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Department of Finance Newsletters and Research

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Publications

2009

Getting Out Early: An Analysis of Market Making Activity at the Recommending Analyst's Firm Journal of Finance by Laura Lindsey Jennifer Juergens October,  2009 Why do U.S. Firms Hold so Much More Cash than They Used To? Journal of Finance by Thomas Bates Kathleen Kahle Rene Stultz October,  2009

Equity or Cash? The Signal Sent by the Way You Pay Harvard Business Review by Marie Sushka Ulrich Hege May,  2009

Affiliated Mutual Funds and Analyst Optimism Journal of Financial Economics by Simona Mola 2009 Behavioral and Rational Explanations of Stock Price Performance Around SEOs: Evidence From a Decomposition of Market-to-Book Ratios Journal of Financial and Quantitative Analysis by Michael Hertzel Zhi Li 2009 Inference from Streaks in Random Outcomes: Experimental Evidence on Beliefs in Regime-Shifting and the Law of Small Number Management Science by Michael Hertzel Elena Asparouhova Michael Lemmon 2009

2008

Structuring CMOs, IOs, and POs by Andrew Davidson Anthony Sanders Ann Ching Lan-Ling Wolff September,  2008

Inter-firm Linkages and the Wealth Effects of Financial Distress along the Supply Chain," Journal of Financial Economics by Michael Hertzel Zhi Li Micah Officer Kimberly Rodgers February,  2008

Blurring Firm Boundaries: The Role of Venture Capital in Strategic Alliances Journal of Finance by Laura Lindsey 2008 Board Classification and Managerial Entrenchment: Evidence from the Market for Corporate Control Journal of Financial Economics by Thomas Bates David Becher Michael Lemmon 2008 Building Relationships Early: Banks in Venture Capital Review of Financial Studies by Laura Lindsey Thomas Hellmann Manju Puri 2008 The Interaction of MBS Markets and Primary Mortgage Rates The Journal of Structured Finance by Anand Bhattacharya W. Berliner F. Fabozzi 2008

2007

Portfolio Performance Evaluation by George Aragon Wayne Ferson September,  2007

Analyzing Joint Ventures as Corporate Control Activities Journal of Banking and Finance by Myron Slovin Marie Sushka Tomas Mantecon 2007 Equity and Cash in Intercorporate Asset Sales: Theory and Evidence Review of Financial Studies by Ulrich Hege Stefano Lovo Myron Slovin Marie Sushka 2007 The Performance Persistence of Equity Long/Short Hedge Funds by Werner Bonadurer 2007 Share restrictions and asset pricing: evidence from the hedge fund industry Journal of Financial Economics by George Aragon 2007 Shareholder Welfare in Minority Freeze-out Bids: Are Legal Protections Sufficient? Evidence from the U.S. Market Journal of Institutional Comparisons by Thomas Bates James Linck 2007 Subordination Levels in Structured Financing by Anthony Sanders Yongheng Deng Xudong An 2007

2006

Incoporating the Dynamic Link between Mortgage and Treasury Markets in Pricing and Hedging MBS Journal of Fixed Income by Anand Bhattacharya S. Aryasomayajula F. Fabozzi September,  2006

Managerial incentives and risk-taking Journal of Financial Economics by Jeffrey Coles Naveen Daniel Lalitha Naveen February,  2006

Earnings Management Around Employee Stock Option Reissues Journal of Accounting and Economics by Michael Hertzel Jeffrey Coles Swaminathan Kalpathy January,  2006

Competition among Regulators and Credit Market Integration Journal of Financial Economics by Robert Marquez Giovanni Dell'Ariccia 2006 Competition and Strategic Information Acquisition in Credit Markets Review of Financial Studies by Robert Marquez Robert Hauswald 2006 The Financial Accelerator in Household Spending: Evidence from International Housing Markets Review of Finance by Heitor Almeida Murillo Campello Crocker Liu 2006 Lending Booms and Lending Standards Journal of Finance by Giovanni Dell'Ariccia Robert Marquez 2006

2005

Does Regulatory Capital Arbitrage or Asymmetric Information Drive Securitization? Journal of Financial Services Research by Anthony Sanders Brent Ambrose Michael LaCour-Little October,  2005 The Market Impact of Trends and Sequences in Performance: New Evidence Journal of Finance by Michael Hertzel Greg Durham J. Spencer Martin October,  2005 Methods of Payment in Asset Sales: Contracting with Equity versus Cash Journal of Finance by M Slovin Marie Sushka John Polonchek October,  2005

Ala Carte' Prepayments Journal of Portfolio Management by Anand Bhattacharya S. Banerjee L. Malozemov S. Aryasomayajula 2005 Barriers to Home-ownership and Housing Quality: The Impact of the International Mortgage Market Journal of Housing Economics by Anthony Sanders 2005 The Equilibrium Allocation of Diffusive and Jump Risks with Heterogeneous Agents Journal of Economic Dynamics and Control by Stephan Dieckmann M Gallmeyer 2005 An Examination of the Asian Crisis: Information Spillover, Herding, and Regime Shifts Journal of Business by Jarl Kallberg Crocker Liu Paolo Pasquariello 2005 Parcel Size and Land Value: Plottage and Plattage Revisited Journal of Real Estate Research by Karl L Guntermann Gareth Thomas 2005 REIT IPOs and the Underlying Real Asset Market Journal of Real Estate Economics by Jay Hartzell Jarl Kallberg Crocker Liu 2005 REITs, IPO Waves, and Long Run Performance Real Estate Economics by Anthony Sanders Richard Buttimer David Hyland 2005 Shared Appreciation Mortgages: The UK Experience Journal of Housing Economics by Anthony Sanders 2005 What Motivates Managers? Evidence from Organizational Form Changes Journal of Corporate Finance by Aswath Damodaran Kose John Crocker Liu 2005

