William F. Maxwell

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We develop a simple model of the effect of transaction reporting on trade execution costs and test it using a sample of institutional trades in corporate bonds, before and after the initiation of public transaction reporting through the TRACE system. The results indicate a reduction of approximately 50% in trade execution costs for bonds eligible for TRACE(More)
We examine the relation between the cost of debt financing and a governance index that contains various antitakeover and shareholder protection provisions. Using firm-level data from the Investors Research Responsibility Center for the period 1990 through 2000, we find that antitakeover governance provisions lower the cost of debt financing. Segmenting the(More)
Current risk assessment methodologies separate the analysis of market and credit risk and thus misestimate security and portfolio risk levels. We propose a new approach that relates financial market volatility to firm specific credit risk and integrates interest rate, interest rate spread, and foreign exchange rate risk into one overall fixed income(More)
We study the impact of a powerful non-financial stakeholder – unionized workers – on the pricing of corporate debt. Firms in more unionized industries have lower bond yields. This relation is stronger in firms with weaker financial conditions and cannot be explained by the correlation of unionization with industry characteristics, governance mechanisms, or(More)
We estimate trade execution costs for a sample of institutional (insurance company) trades in corporate bonds before and after the initiation of public transaction reporting for some bonds through the TRACE system in July 2002. The results indicate a remarkable 50% reduction in trade execution costs for bonds eligible for TRACE transaction reporting, and a(More)
Studies of stock mutual funds find little evidence of persistence in performance. The most common interpretation for such limited persistence is that dispersion in performance is driven largely by managers luck. However, Berk and Green (2004) argue that diseconomies of scale in mutual funds erode persistence. In contrast to the findings of diseconomies of(More)
........................................................................................................................7 INTRODUCTION ...............................................................................................................8 1. SAMPLE CONSTRUCTION AND SUMMARY STATISTICS .................................14 1.1 Measuring Distress Risk(More)
PURPOSE To present original research of a retrospective study of telephone calls by nurse practitioners (NP) to geriatric primary care patients over the period of one year in a Veteran's Administration primary care clinic in the southeast. DATA SOURCES A convenience sample of the electronic patient progress notes labeled "telephone call" of three full(More)
Das leichte Schädel-Hirn-Trauma („minor traumatic brain injury“, mTBI) wird im Sport oft bagatellisiert. Der behandelnde Arzt geht meist davon aus, dass es sich hierbei in den meisten Fällen um eine nicht strukturelle Hirnverletzung handelt, die in jedem Fall eine blande Prognose hat. Dieser Artikel zeigt, dass es sich auch bei einer mTBI um eine(More)