THE UNIVERSITY OF CHICAGO
Graduate School of Business
5807 South Woodlawn
Chicago, IL 60637

Center for Research in Security Prices
Working Paper Series

Listed below are working papers and reprints from the CRSP Working Paper Series. Some of the papers are downloadable free of charge, reprints are not downloadable. We are no longer accepting payments for hard copies. Please contact the authors direclty for additional copies. All inquiries regarding this site should be sent to allison.harris@ChicagoGSB.edu (773) 834-2079. Please refer to appropriate Working Paper or Reprint numbers.

 

412. CAMPBELL, JOHN Y. and JOHN H. COCHRANE, "By Force of Habit: A Consumption-Based Explanation of Aggregate Stock Market Behavior," August 1994, Revised May 1998. 

423. RAJAN, RAGHURAM G. and LUIGI ZINGALES, "The Tyranny of Inequality," revised May 1999.

430. COCHRANE, JOHN H. and JESÚS SAÁ-REQUEJO, "Beyond Arbitrage: "Good-Deal" Asset Price Bounds in Incomplete Markets," January 1998.

447.   FAMA, EUGENE F., "Determining the Number of Priced State Variables in the ICAPM." See Reprint No. 338.

448.   FAMA, EUGENE F, "Market Efficiency, Long-Term Returns, and Behavioral Finance." See Reprint No. 340.

449.   FAMA, EUGENE F. and KENNETH R. FRENCH, "Value Versus Growth: The International Evidence." See Reprint No. 341.

450.   KAPLAN, STEVEN N., MARK L. MITCHELL, and KAREN H. WRUCK, "A Clinical Exploration of Value Creation and Destruction in Acquisitions: Organizational Design, Incentives, and Internal Capital Markets," July 1997.

451.    LAMONT, OWEN, CHRISTOPHER POLK, and JESUS SAA-REQUEJO, "Financial Constraints and Stock Returns."   See Reprint No. 378.

452.    HARRIS, MILTON and ARTUR RAVIV, "Capital Budgeting and Delegation," May 1997. See Reprint No. 343.

453.    MITCHELL, MARK L. and ERIK STAFFORD," Managerial Decisions and Long-Term Stock Price Performance," June 1997, revised October 1999.

454.   NO LONGER AVAILABLE.

455.   BENARTZI, SHLOMO, RONI MICHAELY, and RICHARD THALER, "Do Changes in Dividends Signal the Future or the Past?," June 1997.

456.   FAMA, EUGENE F. and KENNETH R. FRENCH, "Forecasting Profitability and Earnings." See Reprint No. 358.

457.    CONSTANTINIDES, GEORGE M., JOHN B. DONALDSON and RAJNISH MEHRA, "Junior Can't borrow: A New Perspective on the Equity Premium Puzzle."  See Reprint No. 377.

458. SCHULTZ, PAUL, "Why do Stocks Split? The Optimal Tick Size and Preferred Price Range Hypotheses," November 1997.

459.    STROMBERG, PER, "Conflicts of  Interest and Market Illiquidity in Bankruptcy Auctions:  Theory and Tests," revised January, 2000.

460.    KROSZNER, RANDALL S. and PHILIP E. STRAHAN, "What Drives Deregulation? Economics and Politics of the Relaxation of Bank Branching Restrictions," previously titled, "The Political Economy of Deregulation: Evidence from the Relaxation of Bank Branching Restrictions in the United States," November 1997. Revised December 1998.

461.   HOLDERNESS, CLIFFORD G., RANDALL S. KROSZNER and DENNIS P. SHEEHAN, "Were the Good Old Days That Good? Changes in Managerial Stock Ownership Since the Great Depression,". See Reprint No. 348.

462. VERONESI, PIETRO, "How Does Information Quality Affect Stock Returns?." See Reprint No. 361.

463.    RAJAN, RAGHURAM, HENRY SERVAES and LUIGI ZINGALES, "The Cost of Diversity: The Diversification Discount and Inefficient Investment." See Reprint No. 357.

464.    RAJAN, RAGHURAM G., "The Past and Future of Commercial Banking Viewed Through an Incomplete Contract Lens." See Reprint No. 337.

465.    KROSZNER, RANDALL S. and  THOMAS STRATMANN, "Interest Group Competition and the Organization of Congress: Theory and Evidence from Financial Services', Political Action Committees." See Reprint No. 349.

466.    PENATI, ALESSANDRO and LUIGI ZINGALES, "Efficiency and Distribution in Financial Restructuring: The Case of the Ferruzzi Group," December 1997.