2004

Equity ownership and firm value: Evidence from targeted stock repurchases Financial Review by Michael Hertzel Saeyoung Chang August,  2004

Discounting and Clustering in Seasoned Equity Offering Prices Journal of Financial and Quantitative Analysis by Simona Mola Tim Loughran March,  2004

The Dynamics of Quality Setting and Reputation: The Case of Real Estate Limited Partnerships Journal of Financial and Quantitative Analysis BAK by Jarl Kallberg Crocker Liu Arnand Srinivasan 2004 The Effect of Conforming Loan Status on Mortgage Yield Spreads: A Loan Level Analysis Real Estate Economics by Anthony Sanders Brent Ambrose Michael LaCour-Little 2004 Information and Bank Credit Allocation Journal of Financial Economics by Robert Marquez Giovanni Dell'Ariccia 2004 Legal Restrictions in Personal Loan Markets Journal of Real Estate Finance and Economics by Anthony Sanders Brent Ambrose 2004 Loss of Age Restricted Status and Property Values: Youngtown Arizona Journal of Real Estate Research by Karl L Guntermann Gareth Thomas 2004

2003

International Real Estate Returns: A Multifactor, Multicountry Approach Real Estate Economics by Anthony Sanders Andrew Karolyi Shaun Bond September,  2003

Commercial Mortgage (CMBS) Default and Prepayment Analysis Journal of Real Estate Finance and Economics by Anthony Sanders Brent Ambrose May,  2003

New Evidence on the Market for Directors: Board Membership and Pennsylvania Senate Bill 1310 Journal of Finance by Jeffrey Coles Chun-Keung Hoi February,  2003

Evaluating Stock Price Volatility: The Case of REITs Journal of Real Estate Economics by Jarl Kallberg Crocker Liu Arnand Srinivasan 2003 Information Technology and Financial Services Competition Review of Financial Studies by Robert Marquez Robert Hauswald 2003 Underwriter Reputation, IPO Initial Returns, and the Matthew Effect Finanza Marketing & Produzione, by Simona Mola 2003

2002

Government Sponsored Enterprises: Do the Benefits Outweigh the Costs? Journal of Real Estate Finance and Economics by Anthony Sanders December,  2002 Long-run Performance Following Private Placements of Equity Journal of Finance by Michael Hertzel Michael Lemmon James Linck Lynn Rees December,  2002

Age Restriction and Property Values Journal of Real Estate Research by Karl L Guntermann S. Moon 2002 Competition, Adverse Selection, and Information Dispersion in the Banking Industry Review of Financial Studies by Robert Marquez 2002 Mobile Homes, Affordability and the Housing for Older Persons Act of 1995 Journal of Housing for the Elderly by Karl L Guntermann 2002 Regime Shifts in Asian Equity and Real Estate Markets Journal of Real Estate Economics by Jarl Kallberg Crocker Liu Paolo Pasquariello 2002

2001

Managerial Ownership, Incentive Contracting, and the Use of Zero-Cost Collars and Equity Swaps by Corporate Insiders Journal of Financial and Quantitative Analysis by Carr Bettis John Bizjak Michael Lemmon September,  2001

Clarification and Extension of Beaver's Definitions of Market Informational Efficiency: A Note Abacus by Carr Bettis Don Vickrey June,  2001

Competitive Iimpact of Strategic Restructuring: Evidence From the Telecommunications Industry Industrial and Corporate Change by Michael Hertzel Janet Smith Richard Smith 2001 A Corporate Bankruptcy, Private Creditors, and the Market for Corporate Control Advances in Financial Economics by Myron Slovin Marie Sushka E Walter 2001 Strategic Hedging Financial Management and Performance by Simona Mola 2001

2000

The Incremental Information Content of Cash Flows and Accruals Journal of Accounting and Finance Research by Carr Bettis Don Vickrey Zane Swanson October,  2000

Alternative Flotation Methods, Adverse Selection, and Ownership Structure: Evidence from Seasoned Equity Issuance in the U.K. Journal of Financial Economics by M Slovin Marie Sushka K L. Lai August,  2000 Corporate Policies Restricting Trading by Insiders Journal of Financial Economics by Carr Bettis Jeffrey Coles Michael Lemmon August,  2000

Fund Advisor Compensation in Closed-End Funds Journal of Finance by Jeffrey Coles Jose Suay Denise Woodbury June,  2000

Asset Sales: Restructuring, Financing, or an Agency Problem? Advances in Financial Economics by Myron Slovin Marie Sushka 2000 Measuring Economic Profit and Obsolescence Journal of Property Tax Management by John Cesta 2000 Operating Leased Property Add-Back: What Do the Scholarly Research and Literature Say? Journal of Property Tax Management by Joseph Davis 2000 Possessory Interests: A Systematic Valuation Approach Journal of Property Tax Management by Joseph Davis J. Swain 2000 The Value Added from Investment Managers: An Examination of Funds of REITs Journal of Financial and Quantitative Analysis BAK by Jarl Kallberg Crocker Liu Charles Trzcinka 2000 The Value of Operating Leased Property in the Unitary Method Journal of Property Tax Management by John Cesta 2000

1999

An Analysis of Contagion and Competitive Effects at Commercial Banks Journal of Financial Economics by Myron Slovin Marie Sushka John Polonchek October,  1999

Adverse Selection as a barrier to entry in the banking industry RAND Journal of Economics by Robert Marquez Giovanni Dell'Ariccia Ezra Friedman September,  1999

Income Smoothing of the Italian IPOs, 1984?1993 Finanza Marketing & Produzione, by Simona Mola March,  1999

