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The sample of observed defaults significantly understates the average firm's true expected cost of default due to a sample selection bias. To quantify this selection bias, I use a dynamic capital structure model to estimate firm-specific expected default costs. The average firm expects to lose 45% of firm value in default, a cost higher than existing(More)
OBJECTIVE To determine whether perioperative packed red blood cell (PRBC) and fresh frozen plasma (FFP) transfusions during ovarian, tubal, or peritoneal cancer surgery increase the risk of symptomatic postoperative venous thromboembolism (VTE) and adversely affect overall survival. METHODS We conducted a retrospective review of all cases of surgical(More)
BACKGROUND There are a number of equally efficacious chemotherapy options for the treatment of women with endometrial cancer, all of which work in only a subset of those women with this disease. An in vitro assay performed before therapy initiation to identify the drug(s) most likely to be effective for the individual patient would have clinical utility.(More)
When purchasing a security an investor needs not only have in mind the cash ‡ows that the security will pay into the inde…nite future, he/she must also anticipate his/her desire and ability to resell the security in the marketplace at a later point in time. In this paper, we show that the endogenous stochastic process of the liquidity of securities is as(More)
This paper develops and analyzes a dynamic model of leverage, taking account of tax deductibility of interest payments and the endogenous expected cost of default. The interest rate on debt includes a premium to compensate lenders for expected losses in default. Lenders are unwilling to lend an amount that would trigger immediate default, which places a(More)
I test conditional implications of linear asset pricing models in which variables reflecting changing composition of total wealth capture time-variation in the consumption risk exposures of asset returns. I estimate conditional moments of returns and factor risk prices nonparametrically and show that while the consumption risk of value stocks does increase(More)