Managing the risk associated with unexpected changes in interest rates is a problem facing borrowers, lenders and fixed income security dealers. Financial instrument futures contracts were created to provide a mechanism ...

The findings in the paper do not support the theories that share repurchase programs are related to management signaling an increase in a firm's long-run performance in the market. Contrary to the hypothesized relationships, ...

In Chapter I, the firm's accounts receivable sales decision is modeled both in the case where it is constrained to sell the entire receivable (factoring) and in the case where it has the flexibility to sell a portion of ...

Traditional finance theory assumes separation of the financing and operating decisions in a firm. Any decision to issue more policies by an insurance firm is an operating decision. It also changes the liability side of the ...

The Government National Mortgage Association (GNMA) pass-through security is a secondary mortgage market instrument whose Federally-guaranteed cash flows mirror the payments on an underlying pool of government-insured ...

Chapter 3 is motivated by the unusual institutional feature that in Brazil auctions of government securities are carried out by two different entities, the Central Bank (CB) and the National Treasury Secretariat (NTS). ...

The current literature indicates that the asset pricing models presently in vogue do not describe the real world accurately. While there exists a need for better models it appears that an understanding of the heterogeneity ...