Forthcoming Articles

J. Benson Durham ♦ A novel arbitrage-free model of nominal U.S. Treasuries that decomposes yields into frictionless expected rates, frictionless term premiums, and liquidity premiums produces four key results from January 1987 through August 2023. First, liquidity loadings are larger…

Vicente Cuñat, Yiqing Lü, and Hong Wu ♦ We study how managers react to shareholder empowerment that makes votes on shareholder proposals binding. We empirically exploit staggered legislative changes that introduce such empowerment for proposals regarding majority voting in director…