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- Faculty Publications (158)
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- October 2000
- Article
The Equity Share in New Issues and Aggregate Stock Returns
By: Malcolm Baker and Jeffrey Wurgler
The share of equity issues in total new equity and debt issues is a strong predictor of U.S. stock market returns between 1928 and 1997. In particular, firms issue more equity than debt just before periods of low market returns. The equity share in new issues has... View Details
- August 2000 (Revised July 2002)
- Background Note
Fundamental Enterprise Valuation: Short- and Long-Term Growth Rates and the Growth Horizon
A technical note that defines short- and long-term growth rates and the growth horizon. View Details
- July 2000 (Revised November 2001)
- Case
Catalyst Medical Solutions
By: Amy C. Edmondson, Richard M.J. Bohmer and Naomi Atkins
Faced with a drop in the NASDAQ, four eHealth entrepreneurs must decide between two distribution strategies for their new company's technology. The team, comprised of three full-time resident physicians and an MBA, has developed software to enable electronic... View Details
- August 1996
- Article
When Do Joint Ventures Create Value?
By: Ashish Nanda and P. Mohanram
Firms enter into joint ventures when their performance is deteriorating. Parent firms earn significant positive returns around announcements. However, at joint venture level, market value weighted return is insignificant. The stock market reacts negatively to ventures... View Details
- January 1996
- Case
Transportation Displays Incorporated (C): The Case for a Preemptive Restructuring
By: Stuart C. Gilson, Joel T. Schwartz, Steve Silver and David Stemerman
A company nears the end of a long multiyear turnaround and now must consider how to "cash out" so its management can realize a financial return on investment. The privately held company has several options, including a leveraged ESOP and a leveraged recapitalization. View Details
- March 1995 (Revised April 1995)
- Case
UAL Corporation
By: Stuart C. Gilson and Jeremy Cott
In the largest attempted employee-buyout in history, a large U.S. commercial airline seeks substantial wage concessions from its employees in return for 53% stake in the airline's commmon stock and guaranteed seats on the board of directors. Management must convince... View Details
- April 1993 (Revised December 1994)
- Case
Lehman Brothers and the Securitization of American Express Charge-Card Receivables
By: Andre F. Perold and Kuljot Singh
In early 1992, Lehman Brothers had received a mandate from its affiliate, American Express Travel Related Services (TRS) Co., to securitize a portion of its consumer charge-card receivables portfolio. It is now July 22, and Lehman and TRS have just returned from a... View Details
- October 1990
- Article
Troubled Debt Restructurings: An Empirical Analysis of Private Reorganization of Firms in Default
By: S. C. Gilson, J. Kose and L. H. P. Kang
This study investigates the incentives of financially distressed firms to restructure their debt privately rather than through formal bankruptcy. In a sample of 169 financially distressed companies, about half successfully restructure their debt outside of Chapter 11.... View Details
- 1987
- Working Paper
Tests of Excess Forecast Volatility in the Foreign Exchange and Stock Markets
By: K. A. Froot
Simple regression tests that have power against the alternatives that asset prices and expected future asset returns are excessively volatile are developed and performed for the foreign exchange and stock markets. These tests have a number of advantages over... View Details
- February 1983
- Article
Effects of Nominal Contracting on Stock Returns
By: K. French, G. W. Schwert and R. S. Ruback
- November 1981
- Article
Effects of Nominal Contracting on Stock Returns
By: K. French, G. W. Schwert and R. S. Ruback
- January–February 1976
- Article
Option Pricing When Underlying Stock Returns are Discontinuous
By: Robert C. Merton
- Research Summary
Corporate Governance
The characteristics and structure of boards of directors have important implications for firm performance. Professor Wang has found that firms with well-connected boards whose members have strong network connections provide economic benefits that are not immediately... View Details
- Forthcoming
- Article
The Stock Market and Bank Risk-Taking
By: David S. Scharfstein and Antonio Falato
We argue that stock market pressure to generate earnings encourages banks to increase risk. We measure risk using confidential supervisory ratings as well as financial information released in regulatory filings. We document that there is an increase in the risk-taking... View Details
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