This paper addresses the issue of whether firms are required to pay an ex ante premium to
investors for bearing the risk of interest‐rate changes. A two‐factor APT model with the …

Empirical research typically relies on book rather than market value of debt, though theory is
virtually always in terms of market values. This paper documents how book value …

This article provides the first microstructure analysis of the time series relationship between
bid-ask spreads and volatility and volume in the market for corporate bonds. The market we …

… Radcliffe, Warga, and Willett correctly pointed out that the influence of MlROw is not helpful
in predicting changes in US nominal GNP. Myles Wallace (1983) showed that domestic price …

We would like to report mean effective bid-ask spreads by rating and other bond characteristics
for the overall sample, by retail-only matches, and finally by institutional-only matches. …

Ronald McKinnon has argued that because of international currency substitution," In general,
growth in the world money supply is a better predictor of American price inflation than is …

The authors show that estimates of risk premia on the market based on capital asset pricing
models or arbitrage pricing theories can only be estimates of the ex post or sample risk …

Previous marketing research has been trying to identify a stronger and more enduring predictor
of brand loyalty than customer satisfaction in competitive markets. Perceived value, the …

The two sources of generally available corporate bond prices are exchange prices (eg, New
York or American Stock Exchange) and institutional prices from major over-the-counter …

In estimating empi rical versions of either the CAPM or the APT with previous methodologies,
it is not possible to obtain estimates of the ex ante risk premium on the market (Black, …