467.    No Longer Available.

468.    No Longer Available.

469. FAMA, EUGENE F. and KENNETH R. FRENCH, "The Corporate Cost of Capital and the Return on Corporate Investment," See Reprint No. 355.

470. RUSSELL, JEFFREY R. and ROBERT F. ENGLE, "Econometric Analysis of Discrete-valued Irregularly-spaced Financial Transactions Data Using a New Autoregressive Conditional Multinomial Model," April 1998. 

471. DAVIS, JAMES, EUGENE F. FAMA and KENNETH R. FRENCH, "Characteristics, Covariances, and Average Returns: 1929-1997." See Reprint No. 359.

 472. KROSZNER, RANDALL S., "On the Political Economy of Banking and Financial Regulatory Reform in Emerging Markets." See Reprint No. 350.

473. KROSZNER, RANDALL S., "Testimony of Randall S. Kroszner Before the Committee on Banking and Financial Services, U.S. House of Representatives, April 29, 1998."

474. VERONESI, PEITRO, "Stock Market Overreaction to Bad News in Good Times: A Rational Expectations Equilibrium Model." See Reprint No. 353.

475. BARLEVY, GADI and PIETRO VERONESI, "Uninformed Trading in the Stock Market." NOTE: This paper now combined with Working Papers #483 and 484.

476. DIAMOND, DOUGLAS W. and RAGHURAM G. RAJAN, "Liquidity Risk, Liquidity Creation and Financial Fragility: A Theory of Banking.  See Reprint No. 365.

477. NOVAES, WALTER and LUIGI ZINGALES,  Bureaucracy as a Mechanism to Generate Information,” April 1998, revised May 2003.

478. COCHRANE, JOHN H., "Long-term Debt and Optimal Policy in the Fiscal Theory of the Price Level," October 1998.

479. COCHRANE, JOHN H., "A Frictionless View of U.S. Inflation," June 1998. 

480. MOSKOWITZ, TOBIAS J. and MARK GRINBLATT, "Do Industries Explain Momentum?." See Reprint No. 352.

481. KROSZNER, RANDALL S., "Is it Better to Forgive than to Receive? Repudiation of the Gold Indexation Clause in Long-Term Debt During the Great Depression," October 1998, revised April 1999.

482. KROSZNER, RANDALL S. and PHILIP E. STRAHAN, "Bankers on Boards: Monitoring, Financing, and Conflicts of Interest," August 1998, revised February 1999.

 

483. BARLEVY, GADI and PIETRO VERONESI, "Rational Panics and Stock Market Crashes.”  See Reprint No. 388.

484. BARLEVY, GADI and PIETRO VERONESI, "Information Acquisition in Financial Markets." See Reprint No. 360.

485. DAVID, ALEXANDER and PIETRO VERONESI, "Option Prices with Uncertain Fundamentals: Theory and Evidence on the Dynamics of Implied Volatilities," November 1998, revised November 2000.

486. RAJAN, RAGHURAM G., and LUIGI ZINGALES, "Which Capitalism? Lessons from the East Asian Crisis," December 1998, revised July 1999.

487. RAJAN, RAGHURAM G., and LUIGI ZINGALES, "The Governance of the New Enterprise," December 1998.

488. LAMONT, OWEN, "Investment Plans and Stock Returns."  See Reprint No. 379.

489. LAMONT, OWEN, "Economic Tracking Portfolios."   See Reprint No. 381.

490. COCHRANE, JOHN H., "New Facts in Finance," June 1999.

491. COCHRANE, JOHN H., "Portfolio Advice for a Multifactor World," June 1999.

492. KROSZNER, RANDALL S., "Is the Financial System Politically Independent? Perspectives on the Political Economy of Banking and Financial Regulation," June 1999.

493. KROSZNER, RANDALL S., "Can the Financial Markets Privately Regulate Risk? The Development of Derivatives Clearing Houses and Recent Over-the Counter Innovations," March 1999.

494. BARBERIS, NICHOLAS, MING HUANG, and TANO SANTOS, "Prospect Theory and Asset Prices." See Reprint No. 366.

495. CONSTANTINIDES, GEORGE M., and THALEIA ZARIPHOPOULOU, "Bounds on Derivative Prices in an Intertemporal Setting with Proportional Transaction Costs and Multiple Securities."  See Reprint No. 372.

496. KUMAR, KRISHNA B., RAGHURAM G. RAJAN, and LUIGI ZINGALES, "What Determines Firm Size?", June 1999, revised March 2001.