Current Trends in Unitary Assessments for Airlines Journal of Property Tax Management by Joseph Davis 1999 Regime Shifts in Asian Equity and Real Estate Markets by Jarl Kallberg Crocker Liu Paolo Pasquariello 1999 The Relationship Between Pay-for-Performance Contracting and External Monitoring Managerial Finance by George Gallinger Patrick Traichal Steve Johnson 1999 A Time-Varying Risk Analysis of Japanese Equity and Real Estate Markets Pacific Economic Review by Crocker Liu Jianping Mei 1999 What Happens to CEOs After They Retire? Evidence on Career Concerns and CEO Inventives Journal of Financial Economics by Jeffrey Coles James Brickley James Linck 1999

1998

The Variation of Economic Risk Premiums in Real Estate Returns Journal of Real Estate Finance and Economics by Anthony Sanders Andrew Karolyi November,  1998

Trading costs and volatility for technology stocks Financial Analysts Journal by Herbert Kaufman H. Bessembinder September,  1998

The Economics of Parent-Subsidiary Mergers: An Empirical Analysis Journal of Financial Economics by Myron Slovin Marie Sushka August,  1998

Earnings and Risk Changes Around Equity Private Placements Journal of Accounting, Auditing and Finance by Michael Hertzel 1998 An Integrated Valuation Process Using GIS Valuation by Joseph Davis N. Kilby R. Brookers-Avey 1998 Interactions with Frontiers of Financial Economics: A Research Agenda for Real Estate Finance Journal of Real Estate Finance and Econmics by Kose John Crocker Liu 1998 The Predictability of International Real Estate Markets, Exchange Rate Risks, and Diversification Consequences Journal of Real Estate Economics by Crocker Liu Jianping Mei 1998 Project Feasibility Using Breakeven Point Analysis The Appraisal Journal by Joseph Davis 1998 The Shareholder Wealth Implications of Corporate Lawsuites Financial Management by Jeffrey Coles Sanjai Bhagat John Bizjak 1998

1997

A Cross-Exchange Comparison of Execution Costs and Information Flow for NYSE-listed Stocks Journal of Financial Economics by Herbert Kaufman H. Bessembinder December,  1997

A Comparison of trade execution cost for NYSE and Nasdaq-listed stocks Journal of Financial and Quantitative Analysis by Herbert Kaufman H. Bessembinder September,  1997 Mimickers of Corporate Insiders Who Make Large Volume Trades Financial Analysts Journal by Carr Bettis Don Vickrey September,  1997

Cost of Equity Models that Meet the Needs of the Ad-Valorem Tax Analyst Journal of Property Tax Management by John Cesta June,  1997 The Implications of Equity Issuance Decisions within a Parent-Subsidiary Governance Structure Journal of Finance by Myron Slovin Marie Sushka June,  1997

The Determinants of Organizational Form Changes: Evidence and Implications from Real Estate Journal of Financial Economics by Aswath Damodaran Kose John Crocker Liu 1997 The Effectiveness of Insider Trading Regulations Journal of Applied Business Research by Carr Bettis Ken Harmon William Duncan 1997 International Evidence on Real Estate Securities as an Inflation Hedge Journal of Real Estate Economics by Crocker Liu David Hartzell Martin Hoesli 1997 Leadership Structure: Separating the CEO and Chairman of the Board Journal of Corporate Finance by Jeffrey Coles Jim Brickley Greg Jarrell 1997 Residential Land Prices Prior to Development Journal of Real Estate Research by Karl L Guntermann 1997

1996

Adjusted Forward Rates as Predictors of Future Spot Rates Journal of Fixed Income by Anthony Sanders Stephen Buser Andrew Karolyi December,  1996

Insider Trading Regulations Internal Auditor by Carr Bettis Stanley Chang February,  1996

Effect of Legal Sanctions on Takeover Target Insider Purchases Journal of Accounting and Finance Research by Carr Bettis 1996 Extracting the Value of Intangible Assets from the Unit Assessment Method Assessment Journal by John Cesta 1996 The Members Speak: A Summary of the ARES Membership Survey Report Journal of Real Estate Research by Karl L Guntermann L. Johnson 1996 The Real Estate Investment Decision in the Portfolio Allocation Process Journal of Real Estate Economics by Jarl Kallberg Crocker Liu D Greig 1996 Review of Finance Theory and Asset Pricing Journal of Finance by Jeffrey Coles Frank Milne 1996 Risks and Returns in Real Estate Limited Partnerships by Jarl Kallberg Crocker Liu 1996 Solid Waste Landfills and Industrial Land Prices Professional Report by Karl L Guntermann 1996 The Valuation Impact of Common Errors in Calculating the Weighted Average Cost of Capital Journal of Property Tax Management by John Cesta 1996

1995

A Test of the Validity of Friendly Takeover Rumors Financial Analysts Journal by Carr Bettis November,  1995

An Emperical Analysis of Antitrust Legal Disputes American Economic Review by Jeffrey Coles John Bizjak June,  1995

Sanitary Landfills, Stigma and Industrial Land Values Journal of Real Estate Research by Karl L Guntermann February,  1995

A Comparison of the Information Conveyed by Equity Carve-outs, Spin-offs, and Asset Sell-offs Journal of Financial Economics by Myron Slovin Marie Sushka Steven Ferraro January,  1995

Does Leverage Create Intangible Value Journal of Property Tax Management by John Cesta 1995 The Effect of Private Antitrust Litigation on the Stock-Market Value of the Firm American Economic Review by Jeffrey Coles John Bizjak 1995 On Equilibrium Pricing Under Parameter Uncertainty Journal of Financial and Quantitative Analysis by Jeffrey Coles Uri Loewenstein Jose Suay 1995

1994

Is There News in the Prime Rate? Journal of Financial and Quantitative Analysis by Myron Slovin Marie Sushka Edward Waller December,  1994

