In the last several years, there has been increased theoretical emphasis on the agent-principal
problem as it applies to corporate finance. This paper is an attempt to empirically test for …

With the growth in the market for interest rate swaps has come a growing need to understand
the potential default risks of these instruments. In general, swap participants can deal with …

… Sorensen was the global head of Quantitative Research and a chief investment officer at
Putnam Investments. Prior to joining Putnam Investments, Dr. Sorensen was global head of …

Systematic use of dividend discount models has the potential to add value to the portfolio
management process. Using consensus forecasts of earnings growth, the authors tested four …

Quantitative investment managers seek to narrow the investable universe to a manageable
number of stocks that have desirable characteristics. An alternative approach to traditional …

With the recent difficulty in beating the S&P 500 Index, the debate over active versus passive
investing has risen to a new level of importance. We provide a framework for analyzing the …

This paper examines the demand for municipal bond insurance in the context of a competitive
signaling equilibrium model. The study compares the pricing of new bond issues that are …

Most of the risk associated with fixed income price movements is accounted for by their
duration-that is, their sensitivity to changes in the discount rate. Thus, for bonds, duration and …

Received monetary theory supports the existence of a strong relationship between monetary
activity and stock prices. Following the work of Friedman and Schwartz [8], relating money …

THIS STUDY OF NEW issues of corporate bonds has two objectives. The first objective is to
compare interest costs of corporate bonds sold by competitive bid with comparable bonds …