Journal articleJournal of Financial Economics · January 1, 2010
This paper documents frequent attempts by activist arbitrageurs to open-end discounted closed-end funds, particularly after the 1992 proxy reform which reduced the costs of communication among shareholders. Open-ending attempts have a substantial effect on ...
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Journal articleJournal of Applied Corporate Finance · March 2008
In the presence of inflation, the standard Constant‐Growth valuation model found throughout the finance literature is not valid in cases where a company either (1) makes no net new investments or (2) invests only in zero Net Present Value projects. ...
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Journal articleReal Estate Economics · January 1, 1998
We explore the role of expected cash-flow volatility as a determinant of dividend policy both theoretically and empirically. Our simple one-period model demonstrates that, given the existence of a stock-price penalty associated with dividend cuts, managers ...
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