We examine the determinants of cross-sectional differences in insider ownership, debt, and
dividend policies. These policies are related not only directly, but also indirectly, through …

We examine the evidence that expected security returns can be forecasted by the term premium,
default premium, and dividend yield, in light of recent findings that similar security return …

It is well-known that financial markets respond quickly to announcements of changes in the
discount rate. We extend previous research and ask whether rate changes provide …

We provide evidence on the role of commodity futures in portfolios comprised of stocks,
bonds, T‐bills, and real estate. Over the period investigated (1973–1997), Markowitz …

Previous research documents that US stock returns are related to the US monetary environment.
The focus of this paper is to determine whether stock returns in foreign markets are …

The purpose of this analysis is to present new evidence on the benefits of tactically allocating
commodity futures to otherwise diversified portfolios. The study contributes in three …

Firm size and price-to-book-value ratio are prominent measures in explaining cross-sectional
stock returns. Historically, average returns on shares of small-capitalization firms and low …

With the recent increase in equity volatility, commodity investments have garnered significant
attention from investors. Previous research has found substantial benefits associated with …

The claim that dividend payments serve as signals to market participants is widely accepted.
However, recent evidence has increased the uncertainty regarding the information …

Ample evidence shows that size and book‐to‐market equity explain significant cross‐sectional
variation in stock returns, whereas beta explains little or none of the variation. Recent …