Seasoned Common Stock Issues Following an IPO Journal of Banking and Finance by Myron Slovin Marie Sushka Yuette Bendeck January,  1994

An Analysis of Real Estate Risk Using the Present Value Model Journal of Real Estate Finance and Econmics by Crocker Liu Jianping Mei 1994 The Board of Directors and the Adoption of Poison Pills Journal of Financial Economics by Jeffrey Coles Jim Brickley Rory Terry 1994 Causality Tests of the Real Stock Return - Real Activity Hypothesis Journal of Financial Research by George Gallinger 1994 Global Market Place and Causality Global Finance Journal by Anand Bhattacharya K. Dandapani A. Parazghari 1994 Predictability of Real Estate Returns and Market Timing Journal of Real Estate Finance and Econmics by Jianping Mei Crocker Liu 1994 Reserve Requirements by Marie Sushka 1994 The Valuation of Operating Lease Property in the Unitary Method, Valuation Journal of the American Society of Appraisers by John Cesta 1994 The Valuation of Undeveloped Land: A Reconciliation of Methods Journal of Real Estate Research by Karl L Guntermann 1994 The Wealth Effects of Interfirm Lawsuits: Evidence on the Costs of Legal Disputes and Financial Distress Journal of Financial Economics by Jeffrey Coles Sanjai Bhagat Jim Brickley 1994

1993

Ownership Concentration, Corporate Control Activity, and Firm Value: Evidence from the Death of Inside Blockholders Journal of Finance by Myron Slovin Marie Sushka September,  1993

Market Discounts and Shareholder Gains for Placing Equity Privately Journal of Finance by Michael Hertzel Richard Smith June,  1993

The Value of Bank Durability: Borrowers as Bank Stakeholders Journal of Finance by Myron Slovin Marie Sushka John Polonchek March,  1993

The Industry Effects of Interfirm Lawsuits: Evidence from Pennzoil v. Texaco Journal of Law, Economics, and Organization by Michael Hertzel Janet Smith 1993 Insider Trading As A Signal of Private Information Review of Financial Studies by Aswath Damodaran Crocker Liu 1993 Return Autocorrelations Around Nontrading Days Review of Financial Studies by Michael Hertzel H. Bessembinder 1993 Stock-Based Incentive Compensation, Asymmetric Information and Investment Behavior Journal of Accounting and Economics by Jeffrey Coles Jim Brickley John Bizjak 1993

1992

Informational Externalities of Seasoned Equity Issues: Differences Between Banks and Industrial Firms Journal of Financial Economics by Myron Slovin Marie Sushka John Polonchek August,  1992

An Empirical Comparison of Alternative Models of Short-Term Interest Rates Journal of Finance by Anthony Sanders K.C. Chan Andrew Karolyi Francis Longstaff May,  1992

Central Bank Behavior and Money Stock Determination: Pitfalls in Policy Analysis Journal of Policy Modeling by Herbert Kaufman R Lombra April,  1992

Alternative Rationales for Superior Real Estate Investment Performance: An Empirical Reinterpretation of Prior Research Journal of Property Research by Crocker Liu David Hartzell Terry Grissom 1992 Compensating Wage Differentials and the Welfare Cost of Unemployment: 1929-1967 Quarterly Review of Economics and Finance by Jeffrey Coles Paul Chen 1992 The Predictability of Returns on Equity REITs and Their Co-Movement with Other Assets Journal of Real Estate Finance and Econmics by Crocker Liu Jianping Mei 1992 Private Equity Issues by Michael Hertzel 1992 Review of Price Level Measurement Journal of Economic Literature by Jeffrey Coles W Diewer 1992 The Role of Co-Skewness in the Pricing of Real Estate Journal of Real Estate Finance and Econmics by Crocker Liu David Hartzell Terry Grissom 1992 Synthetic Mortgage-Backed Securities Journal of Portfolio Management by Anand Bhattacharya H. Chin 1992 Valuation of Community Goodwill in Divorce Proceedings Involving Closely-Held Businesses Valuation by George Gallinger 1992

1991

Deregulation, Contestability, and Airline Acquisitions Journal of Financial Economics by Marie Sushka Myron Slovin Carl Hudson December,  1991

Earnings and Risk Changes Around Stock Repurchase Tender Offers Journal of Accounting and Economics by Michael Hertzel September,  1991 Empirical Tests of Real Estate Market Efficiency Journal of Real Estate Finance and Econmics by Karl L Guntermann Stefan Norrbin September,  1991 The Intra-Industry Effects of Going Private Transactions Journal of Finance by Myron Slovin Marie Sushka Yuette Bendeck September,  1991

The Effects of Stock Repurchases on Rival Firms Journal of Finance by Michael Hertzel June,  1991 Information Content of Multiple Seasoned Common Stock Offerings by Bank Holding Companies Journal of Banking and Finance by Myron Slovin Marie Sushka John Polonchek June,  1991

Restructuring Transactions by Bank Holding Companies: The Valuation Effects of Sale-and-Leasebacks and Divestitures Journal of Banking and Finance by Myron Slovin Marie Sushka John Polonchek April,  1991

Causality Test of Short Sales on the New York Stock Exchange Journal of Financial Research by George Gallinger Anand Bhattacharya 1991 The Relationship Between Liquidity, Capital Structure and Firm Value Advances in Working Capital Management by George Gallinger Anand Bhattacharya 1991 State Space Versus Ordinary Least-Squares Regression in Event Studies Advances in Quantitative Analysis of Finance and Accounting by George Gallinger 1991

1990

The Volatility of Asset Returns During Trading and nontrading Hours: Some Evidence from the Foreign Exchange Markets Journal of International Money and Finance by Michael Hertzel Coleman Kendall Peter Kretzmer September,  1990

External Monitoring and Its Effect on Seasoned Common Stock Issues Journal of Accounting and Economics by Myron Slovin Marie Sushka Carl Hudson April,  1990