497. PÁSTOR, LUBOŠ and ROBERT F. STAMBAUGH, "Comparing Asset Pricing Models: An Investment Perspective," July 1999.

498. PÁSTOR, LUBOŠ, "Portfolio Selection and Asset Pricing Models." See Reprint No. 356.

499. HARRIS, MILTON and ARTUR RAVIV, "Organization Design," July 1999, revised February 2000.

500. MOSKOWITZ, TOBIAS J., "An Analysis of  Covariance Risk and Pricing Anomalies.”  See Reprint No. 387.

501. COVAL, JOSHUA D. and TOBIAS J. MOSKOWITZ, "Home Bias at Home: Local Equity Preference in Domestic Portfolios." See Reprint No. 354.

502. COVAL, JOSHUA D. and TOBIAS J. MOSKOWITZ, "The Geography of Investment: Informed Trading and Asset Prices."   See Reprint No. 368.

503. GRINBLATT, MARK and TOBIAS J. MOSKOWITZ, "The Cross Section of Expected Returns and its Relation to Past Returns: New Evidence."  New Title:  “Predicting Stock Price Movements from Past Returns: The Role of Consistency and Tax-Loss Selling.  See Reprint No. 391.

504. LAMONT, OWEN and CHRISTOPHER POLK, "The Diversification Discount: Cash Flows vs. Returns."  See Reprint No. 380.

505. BRAV, ALON, GEORGE M. CONSTANTINIDES and CHRISTOPHER C. GECZY, "Asset Pricing with Heterogeneous Consumers and Limited Participation: Empirical Evidence," October 1999.

506. FAMA, EUGENE F. and KENNETH R. FRENCH, "Testing Tradeoff and Pecking Order Predictions about Dividends and Debt.”  See Reprint No. 376.

507. GARMAISE, MARK J. and TOBIAS J. MOSKOWITZ, "Confronting Information Asymmetries: Evidence from Real Estate Markets."  See Reprint No. 390.

508. VERONESI, PIETRO and FRANCIS YARED, "Short and Long Horizon Term and Inflation Risk Premia in the US Term Structure: Evidence from an Integrated Model for Nominal and Real Bond Prices under Regime Shifts," December 1999.

509. FAMA, EUGENE F. and KENNETH R. FRENCH, "Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay?."  See Reprint No. 367.

510. MacKINLAY, A. CRAIG and LUBOŠ PÁSTOR, "Asset Pricing Models: Implications for Expected Returns and Portfolio Selection." See Reprint No. 362.

511. GUISO, LUIGI, PAOLA SAPIENZA and LUIGI ZINGALES, "The Role of Social Capital in Financial Development," February 2000, revised May 2001.

512. KROSZNER, RANDALL S. and PHILIP E. STRAHAN, "Obstacles to Optimal Policy: The Interplay of Politics and Economics in Shaping Bank Supervision and Regulation Reforms," February 2000.

513. KAPLAN, STEVEN N. and PER STRÖMBERG, "Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts," March 2000.

514. SANTOS, TANO and JOSÉ A. SCHEINKMAN, "Competition Among Exchanges," April 2000. Competition Plots.

515. ZINGALES, LUIGI, "In Search of New Foundations," May 2000.

516. PASTOR, LUBOS and ROBERT F. STAMBAUGH, "Evaluating and Investing in Equity Mutual Funds, May 2000.

517. GARMAISE, MARK J. and TOBIAS J. MOSKOWITZ, "Brokerage, Intermediation, and Agency: The Financing and Pricing of Commercial Properties," May 2000.

518. DIAMOND, DOUGLAS W. and RAGHURAM G. RAJAN, "Banks, Short Term Debt and Financial Crises: Theory, Policy Implications and Applications."  See Reprint No. 373.

519. PÁSTOR, LUBOŠ and ROBERT F. STAMBAUGH, "The Equity Premium and Structural Breaks," June 2000.

520. SANTOS, TANO and PIETRO VERONESI, "Labor Income and Predictable Stock Returns," June 2000. Revised March 2001.

521. LAMONT, OWEN A. and CHRISTOPHER POLK, "Does Diversification Destroy Value? Evidence from Industry Shocks."  See Reprint No. 382.

522. FAMA, EUGENE, F. and KENNETH R. FRENCH, "The Equity Premium."  See Reprint No. 383. 

523. DAVIS, STEVEN J. and PAUL WILLEN, "Occupation-Level Income Shocks and Asset Returns: Their Covariance and Implications for Portfolio Choice," August 2000.

524. MOSKOWITZ, TOBIAS J. and ANNETTE VISSING-JORGENSEN, “The Returns to Entrepreneurial Investment: A Private Equity Premium Puzzle?.” See Reprint No. 386.

525. RAJAN, RAGHURAM G. and LUIGI ZINGALES, "The Influence of the Financial Revolution on the Nature of Firms," February 2001.

