作者：Brown, David C.; Davies, Shaun William
作者单位：University of Arizona; University of Colorado System; University of Colorado Boulder
摘要：We analyze early-venture fundraising from dispersed, endogenously informed investors. An entrepreneur chooses a payoff-maximizing offering, and investors communicate their information by either contributing capital or abstaining. The entrepreneur uses the information conveyed by fundraising amounts to decide whether or not to undertake a risky venture. His decision threshold hedges investors against bad projects, creating a loser's blessing that encourages contributing without information. Mak...
作者：Xu, Ke-Li
作者单位：Indiana University System; Indiana University Bloomington
摘要：Research in finance and macroeconomics has routinely employed multiple horizons to test asset return predictability. In a simple predictive regression model, we find the popular scaled test can have zero power when the predictor is not sufficiently persistent. A new test based on implication of the short-run model is suggested and is shown to be uniformly more powerful than the scaled test. The newtest can accommodate multiple predictors. Compared with various other widely used tests, simulati...