Corporate Sale and Leasebacks and Their Effect on Shareholder Wealth Journal of Finance by Myron Slovin Marie Sushka John Polonchek March,  1990 Preferences for Unemployment Versus Inflation Applied Economics by Jeffrey Coles Paul Chen March,  1990

The Market Valuation Effects of Reserve Regulation Journal of Monetary Economics by Myron Slovin Marie Sushka Yuette Bendeck January,  1990 On the Determinants of the Value of Call Options on Default-free Bonds Journal of Business by Anthony Sanders Stephen Buser Patric Hendershott January,  1990

The Composition of the Market Portfolio and Real Estate Investment Performance AREUEA Journal by Crocker Liu David Hartzell Terry Grissom D Greig 1990 HIghest and Best Use: The Evolving Paradigm Journal of Real Estate Research by Mark Dotzor Terry Grissom Crocker Liu 1990 The Impact of Market Imperfections on Real Estate Returns and Optimal Investor Portfolios AREUEA Journal by Crocker Liu Terry Grissom David Hartzell 1990 The Integration of the Real Estate Market and the Stock Market: Some Preliminary Evidence Journal of Real Estate Finance and Econmics by Crocker Liu David Hartzell D Greig Terry Grissom 1990 The Risk and Return on Real Estate: Evidence from Equity REITs Real Estate Economics by Anthony Sanders K.C. Chan Patric Hendershott 1990 Synthetic Asset Swaps Journal of Portfolio Management by Anand Bhattacharya 1990 Using Daily Stock Returns in Event Studies and the Choice of Parametric Versus Quarterly Journal of Business and Economics by George Gallinger 1990

1989

Valuation Effects of Commercial Bank Securities: A Test of the Information Hypothesis Journal of Banking and Finance by Myron Slovin Marie Sushka John Polonchek September,  1989

The Excess-Earnings Model's Necessary Assumptions ASA Valuation by George Gallinger 1989 Public Utility Cost of Capital Models: An Examination of Assumptions The Engineering Economist by George Gallinger 1989 A Re-examination of Residuals Around the Ex-Dividend Date Akron Business and Economic Review by George Gallinger 1989

1988

Bank Acquisitions and Stockholder Wealth Journal of Banking and Finance by Marie Sushka Y. Bendeck December,  1988 The Micromechanics of the Federal Funds market: Implications for Day-of-the-Week Effects in Funds rate Variability (with Paul Spindt) Journal of Financial and Quantitative Analysis by J. Ronald Hoffmeister December,  1988 On the Intertemporal Stability of the Short-term Rate of Interest Journal of Financial and Quantitative Analysis by Anthony Sanders Haluk Unal December,  1988 Reserve Regulation and Recourse as a Source of Risk Premia in the Federal Funds Market Journal of Banking and Finance by Myron Slovin Marie Sushka W. Barrett December,  1988

FNMA's Role in Deregulated Markets: Implications from Past Behavior Journal of Money, Credit and Banking by Herbert Kaufman November,  1988

Equilibrium Pricing and Portfolio Composition in the Presence of Uncertain Parameters and Estimation Risk Journal of Financial Economics by Jeffrey Coles 1988 Firm Value and Optimal Inventory Investment Readings on Short-Term Financial Management by George Gallinger 1988 The Inappropriateness of Turnover Ratios for Monitoring Inventories Readings on Short-Term Financial Management by George Gallinger 1988 Licensing Requirements, Enforcement Effort and Complaints Against Real Estate Agents Journal of Real Estate Research by Karl L Guntermann Richard Smith 1988

1987

Agricultural Securitization: The Viability of Secondary Markets in Agricultural Finance by Herbert Kaufman December,  1987

Corporate Commercial Paper, Note Issuance Facilities, and Shareholder Wealth Journal of International Money and Finance by Myron Slovin Marie Sushka Carl Hudson September,  1987

The Impact of Financial and Business Conditions on Aggregate Merger Activity Managerial and Decision Economics by Marie Sushka John Polonchek June,  1987

Adjusting for Nonsynchronous Data: How Importance is It? Akron Business and Economic Review by George Gallinger 1987 ADRs: A Substitute for the Real Thing? Journal of Portfolio Management by J. Ronald Hoffmeister D. Officer 1987 Analyzing the Variability of Apartment Rents American Real Estate and Urban Economics Association Journal by Karl L Guntermann Stefan Norrbin 1987 AN Approach to Industrial Real Estate Market Segmentation and Valuation Using the Arbitrage Pricing Paradigm AREUEA Journal by Terry Grissom David Hartzell Crocker Liu 1987 Capital Budgeting Decisions: The Effect of Product Cannibalism and Competitive Product Markets (with Edward Dyl) Advances in Financial Planning and Forecasting by J. Ronald Hoffmeister 1987 The Case for Indexing a Bond's Call Profile Financial Management by J. Ronald Hoffmeister Douglas Emery Ronald Spahr 1987 Conditions Affecting the Timing of Convertible Bond Sales (with P. A. Hays and G. D. Kelly) Journal of Business Research by J. Ronald Hoffmeister 1987 Derivation of Cost of Capital and Equity Rates from Market Data American Real Estate and Urban Economics Association Journal by Karl L Guntermann Richard Smith II 1987 Efficiency of the Market for Residential Real Estate Land Economics by Karl L Guntermann Richard Smith 1987 Managerial Indemnification and Liability Insurance: The Effect on Shareholder Wealth Journal of Risk and Insurance by Jeffrey Coles 1987 Option Expirations and Treasury Bond Futures Prices The Journal of Futures Markets by Anand Bhattacharya 1987

1986

A General Derivation of the Jump Process Option Pricing Formula Journal of Financial and Quantitative Analysis by Anthony Sanders Frank Page December,  1986