526. RAJAN, RAGHURAM G. and LUIGI ZINGALES, "The Great Reversals: The Politics of Financial Development in the 20th Century,". February 2001. Revised June 2001.

527. PÁSTOR, LUBOŠ and ROBERT F. STAMBAUGH, "Mutual Fund Performance and Seemingly Unrelated Assets.”  See Reprint No. 385.

528. LAMONT, OWEN A. and RICHARD H. THALER, “Can the Market Add and Subtract? Mispricing in Tech Stock Carve-outs,” May 2001.

529. VERONESI, PIETRO, “Belief-dependent Utilities, Aversion to State-Uncertainty and Asset Prices,” August 2001

530. FAMA, EUGENE F. and KENNETH R. FRENCH,  New Lists: Fundamentals and Survival Rates.” Previously titled New Lists and Seasoned Firms: Fundamentals and Survival Rates,”  Revised May 2003.

531. PÁSTOR, LUBOŠ and ROBERT F. STAMBAUGH, “Liquidity Risk and Expected Stock Returns,” August 2001.

532. PÁSTOR, LUBOŠ and ROBERT F. STAMBAUGH, “Investing in Equity Mutual Funds.”  See Reprint No. 384.

533.  JONES, CHARLES M. and OWEN A. LAMONT, “Short Sale Constraints and Stock Returns,” August 2001.

534.  MENZLY, LIOR, TANO SANTOS and PIETRO VERONESI, “Habit Formation and the Cross Section of Stock Returns,” December 2001.

535.  DYCK, ALEXANDER  and LUIGI ZINGALES, “Private Benefits of Control: An International Comparison,” Revised December 2002.

536.  KAPLAN, STEVEN N. and PER STRÖMBERG, “Characteristics, Contracts, and Actions: Evidence From Venture Capitalist Analyses,” January 2002.

537.  PÁSTOR, LUBOŠ, and PIETRO VERONESI, “Stock Valuation and Learning about Profitability.”  See Reprint No. 389.

538.  GUISO, LUIGI, PAOLA SAPIENZA and LUIGI ZINGALES, “Does Local Financial Development Matter?,” April 2003.

539.  AXELSON, ULF, “Security Design With Investor Private Information”, previously titled “Security Design in the Auctioning of Financial Assets,” March 2002.

540.  LAMONT, OWEN A., “Evaluating Value Weighting: Corporate Events and Market Timing,” June 2002.

541.  MENZLY, LIOR, TANO SANTOS, and PIETRO VERONESI, “The Time Series of the Cross Section of Asset Prices,” August 2002.

542.  GUISO, LUIGI, PAOLA SAPIENZA and LUIGI ZINGALES, “People’s Opium? Religion and Economic Attitudes,” August 2002.

543.  DYCK, ALEXANDER and LUIGI ZINGALES, “The Corporate Governance Role of the Media,” August 2002.

544.  BITLER. MARIANNE P., TOBIAS J. MOSKOWITZ and ANNETTE VISSING-JORGENSEN, “Why Do Entrepreneurs Hold Large Ownership Shares? Testing Agency Theory Using Entrepreneur Effort and Wealth.”

545.  COHEN, RANDOLPH, JOSHUA COVAL and LUBOŠ PÁSTOR, “Judging Fund Managers by the Company They Keep,” November 2002.

546.  RAJAN, RAGHURAM G. and LUIGI ZINGALES, “Banks and Markets: The Changing Character of European Finance,” January 2003.

547.  HOU, KEWEI and TOBIAS J. MOSKOWITZ. “Market Frictions, Price Delay, and the Cross-Section of Expected Returns,” April 2003.

548.  PASTOR, LUBOS and PIETRO VERONESI, “Rational IPO Waves,” previously titled, “Stock Prices and IPO Waves.” Revised March 2004.

549.  FAMA, EUGENE F. and  KENNETH R. FRENCH, “Financing Decisions: Who Issues Stock ?.”  Revised April 2004.

550.  FAMA, EUGENE F. and KENNETH R. FRENCH, “The Capital Asset Pricing Model: Theory and Evidence,” January 2004.

551.  KLAPPER, LEORA, LUC LAEVEN and RAGHURAM RAJAN, “Business Environment and Firm Entry: Evidence from International Data,” November 2003.

