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We study the behavior of credit and output across a financial crisis cycle using information from credit spreads. We show the… Expand This article examines the link between the opportunity cost of money and time-varying liquidity premia of near-money assets… Expand type="main"> We investigate the relationship between ex ante total skewness and holding returns on individual equity options… Expand How do differences of opinion affect asset prices? Do investors earn a risk premium when disagreement arises in the market… Expand Is competition sufficient to induce transparency in financial markets? We examine this question taking into consideration that… Expand The political environment in which a firm operates affects a firm's optimal capital structure. Politicians frequently derive a… Expand This paper documents a strong relationship between short-run reversals and stock illiquidity, even after controlling for trading… Expand We present a novel approach to dynamic portfolio selection that is no more difficult to implement than the static Markowitz model… Expand Most term structure models assume bond markets are complete, that is, that all fixed income derivatives can be perfectly… Expand In existing models of information acquisition, all informed investors receive their information at the same time. This article… Expand