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Arping, Stefan - 2015

I study a model of market-liquidity provision by levered intermediaries that, besides operating trading desks, run … deposit-taking franchises. Levered intermediaries’ heightened incentive to absorb risk helps to counteract liquidity …. However, liquidity provision may also overshoot, leading to unhealthy price bubbles and causing asset origination to become …

Persistent link: https://www.econbiz.de/10010477097

Badge of honor or scarlet letter? : unpacking investors' judgment of entrepreneurs' past failure

Zunino, Diego; Praag, Mirjam van; Dushnitsky, Gary - 2017

Research shows that most ventures fail, yet it has devoted limited attention to the consequences of entrepreneursâ€™ past failure for investors' decisions. Our motivating insight is that failure can be due to bad luck, lack of skill or both. Therefore, failure conveys ambiguous information...

Persistent link: https://www.econbiz.de/10011720322

Need for speed? : exchange latency and liquidity

Menkveld, Albert J.; Zoican, Marius A. - 2014

Speeding up the exchange does not necessarily improve liquidity. The price quotes of high-frequency market makers are … more likely to meet speculative high-frequency "bandits", thus less likely to meet liquidity traders. The bid-ask spread is …

Persistent link: https://www.econbiz.de/10010384388

Intergenerational risk sharing with market liquidity risk

Dimitrov, Daniel - 2022

This paper examines the optimal allocation of risk across generations whose savings mix is subject to illiquidity in the form of uncertain trading costs. We use a stylized two-period OLG framework, where each generation makes a portfolio allocation decision for retirement, and show that...

Persistent link: https://www.econbiz.de/10013175574

Economic valuation of liquidity timing

Karstanje, Dennis; Sojli, Elvira; Tham, Wing Wah; Wel, … - 2013

Persistent link: https://www.econbiz.de/10010191204

Profit shifting and productivity mismeasurement

Bartelsman, Eric J.; Beetsma, Roel - 2000

This note identifies profit shifting in response to cross-countrydifferences in corporate tax rates as a source of productivitymismeasurement. To quantify the magnitude of mismeasurement, theprofit-shifting effect is isolated from other possible effects ofcorporatetax rates changes on real...

Persistent link: https://www.econbiz.de/10011304391

Market liquidity, investor participation and managerial autonomy : why do firms go private?

Boot, Arnoud W. A.; Gopaian, Radhakrishnan; Thakor, Anjan V. - 2005

ownership relative to private ownership lie in the liquidity of public ownership. While the liquidity of public ownership lets … shareholders trade easily and supply capital at a lower cost, the liquidity-engendered trading also results in stochastic shocks to … higher cost of capital. Thus, capital market liquidity, while being a principal advantage of public ownership, also has a …

Persistent link: https://www.econbiz.de/10011348720

Private equity waves

Smit, Han T. J.; Berg, Ward A. van den - 2006

This study presents a dynamic model for the private equity market in which information revelation and uncertainty rationally explain the cyclical pattern of investment flows into private equity. The net benefit of private equity over public equity is i) uncertain and ii) agents have private...

Persistent link: https://www.econbiz.de/10011349200

What drives the quotes of earnigns forecasters?

Bruijn, Bert de; Franses, Philip Hans - 2012

Persistent link: https://www.econbiz.de/10009723028

How informative are the unpredictable components of earnings forecasts?

Bruijn, Bert de; Franses, Philip Hans - 2015

An analysis of about 300000 earnings forecasts, created by 18000 individual forecasters for earnings of over 300 S&P listed firms, shows that these forecasts are predictable to a large extent using a statistical model that includes publicly available information. When we focus on the...

Persistent link: https://www.econbiz.de/10010490078

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