552.  FAMA, EUGENE F. and KENNETH R. FRENCH,  Disagreement, Tastes, and Asset Prices,” May 2004.

553.  FAMA, EUGENE F., “The Behavior of Interest Rates,” May 2004.

554.  NOVY-MARX, ROBERT, “The Microfoundations of Hot and Cold Markets,” November 2003.

555.  NOVY-MARX, ROBERT, “On the Excess Returns to Illiquidity,” April 2004.

556.  NOVY-MARX, ROBERT, “An Equilibrium Model of Investment Under Uncertainty,” April 2004.

557.  PASTOR, LUBOS, and PIETRO VERONESI, “Was There a Nasdaq Bubble in the Late 1990s?,” June 2004.

558.  FAMA, EUGENE F., and KENNETH R. FRENCH, “Profitability, Growth, and Average Returns,” July 2004.

559. HARRIS, MILTON., and ARTUR RAVIV, " A Theory of Board Control and Size" September 8, 2004.

600. ZINGALES, LUIGI., MIHIR A. DESAI, and ALEXANDER DYCK, " Therft and Taxes" December 2004.

601. ZINGALES, LUIGI, PAOLA SAPIENZA, and LUIGI GUISO, " Cultural Biases in Economic Exchange," December 2004.

602. ZINGALES, LUIGI, PAOLA SAPIENZA, and LUIGI GUISO, " Trusting the Stock Market," September 19, 2005.

603. KAPLAN, STEVE, SENSORY, BERK and STROMBERG, PER, "What are Firms? Evolution from

Birth to Public Companies," January 2005.

604. SAPRA, HARESH, PLANTIN GUILLAUME, and SONG SHIN, HYUN, "Marking-to-Market: Panacea or Pandora’s Box?" December 2004.

605. WEIL, ROMAN, COATES, DOUGLAS and MARAIS, LAURENTIUS, "Audit Committee Financial Literacy: A Work in Progress," March 2005.

606. PÁSTOR, LUBOŠ, and PIETRO VERONESI, "Technological Revolutions and Stock Prices," November 2005.

607. PÁSTOR, LUBOŠ, SINHA, MEENAKSHI and SWAMINATHAN, BHASKARAN, "Estimating the International Risk-Return Tradeoff Using the Implied Cost of Capital" January 2006.

608. ZINGALES, LUIGI, PAOLA SAPIENZA, and LUIGI GUISO, "Does Culture Affect Economic Outcomes?" January 2006.

609. ZINGALES, LUIGI, MORSE, ADAIR and KIM, HAN, E. "Are Elite Universities Losing Their Competitive Edge?" April 2006.

610. FAMA, EUGENE F., and KENNETH R. FRENCH, "Dissectiing Anomalies", June 2006.

611. ZINGALES, LUIGI, PAOLA SAPIENZA, and LUIGI GUISO, "The Cost of Banking Regulation," August 2006.

612. ZINGALES, LUIGI, MORSE, ADAIR and KIM, HAN, E., "What Has Mattered to Economics Since 1970".

613. RAJAN, RAGHURAM G. and LUIGI ZINGALES,"The Persistence of Underdevelopment: Institutions, Human Capital, or Constituencies?" February 2006.

614.FAMA, EUGENE F., and KENNETH R. FRENCH, "Migration", August 2006.

615. KAPLAN, STEVEN and RAUH, JOSHUAD D."Wall Street and Main Street: "What Contributes to the Rise in the Highest Incomes?" September 2006.

616.PÁSTOR, LUBOŠ, TAYLOR, LUCIAN and PIETRO VERONESI, "Entrepreneurial Learning, the IPO Decision, and the Post-IPO Drop in Firm Profitability". December 2006.

617.PÁSTOR, LUBOŠ and ROBERT F. STAMBAUGH," Predictive Systems: Living With Imperfect Predictors", September 2006.

618. ZINGALES, LUIGI., MORSE, ADAIR , and ALEXANDER DYCK "Who Blows the Whistle on Corporate Fraud?", January 2007.

619. FAMA, EUGENE F., and KENNETH R. FRENCH, "Average Returns, B/M, and Share Issues", November 2006.

620. HARRIS, MILTON and ARTUR RAVIV "Control of Corporate Decisions: Shareholders vs. Management", February 2007.

621. ZINGALES, LUIGI, SAPIENZA, PAOLA and TOLDRA, ANNA " Understanding Trust", August 2007.

622. CONSTANTINIDES, GEORGE and ANISHA GHOSHZ "Asset Pricing Tests with Long Run Risks in Consumption Growth", February 2008.

 

 

 

 

Reprints

322. PETERSEN, MITCHELL A. and RAGHURAM G. RAJAN, "Trade Credit: Theories and Evidence," The Review of Financial Studies, Fall 1997. Vol. 10, No. 3.