Nonconvexity in General Equilibrium Labor Markets Journal of Labor Economics by Jeffrey Coles July,  1986

Tender Offer Prices and Managerial Signaling Managerial and Decision Economics by Myron Slovin Marie Sushka John Polonchek June,  1986

The Effect of Changes in the Federal Reserve?s Policy Rule on the Stochastic Structure Linking Reserves and Money Southern Economic Journal by Herbert Kaufman April,  1986

A General Model of the Banking Firm Under Conditions of Monopoly, Uncertainty, and Rcourse Journal of Monetary Economics by E. Prisman Myron Slovin Marie Sushka March,  1986

Equilibrium Turnpike Theory with Time-Separable Utility Journal of Economic Dynamics and Control by Jeffrey Coles 1986 Monitoring Accounts Receivable Financial Management by George Gallinger 1986 Mortgage Credit Availability and the Value of New Housing: A Regional Market Analysis Housing and Society by Paul Goebel Karl L Guntermann Timothy Koch 1986 A Note on Dividend Policy and Beta (with edward Dyl) Journal of Business Finance and Accounting by J. Ronald Hoffmeister 1986

1985

Equilibrium Turnpike Theory with Constant Returns to Scale and Possibly Heterogeneous Discount Factors International Economic Review by Jeffrey Coles October,  1985 The Money Supply Process Reconsidered: A Reply Southern Economic Journal by Herbert Kaufman October,  1985

Banking Structure and the National Capital Market: A Reply Journal of Economic History by Marie Sushka W. Barrett September,  1985

Real Wage Indices Journal of Labor Economics by Jeffrey Coles July,  1985

Dividends and Share Value: Graham and Dodd Revisited (With Edward Dyl) - A Technical Note Financial Analysts Journal by J. Ronald Hoffmeister 1985 Hurdle Rates for Strategic Investments Advances in Financial Planning and Forecasting by George Gallinger 1985

1984

Banking Structure and the National Capital Market, 1968-1914 Journal of Economic History by Marie Sushka W. Barrett June,  1984

The Money Supply Process: Identification, Stability, and Estimation Southern Economic Journal by Herbert Kaufman April,  1984

A Note on Evidence on Alternative Models of the Banking Firm: A Cross Section Study of Commercial Loan Rates Journal of Banking and Finance by Myron Slovin Marie Sushka March,  1984

The Value of Neighborhood Schools Economics of Education Review by Peter Colwell Karl L Guntermann 1984

1983

A Model of the Commercial Loan Rate Journal of Finance by Myron Slovin Marie Sushka December,  1983

Money, Interest Rates, and Risk Journal of Monetary Economics by Marie Sushka Myron Slovin September,  1983

Financial Institutions, Financial Markets, and Money by Herbert Kaufman January,  1983

Property Value and Accessibility to Primary Schools The Real Estate Appraiser by Peter Colwell Karl L Guntermann 1983 The Stability of the Demand for Money: The Case of the Corporate Sector Journal of Macroeconomics by Myron Slovin Marie Sushka 1983

1982

Corporate Vulnerability to Cash Tender Offers Strategic Management Journal by George Gallinger October,  1982

Capital Budgeting Basics for Non-Financial Executives Cost & Management by George Gallinger 1982 Planning and Financial Policy: A Discriminant Analysis The Akron Business Review by John Cesta Ronald Kudla 1982 Strategic Business Planning Managerial Planning by George Gallinger 1982

1981

FNMA Auction Results as a Forecaster of Residential Mortgage Yields Journal of Money, Credit and Banking by Herbert Kaufman August,  1981

Comment on Why Problems Do Not Go Away: The Case of Inflation Journal of Economic History by Marie Sushka March,  1981

The Depository Institution Deregulation and Monetary Control Act: Discussion by Herbert Kaufman 1981 Discussion: On the Pricing of Preferred Stock Journal of Financial and Quantitative Analysis by J. Ronald Hoffmeister 1981 Financial Management Association - The First Tem Years: An Assessment of Meeting and Journal Participation (with Edward Dyl) Financial Management by J. Ronald Hoffmeister 1981 Financial Planning in the Turbulent 80's by John Cesta 1981 FNMA and Its Relationship to the Mortgage Market Journal of Bank Research by Herbert Kaufman 1981 Predicting Outcomes of Cash Tender Offers (with Edward Dyl) Financial Management by J. Ronald Hoffmeister 1981 Single-Family Housing and Inflation: The Risk-Return Trade-Offs Housing and Society by Karl L Guntermann Charles Wade 1981

1980

Corner Influence and Assessment Value: Some Empirical Results Assessors Journal by Karl L Guntermann Charles Wade December,  1980

The Demand for Excess Reserves, Liability Management, and the Money Supply Process Economic Inquiry by Herbert Kaufman October,  1980

Capital Expenditure Administration Sloan Management Review by George Gallinger 1980 A New Approach to Ratings on Utility Bonds: Comment Journal of Portfolio Management by George Gallinger 1980

1979

An Economic Model for Large Denomination Negotiable Certificates of Deposit Journal of Monetary Economics by Myron Slovin Marie Sushka October,  1979

The Corner Influence on Value: Some Empirical Results The Real Estate Appraiser by Karl L Guntermann September,  1979 Discount Points and Housing Prices: Comment Journal of Finance by Peter Colwell Karl L Guntermann C.F. Sirmans September,  1979

The Antebellum Money Market and the Economic Impact of the Bank War: Reply Journal of Economic History by Marie Sushka June,  1979

