With a year of equity loans by a major lender, we measure the effect of actual short-selling
costs and constraints on trading strategies that involve short-selling. We find the loans of initial …

We present evidence that the equity premium and the premium of value stocks over growth
stocks are consistent in the 1982–96 period with a stochastic discount factor calculated as …

Using responses to a well‐known confidential survey, we study corporations' use of derivatives
to “take a view” on interest rate and currency movements. Characteristics of speculators …

The standard analysis of corporate governance assumes that shareholders vote in ratios that
firms choose, such as one share‐one vote. However, if the cost of unbundling and trading …

Regulations allow market makers to short sell without borrowing stock, and the transactions
of a major options market maker show that in most hard-to-borrow situations, it chooses not …

Having created a monthly dataset of US security prices between 1801 and 1926, we conduct
out-of-sample tests of price-return momentum strategies that have been implemented in the …

We construct optimal portfolios of mutual funds whose objectives include socially responsible
investment (SRI). Comparing portfolios of these funds to those constructed from the …

We consider how fund managers respond to the conflicting preferences of their investors.
We focus on the conflict between the taxable and retirement accounts of international funds, …

We provide an informed discussion about challenges, opportunities and the future of
research and practice in the field of financial planning over the next 10 years. As editors of …

Using long-standing models for expected returns of US equities, we show that firm
environmental ratings interact with those forecasted returns and produce excess returns both …