323. MILLER, MERTON H., "The Future of Futures," Pacific-Basin Finance Journal 5, (1997).

324. LaPORTA, RAFAEL, FLORENCIO LOPEZ-de-SILANES, ANDREI SHLEIFER and ROBERT W. VISHNY, "Legal Determinants of External Finance," The Journal of Finance," Vol. LII, No. 3, July 1997.

325. KROSZNER, RANDALL S. and RAGHURAM G. RAJAN, "Organization Structure and Credibility: Evidence from Commercial Bank Securities Activities Before the Glass-Steagall Act," The Journal of Monetary Economics 39, (1997).

326. DIAMOND, DOUGLAS W., "Liquidity, Banks and Markets," Journal of Political Economy, 1997, Vol. 105, No. 5.

327. BENARTZI, SHLOMO, RONI MICHAELY and RICHARD THALER, "Do Changes in Dividends Signal the Future or the Past?," The Journal of Finance, Vol. 52, No. 3, July 1997.

328. KROSZNER, RANDALL S., "Global Government Securities Markets: Economics and Politics of Recent Market Microstructure Reforms," The Debt Burden and its Consequences for Monetary Policy, edited by Guillermo Calvo and Mervyn King, London: Macmillan, 1997.

329. KAUFMAN, GEORGE G, and RANDALL S. KROSZNER, "How Should Financial Institutions and Markets be Structured? Options for Financial Design," Safe and Sound Financial Systems: What Works for Latin America, edited by Liliana Rojas-Suarez, Inter-American Development Bank - Distributed by The Johns Hopkins University Press: Washington, DC, 1997.

330. PAGANO, MARCO, FABIO PANETTA, and LUIGI ZINGALES, "Why Do Companies Go Public? An Empirical Analysis," The Journal of Finance, Vol. 53, No. 1, February 1998.

331. AÏT-SAHALIA, YACINE , "Dynamic Equilibrium and Volatility in Financial Asset Markets," Journal of Econometrics 84 (1998).

332. AÏT-SAHALIA, YACINE and ANDREW W. LO, "Nonparametric Estimation of State-Price Densities Implicit in Financial Asset Prices," The Journal of Finance, Vol. 53, No. 2, April 1998.

333. JONES, CHARLES M., OWEN LAMONT and ROBIN L. LUMSDAINE, "Macroeconomic News and Bond Market Volatility," Journal of Financial Economics, 47 (1998).

334. FAMA, EUGENE F. and KENNETH R. FRENCH, "Taxes, Financing Decisions, and Firm Value," The Journal of Finance, Vol. 53, No. 3, June 1998.

335. RAJAN, RAGHURAM G. and LUIGI ZINGALES, "Power in a Theory of the Firm," The Quarterly Journal of Economics, May 1998.

336. ZINGALES, LUIGI, "Survival of the Fittest or the Fattest? Exit and Financing in the Trucking Industry," The Journal of Finance, Vol. 53, No. 3, June 1998.

337. RAJAN, RAGHURAM G., "The Past and Future of Commercial Banking Viewed through an Incomplete Contract Lens," Journal of Money, Credit, and Banking, Vol. 30, No. 3 (August 1998, Part 2).

338. FAMA, EUGENE F., "Determining the Number of Priced State Variables in the ICAPM," Journal of Financial and Quantitative Analysis, Vol. 33, No. 2, June 1998.

 339. MYERS, STEWART C. and RAGHURAM G. RAJAN, "The Paradox of Liquidity," The Quarterly Journal of Economics, August 1998.

340. FAMA, EUGENE F., "Market Efficiency, Long-term Returns, and Behavioral Finance," The Journal of Financial Economics, 49 (1998).

341. FAMA, EUGENE F. and KENNETH R. FRENCH, "Value versus Growth: The International Evidence," Journal of Finance, Vol. 53, No. 6, December 1998.

342. KROSZNER, RANDALL, "Rethinking Bank Regulation: A Review of the Historical Evidence," Journal of Applied Corporate Finance, Vol. 11, No. 2, Summer 1998.

343. HARRIS, MILTON and ARTUR RAVIV, "Capital Budgeting and Delegation," Journal of Financial Economics 50 (1998).

344. RAJAN, RAGHURAM G. and LUIGI ZINGALES, "Financial Dependence and Growth," The American Economic Review, Vol. 88, No. 3, June 1998.

345. LAMONT, OWEN, "Earnings and Expected Returns," The Journal of Finance, Vol. 53, No. 5, October 1998.

346. KLIBANOFF, PETER, OWEN LAMONT, and THIERRY A. WIZMAN, "Investor Reaction to Salient News in Closed-End Country Funds," The Journal of Finance, Vol. 53, No. 2, April 1998.