Business Bankruptcies (1920-1970): Insurance Research Implications Journal of Insurance Issues and Practice by John Cesta 1979 Business Failures, Problematical Analysis, and the Question of Data Adequacy Review of Business and Economic Research by John Cesta 1979 FHA Mortgage Discount Points, House Prices and Consumer Behavior American Real Estate and Urban Economics Association Journal by Karl L Guntermann 1979 The Political Economy of Policymaking, edited with M. Dooley and R. Lombra by Herbert Kaufman 1979 A Study in Conflicting Goals: Federal Stabilization and Mortgage Market Policies by Herbert Kaufman 1979

1978

Speeding Solar Energy Commercialization: A Delphi Research of Marketplace Factors Journal of Business Research by John Cesta Patrick Decker December,  1978

Commercial Banks and the Federal Funds Market: Recent Development and Implications Economic Inquiry by Herbert Kaufman October,  1978

Adjusting Comparable Sales Data for the Effects of FHA Financing The Real Estate Appraiser by Karl L Guntermann July,  1978

The Classification and Information Content of Financial Ratios: An Empirical Scheme Journal of the Midwest Finance Association by John Cesta 1978 A Statistical Profile of Hawaii's Real Estate Educators by Crocker Liu 1978 Valuation Consequences of Cash Tender Offers (with Donal Kummer) Journal of Finance by J. Ronald Hoffmeister 1978

1977

Bankruptcy Analysis and the Reliability of Data The American Bankruptcy Law Journal by John Cesta October,  1977

An Analysis of the Behavior of Federal Mortgage Market Agencies Journal of Money, Credit and Banking by Herbert Kaufman May,  1977

The Macroeconomic Impact of Changes in the Ceilings on Savings Deposit Rates Journal of Finance by Myron Slovin Marie Sushka March,  1977

The Characteristics and Performance of Real Estate Brokers and Salesmen in the Hawaiian Islands by Crocker Liu 1977 Influence of Personality on Performance in a Financial Management Simulation (with Nicholas Di Marco) Simulation and Games by J. Ronald Hoffmeister 1977 Joint Generalized Least Squares Estimation of the Demand for Money: A Multi-National Study by Marie Sushka 1977 Lags in the Regional Adjustment to Changes in Monetary Policy Quarterly Review of Economics and Business by Tim Hogan Herbert Kaufman 1977 Short Run Variations in the Money Stock: An Analysis of Alternative Techniques Journal of Education for Business by Herbert Kaufman 1977 Use of Convertible Debt in the Early 1970s: A Re-Evaluation of Corporate Motives Quarterly Review of Economics and Business by J. Ronald Hoffmeister 1977

1976

The Antebellum Money Market and the Economic Impact of the Bank War Journal of Economic History by Marie Sushka December,  1976

The Economics of Off-Site Damages The Annals of Regional Science by Karl L Guntermann Ming Lee Earl Swanson November,  1976

A Procedure for Estimating Off-Site Sediment Damage Costs and an Empirical Test Water Resources Bulletin by Karl L Guntermann Ming Lee June,  1976

Lender and Developer Response to the Availability of Housing Market Data The Appraisal Journal by James Cooper Karl L Guntermann January,  1976 Monetary Policy and Inflation: A Simulation Study with a Keynesian Model and a Monetarist Model Southern Economic Journal by Marie Sushka January,  1976

Business Reliance on External Sources of Finance and the New Corporate Bond Journal of Education for Business by Herbert Kaufman 1976 Student Evaluation of Financial Simulation Games as a Learning Experience Journal of Financial Education by J. Ronald Hoffmeister 1976

1975

The Off-Site Sediment Damage Function in Selected Illinois Watersheds Journal of Soil and Water Conservation by Karl L Guntermann Ming Lee Earl Swanson September,  1975

An Analysis of the Effect of the Hunt Commission Recommendations on the Determination and Control of the Money Supply Journal of Money, Credit and Banking by Herbert Kaufman August,  1975

The Structural Shift in the Demand for Money Journal of Finance by Myron Slovin Marie Sushka June,  1975

Interest Rate Seasonality and the Specification of Money Demand Functions The Review of Economics and Statistics by Herbert Kaufman May,  1975

An Economic Model of the Money Market in te United States, 1820-1860 Journal of Economic History by Marie Sushka March,  1975

Can Local Housing Production and Market Analysis Be an Interactive Process? The Urban and Social Change Review by James Cooper Karl L Guntermann 1975

1973

Air Pollution Control in the Secondary Aluminum Industry Land Economics by Karl L Guntermann August,  1973

1972

Changing Neighborhoods: Social Evolution or Threat to Social Stability The Real Estate Appraiser by Karl L Guntermann James Cooper November,  1972

No Date Listed

Information, Announcement, and Listing Effects of ADR Programs and German-U.S. Stock Market Integration Multinational Finance Journal by Michael Hertzel Paul Lowengrub Michael Melvin   Mortgage Discount Points: The Evidence and Policy Implications Housing and Society by Karl L Guntermann   The Search for Discipline: The Philosophy and the Paradigms by Terry Grissom Crocker Liu   Superior Real Estate Investment Performance: Enigma or Illusion? A Critical Review of Literature by Crocker Liu Terry Grissom David Hartzell

Working Papers

October 2009

Takeover Bidding with Signaling Incentives by Tingjun Liu

February 2009

Hedging and Competition by Tingjun Liu Christine Parlour Incentives, Targeting and Firm Performance: An Analysis of Non-Executive Stock Options by Laura Lindsey Yael Hochberg

January 2009

A Unique View of Hedge Fund Derivatives Usage: Safeguard or Speculation? by George Aragon J. Spencer Martin

December 2008

On Tournament Behavior in Hedge Funds: High Water Marks, Managerial Horizon, and the Backfilling Bias by Vikram Nanda George Aragon

November 2008

Contracting Frictions and Cross-Border Capital Flows: Evidence from Venture Capital by Laura Lindsey Ana Balcarcel Michael Hertzel

