The literature offers many explanations for why the IPO market cycles from hot to cold. These
include theories in which hot markets represent clusters of IPOs in a new industry, and …

Corporate bond spreads are affected by both credit risk and liquidity and it is difficult to
disentangle the two factors empirically. In this paper we separate out the credit risk component by …

Many theoretical bond pricing models predict that the credit yield curve facing risky bond
issuers is downward‐sloping. Previous empirical research (Sarig and Warga (1989), Fons (…

The observed differences in wages across industries may arise from a lack of worker mobility,
particularly among experienced workers, allowing the effects of industry shocks to persist …

This article empirically tests five structural models of corporate bond pricing: those of Merton
(1974) , Geske (1977) , Longstaff and Schwartz (1995) , Leland and Toft (1996) , and Collin-…

Empirical tests of reduced form models of default attribute a large fraction of observed credit
spreads to compensation for jump-to-default risk. However, these models preclude a" …

This article examines underpricing of initial public offerings (IPOs) and seasoned offerings in
the corporate bond market. We investigate whether underpricing represents a solution to an …

We examine the relation between institutional investors and management discipline over
the last several decades to better understand how CEO turnover has increased. Using a …

We test the pecking order model of capital structure by examining the financing of firms that
went public in 1983. We estimate a logit to predict external financing, and a multinomial logit …

We examine the evolution of insider ownership of IPO firms from 1970 to 2001 to understand
how US firms become widely held. A majority of these firms has insider ownership below 20…