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Can Buybacks Be A Product of Shorter Shareholder Horizons?

Gaspar, José-Miguel; Massa, Massimo; Matos, Pedro Pinto; … - C.E.P.R. Discussion Papers - 2004

We examine how shareholder investment horizons influence firms’ payout decisions. We find that US firms held by short-term institutional investors have a higher propensity to buybacks shares instead of using dividends. Firm managers seem to respond to the preferred payout policy of investors...

Persistent link: https://www.econbiz.de/10005123950

A Theory of Income Smoothing When Insiders Know More Than Outsiders

Acharya, Viral V; Lambrecht, Bart - C.E.P.R. Discussion Papers - 2012

We consider a setting in which insiders have information about income that outside shareholders do not, but property rights ensure that outside shareholders can enforce a fair payout. To avoid intervention, insiders report income consistent with outsiders' expectations based on publicly...

Persistent link: https://www.econbiz.de/10011083832

Dynamic Security Design

Biais, Bruno; Mariotti, Thomas; Plantin, Guillaume; … - C.E.P.R. Discussion Papers - 2004

We analyse dynamic financial contracting under moral hazard. The ability to rely on future rewards relaxes the tension between incentive and participation constraints, relative to the static case. Managers are incited by the promise of future payments after several successes and the threat of...

Persistent link: https://www.econbiz.de/10005067486

New Evidence of the Impact of Dividend Taxation and on the Identity of the Marginal Investor

Bell, Leonie; Jenkinson, Tim - C.E.P.R. Discussion Papers - 2001

This Paper examines the impact of a major change in dividend taxation introduced in the UK in July 1997. The reform was … funds. We analyse the behaviour of share prices around the ex-dividend day both before and after the reform to test … are consistent with the distortions introduced by the tax system (before the reform dividend income was tax-advantaged in …

Persistent link: https://www.econbiz.de/10005789039

Biased Shorts: Stock Market Implications of Short Sellers’ Disposition Effect

Massa, Massimo; von Beschwitz, Bastian - C.E.P.R. Discussion Papers - 2015

We investigate whether short sellers are subject to the disposition effect using a novel dataset that allows to identify the weekly closing of short positions. Consistent with the disposition effect, the closing of short sale positions is strongly related to a proxy of Shortsale Capital Gains...

Persistent link: https://www.econbiz.de/10011252613

First to “Read” the News: News Analytics and Institutional Trading

Keim, Donald B; Massa, Massimo; von Beschwitz, Bastian - C.E.P.R. Discussion Papers - 2015

We investigate whether providers of high frequency news analytics affect the stock market. As identification, we exploit a unique experiment based on differences in news event classifications between different product releases of a major provider of news analytics. We document a causal effect of...

Persistent link: https://www.econbiz.de/10011252620

Hope, Change, and Financial Markets: Can Obama's Words Drive the Market?

Sazedj, Sharmin; Tavares, José - C.E.P.R. Discussion Papers - 2011

Barack Obama’s victory in the 2009 presidential elections in the United States is widely credited to his personal charisma and his extraordinary rhetorical powers, as revealed throughout the campaign. President Obama was inaugurated in the midst of the worst economic crisis in the country,...

Persistent link: https://www.econbiz.de/10009399716

The Price of Future Liquidity: Time-Varying Liquidity in the US Treasury Market

Goldreich, David; Hanke, Bernd; Nath, Purnendu - C.E.P.R. Discussion Papers - 2003

This Paper examines the price differences between very liquid on-the-run US Treasury securities and less liquid off-the-run securities over the entire on/off cycle. Unlike previous studies, by comparing pairs of securities as their relative liquidity varies over time, we can disregard any...

Persistent link: https://www.econbiz.de/10005666511

The Dog that Did Not Bark: Insider Trading and Crashes

Vigueras, Marín; Maria, José; Olivier, Jacques - C.E.P.R. Discussion Papers - 2007

This paper documents that at the individual stock level insiders sales peak many months before a large drop in the stock price, while insiders purchases peak only the month before a large jump. We provide a theoretical explanation for this phenomenon based on trading constraints and asymmetric...

Persistent link: https://www.econbiz.de/10005666589

Insider Trading in Credit Derivatives

Acharya, Viral V; Johnson, Tim - C.E.P.R. Discussion Papers - 2005

Insider trading in the credit derivatives market has become a significant concern for regulators and participants. This paper attempts to quantify the problem. Using news reflected in the stock market as a benchmark for public information, we report evidence of significant incremental...

Persistent link: https://www.econbiz.de/10005666591

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