347. CONSTANTINIDES, GEORGE M. and THALEIA ZARIPHOPOULOU, "Bounds on Prices of Contingent Claims in an Intertemporal Economy with Proportional Transaction Costs and General Preferences," Finance and Stochastics 3, (1999).

348. HOLDERNESS, CLIFFORD G., RANDALL S. KROSZNER and DENNIS P. SHEEHAN, "Were the Good Old Days That Good? Changes in Managerial Stock Ownership Since the Great Depression," The Journal of Finance, Vol. 54, No. 2, April 1999.

349. KROSZNER, RANDALL S. and THOMAS STRATMANN, "Interest Group Competition and the Organization of Congress: Theory and Evidence from Financial Services' Political Action Committees," American Economic Review, December 1998.

350. KROSZNER, RANDALL S., "The Political Economy of Banking and Financial Regulatory Reform in Emerging Markets," Research in Financial Services, Vol. 10, 1998.

351. BARBERIS, NICHOLAS, ANDREI SHLEIFER and ROBERT VISHNY," A Model of Investment Sentiment," Journal of Financial Economics, 49, September 1998.

352. MOSKOWITZ, TOBIAS J. and MARK GRINBLATT, "Do Industries Explain Momentum?," The Journal of Finance, Vol. 54, No. 4, August 1999. 

353. VERONESI, PIETRO, "Stock Market Overreaction to Bad News in Good Times: A Rational Expectations Equilibrium Model," The Review of Financial Studies, Winter 1999, Vol. 12, No. 5.

354. COVAL, JOSHUA D. and TOBIAS J. MOSKOWITZ, "Home Bias at Home: Local Equity Preference in Domestic Portfolios," The Journal of Finance, Vol. 54, No. 6, December 1999.

355. FAMA, EUGENE F. and KENNETH R. FRENCH, "The Corporate Cost of Capital and the Return on Corporate Investment," The Journal of Finance, Vol. 54, No. 6, December 1999.

356. PÁSTOR, LUBOŠ, "Portfolio Selection and Asset Pricing Models," The Journal of Finance, Vol. 55, No. 1, February 2000.

357. RAJAN, RAGHURAM, HENRI SERVAES and LUIGI ZINGALES, "The Cost of Diversity: The Diversification Discount and Inefficient Investment," The Journal of Finance, Vol. 55, No. 1, February 2000.

358. FAMA, EUGENE F. and KENNETH R. FRENCH, "Forecasting Profitability and Earnings," Journal of Business, 2000, Vol. 73, No. 2.

359. DAVIS, JAMES L., EUGENE F. FAMA and KENNETH R. FRENCH, "Characteristics, Covariances, and Average Returns: 1929 to 1997," The Journal of Finance, Vol. 55, No. 1, February 2000.

360. BARLEVY, GADI and PIETRO VERONESI, "Information Acquisition in Financial Markets," Review of Economic Studies (2000), 67.

361. VERONESI, PIETRO, "How Does Information Quality Affect Stock Returns?," The Journal of Finance, Vol. 55, No. 2, April 2000.

362. MacKINLAY, A. CRAIG and LUBOŠ PÁSTOR, "Asset Pricing Models: Implications for Expected Returns and Portfolio Selection," The Review of Financial Studies, Winter 2000, Vol. 13, No. 4.

363. DIAMOND, DOUGLAS W., and RAGHURAM G. RAJAN, "A Theory of Bank Capital," The Journal of Finance, Vol. 55, No. 6, December 2000

364. BARBERIS, NICHOLAS, “Investing for the Long Run when Returns are Predictable,” The Journal of Finance, Vol. 55, No. 1, February 2000.

365. DIAMOND, DOUGLAS W., and RAGHURAM G. RAJAN, “Liquidity Risk, Liquidity Creation, and Financial Fragility: A Theory of Banking,” Journal of Political Economy, 2001, Vol. 109, No. 21.

366. BARBERIS, NICHOLAS, MING HUANG and TANO SANTOS, “Prospect Theory and Asset Prices,” The Quarterly Journal of Economics, Vol. CXVI, February 2001, Issue 1.

367.  FAMA, EUGENE F. and Kenneth R. French, “Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to pay?,” Journal of Financial Economics, 60 (2001).

368.  COVAL, JOSHUA D. and TOBIAS J. MOSKOWITZ, “The Geography of Investment: Informed Trading and Asset Prices,” Journal of Political Economy, 2001, Vol. 109, No. 4. 

369.  BARBERIS, NICHOLAS and MING HUANG, “Mental Accounting, Loss Aversion, and Individual Stock Returns,” The Journal of Finance, Vol. 56, No. 4, August 2001.

