Launched in the midst of the financial crisis, the Goldman Sachs 10,000 Small Businesses program provided business education and access to capital for small businesses across the United States. The company committed $500 million to fund the program and nine years later had graduated 7,300 participants, just shy of its goal. Professor Len Schlesinger discusses the success, impact, and future of the program.
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by Akash Chattopadhyay, Matthew R. Lyle, and Charles C.Y. Wang
Over the last 20 years, shortcomings of classical asset-pricing models have motivated research in developing alternative methods for measuring ex ante expected stock returns. This study evaluates the main paradigms for deriving firm-level expected return proxies (ERPs) and proposes a new framework for estimating them.
Expected Stock Returns Worldwide: A Log-Linear Present-Value Approach
Over the last 20 years, shortcomings of classical asset-pricing models have motivated research in developing alternative methods for measuring ex ante expected stock returns. This study evaluates the main paradigms for deriving firm-level expected return proxies (ERPs) and proposes a new framework for estimating them.