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Journal Article
A look at America's corporate finance markets
Journal Article
Recent developments in the market for privately placed debt
Conference Paper
Evidence on Japanese corporate ownership
Working Paper
The structure of corporate ownership in Japan
Discussion Paper
The economics of the private equity market.
The private equity market has become an important source of funds for start-up firms, private middle-market firms, firms in financial distress, and public firms seeking buyout financing. Between 1980 and 1994, the amount of private equity outstanding rose from less than $5 billion to $100 billion. Despite the market's extraordinary growth and its importance to many types of firms, it has received little attention in the financial press or the academic literature. ; This study examines the economic foundations of the private equity market and discusses in detail the market's organizational ...
Conference Paper
Alternative methods of corporate control in commercial banks
Journal Article
Stock market fundamentals
Working Paper
What's good for GM...? Using auto industry stock returns to forecast business cycles and test the Q-theory of investment
We examine the ability of auto industry stock returns to forecast quarterly changes in the growth rates of real GDP, consumption, and investment. We find that auto stock returns are superior to aggregate stock market returns in predicting growth rates of GDP and various forms of consumption. The superior predictive power of auto returns holds for both in-sample and out-of-sample forecasts and has not declined over time. We then apply a finding in this paper---that market returns have no explanatory power for future output or consumption growth when auto returns are included in the ...
Journal Article
Recent developments in corporate finance