May 2008

Subprime Lending and Default: The Impact of Loan Concentration by Anthony Sanders Sumit Agarwal Brent Ambrose Souphala Chomsisengphet

April 2008

CDO Market Implosion and the Pricing of CMBS and Sub-Prime ABS by Anthony Sanders Yongheng Deng Stuart Gabriel

March 2008

By Force of Nature: The Catastrophe Bond Market and Katrina by Stephan Dieckmann

January 2008

CMBS Special Servicers and Adverse Selection by Anthony Sanders Brent Ambrose Abdullah Yavas Fixed Revenue Auctions by Tingjun Liu Christine Parlour

December 2007

Liquidation and Corporate Rehabilitation: Bondholder Recovery in the Roaring Twenties by Stephan Dieckmann J. Spencer Martin Deon Strickland

November 2007

Milestones and Trading Activity by George Aragon Stephan Dieckmann

October 2007

Exploring the Common Factors in Credit Spreads by Seung Ahn Stephan Dieckmann Marcos Perez

August 2007

List Prices, Sales Prices and Marketing Time: An Application to U.S. Housing Prices by Anthony Sanders

March 2007

The Impact of Shareholder Power on Bondholders: Evidence from Mergers and Acquisitions by Anthony Sanders Anil Makhija Angie Low Where are the shareholders mansions? CEO's home purchases, stock sales and subsequent company performance by Crocker Liu David Yermack

2007

Financial Contracting and the Specialization of Assets by Robert Marquez M. Deniz Yavuz Is There Life after Loss of Analyst Coverage? by Ajay Khorana Simona Mola Raghavendra Rau Reputation, Network Effects and the Theory of the Firm: A Renegotiation Proof Approach by M. Deniz Yavuz Why does Investor Protection Matter for the Cost of Equity by M. Deniz Yavuz

November 2006

Rare Event Risk and Emerging Market Debt with Heterogeneous Beliefs by Stephan Dieckmann Michael Gallmeyer

July 2006

Rare Event Risk and Investor Heterogeneity by Stephan Dieckmann

January 2006

Analyst Opinions and the Flow of Smart Money: Evidence from Individual Insider Trades by Jeffrey Coles Jennifer Juergens J. Spencer Martin Institutional Investors and the Long-Run Performance of Private Placements by Michael Hertzel James Linck M. Wintoki

2006

Credit Market Competition and Capital Regulation by Robert Marquez Franklin Allen Elena Carletti Governance Mechanisms and Corporate Disclosure by Robert Marquez Robert Hauswald

2005

Analysts, Investment Banks and Underwriting Mandates by Wallace Boudry Jarl Kallberg Crocker Liu Fundamentals and Institutional Investment: The Dynamics of REIT Returns by Wallace Boudry Jarl Kallberg Crocker Liu The Influence of Complementarity on the Performance of Corporate Venture Investments by Jeffrey Coles Michael Hertzel Mukunthan Santhanakrishnan Interest Rate Swaps: An Asset-Allocation Perspective by George Aragon The Real Estate market in the Aftermath of September 11 by Jarl Kallberg Crocker Liu Paolo Pasquariello Strength of Analyst Coverage on IPOs and Downgrades on Seasoned Stocks by Simona Mola Timing Multiple Markets: Theory and Evidence from Balanced Mutual Funds by George Aragon

August 2004

Behavioral Biases and Investor Behavior: Predicting the Next Step of a Random Walk (Revisited) by Michael Hertzel Inter-firm Linkages and the Wealth Effects of Financial Distress along the Supply Chain by Michael Hertzel

July 2004

Earnings Management Around Employee Stock Option Reissues by Michael Hertzel Jeffrey Coles Swaminathan Kalpathy

2004

Dual Agency in the Real Estate Brokerage Industry by J'Noel Gardiner Jeffrey Heisler Jarl Kallberg Crocker Liu The Market Impact of Trends and Sequences in Performance: New Evidence by J. Spencer Martin Michael Hertzel Greg Durham A New Perspective on REIT Mergers by Iftekar Hasan Jarl Kallberg Crocker Liu The Optimality of Double-Round Auctions by Don Hausch Jarl Kallberg Crocker Liu The Role of Corporate Governance in Initial Public Offerings: Evidence from Real Estate Investment Trusts by Jay Hartzell Jarl Kallberg Crocker Liu

August 2003

Influence of Complimentarity on the Performance of Entrepreneurial Companies by Michael Hertzel

May 2003

The Market Impact of Trends and Sequences in Performance: New Evidence by Greg Durham Michael Hertzel J. Spencer Martin Stock Repurchase Tender Offer Announcements and Revaluation of Prior Accounting Information by Michael Hertzel

January 2003

"Corporate Soft Money Donations and Firm Performance by Michael Hertzel

2003

Regulating Securities Analysts by Robert Marquez Mark Chen

December 2002

Timing Multiple Markets: Theory and Evidence by George Aragon

June 2001

New Evidence on the Market for Directors: Board Membership and Pennsylvania Senate Bill 1310 by Jeffrey Coles Chun-Keung Hoi

No Date Listed

The Aggregation of Information in Tender Offers by Robert Marquez Bilge Yilmaz Can Cost Increases Increase Competition? by Robert Marquez Giovanni Dell'Ariccia Do Specification Errors Affect Inferences on Portfolio Performance? Evidence from Monte Carlo Simulations by Federico Nardari Naveen Daniel Jeffrey Coles Loan Portfolio Quality and the Diffusion of Technological Innovations by Robert Marquez Robert Hauswald Stakeholder Capitalism, Governance, and Firm Value by Robert Marquez Franklin Allen Elena Carletti Style Investing, Comovement and Return Predictability* by Sunil Wahal M. Deniz Yavuz Takeover Bidding and Shareholder Information by Robert Marquez Bilge Yilmaz