stock, the(More)
We investigate whether individual experiences of macroeconomic shocks affect financial risk taking, as often suggested for the generation that experienced the Great Depression. Using data from the Survey of Consumer Finances from 1960-2007, we find that individuals who have experienced low stock-market returns throughout their lives so far report lower(More)
and seminar participants at Chicago GSB, Harvard Business School, and the NBER Asset Pricing meeting for helpful comments. We are grateful to Ken French for providing us with some of the data used in this study. All errors and omissions remain our responsibility. Campbell acknowledges the financial support of the National Science Foundation. Abstract This(More)
  • Malcolm Baker, Jeffrey Wurgler, +12 authors David Scharfstein
  • 2002
We develop a theory in which the decision to pay dividends is driven by investor demand. Managers cater to investors by paying dividends when investors put a stock price premium on payers and not paying when investors prefer nonpayers. To test this prediction, we construct four time series measures of the investor demand for dividend payers. By each(More)
Huntington's disease is a neurodegenerative disorder, caused by an elongation of CAG repeats in the huntingtin gene. Mice with an insertion of an expanded polyglutamine repeat in the mouse huntingtin gene (knock-in mice) most closely model the disease because the mutation is expressed in the proper genomic and protein context. However, few knock-in mouse(More)
Combining data on brokerage commissions that mutual fund families paid for trade execution between 1996 and 1999 with data on mutual fund holdings of initial public offerings (IPOs), I document a robust, positive correlation between commissions paid to lead underwriters and reported holdings of the IPOs they underwrite. Moreover , I find that the(More)
A decrease in levels of GluR2 (GluR-B) relative to other glutamate receptor subunits is correlated with increased Ca2+ permeability of non-NMDA glutamate receptor channels. Sustained Ca2+ influx mediated by GluR2 through these channels may contribute partly to the pathogenesis of neurodegenerative disorders. We examined the expression of glutamate receptor(More)
  • Alexander Ljungqvist, Felicia Marston, +21 authors Peter Tufano
  • 2003
We investigate directly whether analyst behavior influenced the likelihood of banks winning underwriting mandates for a sample of 16,625 U.S. debt and equity offerings sold between December 1993 and June 2002. We control for the strength of the issuer's investment-banking relationships with potential competitors for the mandate, prior lending relationships,(More)
A mutant strain of Han-Wistar rat carries an autosomal recessive gene producing spastic paresis which is characterized by ataxia, tremor and hind limb rigidity. Brains of affected rats and unaffected littermate controls were transected at the mesencephalon into rostral and caudal portions (the caudal portion contained the cerebellum and brainstem). Poly(A)+(More)
Fetal neostriatal tissue was transplanted into either the neostriatum or substantia nigra of adult rats. One to 6 months after transplantation, coronal brain slices were taken through the rostrocaudal extent of the transplants and neurons were characterized electrophysiologically using an in vitro slice preparation. When compared to control neurons taken(More)