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Information Salience, Investor Sentiment, and Stock Returns : The Case of British Soccer Betting

Renneboog, Luc; Palomino, F.A.; Zhang, C. - Tilburg University, Center for Economic Research - 2008

Soccer clubs listed on the London Stock Exchange provide a unique way of testing stock price reactions to different types of news. For each firm, two pieces of information are released on a weekly basis: experts’ expectations about game outcomes through the betting odds, and the game outcomes...

Persistent link: https://www.econbiz.de/10011091565

Corporate Restructuring and Bondholder Wealth

Renneboog, Luc; Szilagyi, P.G. - Tilburg University, Center for Economic Research - 2006

This paper provides an overview of existing research on how corporate restructuring affects the wealth of creditors.Restructuring is defined as any transaction that affects the firm's underlying capital structure.Thus, it reaches well beyond asset restructuring and includes transactions such as...

Persistent link: https://www.econbiz.de/10011090388

How do Mergers and Acquisitions Affect Bondholders in Europe? Evidence on the Impact and Spillover of Governance and Legal Standards

Renneboog, Luc; Szilagyi, P.G. - Tilburg University, Center for Economic Research - 2006

This paper contributes to the comparative corporate governance literature by showing how cross-country differences in governance and legal standards affect the bondholder wealth effects of European merger and acquisitions (M&As).Using investment-grade Eurobonds, we find some remarkable...

Persistent link: https://www.econbiz.de/10011090642

The Convertible Arbitrage Strategy Analyzed

ter Horst, Jenke; Loncarski, I.; Veld, C.H. - Tilburg University, Center for Economic Research - 2006

This paper analyzes convertible bond arbitrage on the Canadian market for the period 1998 to 2004.Convertible bond arbitrage is the combination of a long position in convertible bonds and a short position in the underlying stocks. Convertible arbitrage has been one of the most successful...

Persistent link: https://www.econbiz.de/10011090992

Recreating the South Sea Bubble : Lessons from an Experiment in Financial History

Noussair, Charles; Giusti, G.; Voth, H-J. - Tilburg University, Center for Economic Research - 2013

Abstract: Major bubble episodes are rare events. In this paper, we examine what factors might cause some asset price bubbles to become very large. We recreate, in a laboratory setting, some of the specific institutional features investors in the South Sea Company faced in 1720. Several factors...

Persistent link: https://www.econbiz.de/10011091327

High Frequency Trading, Information, and Takeovers

Humphery-Jenner, M. - Tilburg University, Center for Economic Research - 2011

This paper (1) proposes new variables to detect informed high-frequency trading (HFT), (2) shows that HFT can help to predict takeover targets, and (3) shows that HFT in uences target announcement announcement returns. Prior literature suggests that informed trade may occur before takeovers, but...

Persistent link: https://www.econbiz.de/10011091603

Stock Price Reactions to Short-Lived Public Information : The Case of Betting Odds

Renneboog, Luc; Palomino, F.A.; Zhang, C. - Tilburg University, Center for Economic Research - 2005

Stock markets and betting markets co-exist for professional soccer clubs listed on the London Stock Exchange.For each firm, two pieces of information are released to the stock market on a weekly basis from August to June: experts expectations about game outcomes through the betting odds, and the...

Persistent link: https://www.econbiz.de/10011092755

The Dutch Grey Market

Renneboog, Luc; Spaenjers, C. - Tilburg University, Center for Economic Research - 2008

When-issued trading concerns transactions in securities that have not yet been issued. This type of trade often takes place in a so-called ‘grey market’, in which all contracts are conditional on the issuance of the security. In this paper, we investigate the Dutch grey market for...

Persistent link: https://www.econbiz.de/10011092801

The Impact of Dark and Visible Fragmentation on Market Quality (Replaces CentER Discussion Paper 2011-051)

Degryse, Hans; de Jong, Frank C. J. M.; van Kervel, V.L. - Tilburg University, Center for Economic Research - 2011

order books. This paper evaluates the impact on liquidity of fragmentation in visible order books and dark trading for a … sample of 52 Dutch stocks. We consider global liquidity by consolidating the entire limit order books of all visible European … trading venues, and local liquidity by considering the traditional market only. We find that fragmentation in visible order …

Persistent link: https://www.econbiz.de/10011090715

Blocks, liquidity and corporate control

Bolton, P.; von Thadden, E.L. - Tilburg University, Center for Economic Research - 1996

Persistent link: https://www.econbiz.de/10011091242

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