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Figure 2: The expected stock market returns and the 1-month Treasury rates The blue line (exp_ret) of this figure plots the expected stock market return as in method 6 of Table 4 . The dashed red line (rf) is the 1-month Treasury rates. The unit is percent per month.

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Continuation vs. reversal strength across decades This figure plots the ...

in Earnings Extrapolation and Predictable Stock Market Returns

Published: 31 March 2025

Figure 3: Continuation vs. reversal strength across decades This figure plots the strength of the continuation arm of the return, represented by in Table A1 against the strength of the reversal, represented by . Each decade in the CRSP history is represented by a point. The blue line is fitted acr

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Loadings of E(arly) and L(ate) period earnings on past earnings shocks T...

in Earnings Extrapolation and Predictable Stock Market Returns

Published: 31 March 2025

Figure 5: Loadings of E(arly) and L(ate) period earnings on past earnings shocks The left panel of this figure is an example of the loadings of the earnings announced in period 0E on past earnings shocks. The “E” periods represent the early half of the earnings cycle and are newsy. The “L” periods represen

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Timing of independent and dependent variables in the U.S. market return for...

in Earnings Extrapolation and Predictable Stock Market Returns

Published: 31 March 2025

Figure 1: Timing of independent and dependent variables in the U.S. market return forecasting regression This figure shows how the independent variables, , in the U.S. return forecasting regression progress as the dependent variable moves forward. Notice is the j th most recent newsy month stri

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Earnings Extrapolation and Predictable Stock Market Returns

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Hongye Guo

The Review of Financial Studies, hhaf020, https://doi.org/10.1093/rfs/hhaf020

Published: 31 March 2025

Supplementary data

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Predictive power of earnings in period 0E on earnings in future periods ...

in Earnings Extrapolation and Predictable Stock Market Returns

Published: 31 March 2025

Figure 4: Predictive power of earnings in period 0E on earnings in future periods This figure is an example of the predictive power of the earnings announced in period 0E on earnings in future periods, namely the regression loadings of these future earnings on 0E earnings. The “E” periods represent the ear

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Timeline of baseline model Figure summarizing the timing of the game d... Get access

in Short-Term Debt and Corporate Governance

Published: 25 March 2025

Figure 1: Timeline of baseline model Figure summarizing the timing of the game depicted in the text.

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Managerial incentives as a function of the level of short-term debt... Get access

in Short-Term Debt and Corporate Governance

Published: 25 March 2025

Figure 3: Managerial incentives as a function of the level of short-term debt Figure depicting M’s incentives to exert effort. M’s incentives are hump-shaped in , attaining their maximum at .

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The equilibrium exit probability and the level of short-term debt ... Get access

in Short-Term Debt and Corporate Governance

Published: 25 March 2025

Figure 2: The equilibrium exit probability and the level of short-term debt Figure showing that the equilibrium exit probability is a weakly decreasing function of the short-term debt level .

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Sequence of events: Model with voice Figure showing the timing in the ... Get access

in Short-Term Debt and Corporate Governance

Published: 25 March 2025

Figure 4: Sequence of events: Model with voice Figure showing the timing in the model with exit and hidden voice. The sole difference relative to the baseline model is that B can expend monitoring effort in after financing but before M’s takes .

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Voice incentives as a function of the level of short-term debt Figure ... Get access

in Short-Term Debt and Corporate Governance

Published: 25 March 2025

Figure 5: Voice incentives as a function of the level of short-term debt Figure depicting B’s voice incentives as a function of the level of short-term debt. Voice incentives are maximized at .

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Short-Term Debt and Corporate Governance Get access

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Paul Voss

The Review of Financial Studies, hhaf018, https://doi.org/10.1093/rfs/hhaf018

Published: 25 March 2025

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Bail-Ins, Optimal Regulation, and Crisis Resolution Get access

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Christopher Clayton and Andreas Schaab

The Review of Financial Studies, hhaf002, https://doi.org/10.1093/rfs/hhaf002

Published: 18 March 2025

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Illustration for the form of the privately optimal contract Up to a thre... Get access

in Bail-Ins, Optimal Regulation, and Crisis Resolution

Published: 18 March 2025

Figure 1: Illustration for the form of the privately optimal contract Up to a threshold , bank liabilities are constant and exceed pledgeable income, leading to liquidations. Between and , the face value of liabilities is written down to coincide with pledgeable income (“bail-ins” or “write-downs

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The expected stock market returns and the 1-month Treasury rates The blu...

Continuation vs. reversal strength across decades This figure plots the ...

Loadings of E(arly) and L(ate) period earnings on past earnings shocks T...

Timing of independent and dependent variables in the U.S. market return for...

Earnings Extrapolation and Predictable Stock Market Returns

Predictive power of earnings in period 0E on earnings in future periods ...

Timeline of baseline model Figure summarizing the timing of the game d... Get access

Managerial incentives as a function of the level of short-term debt... Get access

The equilibrium exit probability and the level of short-term debt ... Get access

Sequence of events: Model with voice Figure showing the timing in the ... Get access

Voice incentives as a function of the level of short-term debt Figure ... Get access

Short-Term Debt and Corporate Governance Get access

Bail-Ins, Optimal Regulation, and Crisis Resolution Get access

Illustration for the form of the privately optimal contract Up to a thre... Get access

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