370.  RAJAN, RAGHURAM G. and LUIGI ZINGALES, “The Firm as a Dedicated Hierarchy: A Theory of the Origins and Growth of Firms,” The Quarterly Journal of Economics, August 2001.

371.  PÁSTOR,  LUBOŠ and ROBERT F. STAMBAUGH, “The Equity Premium and Structural Breaks,” The Journal of Finance, Vol. 56, No. 4, August 2001.

372.  CONSTANTINIDES, GEORGE M., and THALEIA ZARIPHOPOULOU, “Bounds on Derivative Prices in an Intertemporal Setting with Proportional Transaction Costs and Multiple Securities,” Mathematical Finance, Vol. 11, No. 3 (July 2001).

373.  DIAMOND, DOUGLAS W. and RAGHURAM G. RAJAN, “Banks, Short-term Debt and Financial Crises: Theory, Policy Implications and Applications,” Carnegie-Rochester Conference Series on Public Policy, 54 (2001). 

374.  BALL, RAY, S. P. KOTHARI and ASHOK ROBIN, “The Effect of International Institutional Factors on Properties of Accounting Earnings,” “Journal of Accounting and Economics, Vol. 29, (2000).

375.  BALL, RAY, “Infrastructure Requirements for an Economically Efficient System of Public Financial Reporting and Disclosure,” Brookings-Wharton Papers on Financial Services, Brookings Institution Press, 2001.

376.  FAMA, EUGENE F. and KENNETH R. FRENCH, “Testing Trade-Off and Pecking Order Predictions About Dividends and Debt,” The Review of Financial Studies, Spring 2002, Vol. 15, No. 1.

377.  CONSTANTINIDES, GEORGE M., JOHN B. DONALDSON, and RAJNISH MEHRA, “Junior Can’t Borrow: A New Perspective on the Equity Premium Puzzle,” The Quarterly Journal of Economics, February 2002.

378.  LAMONT, OWEN, CHRISTOPHER POLK and JESÚS SAÁ REQUEJO, “Financial Constraints and Stock Returns,” The Review of Financial Studies, Summer 2001, Vol. 14, No. 2.

379.  LAMONT, OWEN A., “Investment Plans and Stock Returns,” The Journal of Finance, Vol. 55, No. 6, Dec. 2000.

380.  LAMONT, OWEN A. and  CHRISTOPHER POLK, “The Diversification Discount: Cash Flows versus Returns,” The Journal of Finance, Vol. 56, No. 5, October 2001.

381.  LAMONT, OWEN A., “Economic Tracking Portfolios,” Journal of Econometrics, 105 (2001).

382.  LAMONT, OWEN A. and CHRISTOPHER POLK, “Does Diversification Destroy Value? Evidence from the Industry Shocks,” Journal of Financial Economics, 63 (2002).

383.  FAMA, EUGENE F. and KENNETH R. FRENCH, “The Equity Premium,” The Journal of Finance, Vol. 57, No. 2, April 2002.

384.  PASTOR, LUBOS and ROBERT F. STAMBAUGH, “Investing in Equity Mutual Funds,” Journal of Financial Economics, 63 (2002). 

385.  PASTOR, LUBOS and ROBERT F. STAMBAUGH, “Mutual Fund Performance and Seemingly Unrelated Assets,” Journal of Financial Economics, 63 (2002).

386.  MOSKOWITZ, TOBIAS J. and ANNETTE VISSING-JORGENSEN, “The Returns to Entrepreneurial Investment: A Private Equity Premium Puzzle?,” The American Economic Review, Vol. 92, No. 4, September 2002.

387.  MOSKOWITZ, TOBIAS J., “An Analysis of Covariance Risk and Pricing Anomalies,” The Review of Financial Studies, Summer 2003, Vol. 16, No. 2.

388.  BARLEVY, GADI and PIETRO VERONESI, “Rational Panics and Stock Market Crashes,” Journal of Economic Theory, 110 (2003).

389.  PASTOR, LUBOS and PIETRO VERONESI, “Stock Valuation and Learning about Profitability,” The Journal of Finance, Vol. 58, No. 5, October 2003.

390.  GARMAISE, MARK J., and TOBIAS J. MOSKOWITZ, “Confronting Information Asymmetries: Evidence from Real Estate Markets,” The Review of Financial Studies, Vol. 17, No. 2.

391.  GRINBLATT, MARK, and TOBIAS J. MOSKOWITZ, “Predicting Stock Price Movements from Past Returns: The Role of Consistency and Tax-loss Selling,” Journal of  Financial Economics, 71 (2004).

 

 

 


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