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When are Auctions Best?
Bulow, Jeremy - 2007
We compare the two most common bidding processes for selling a company or other asset when participation is costly to …
Persistent link: https://www.econbiz.de/10012776464
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Fire Sales in Finance and Macroeconomics
Shleifer, Andrei - 2010
Fire sales are forced sales of assets in which high-valuation bidders are sidelined, typically due to debt overhang problems afflicting many specialist bidders simultaneously. We overview theoretical and empirical research on asset fire sales, which shows how they can arise, how they can lead to...
Persistent link: https://www.econbiz.de/10013134890
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Do Fire Sales Create Externalities?
Chernenko, Sergey - 2018
We develop three novel measures of how much of the price impact of their trading different mutual funds internalize. We show that mutual funds that internalize more of their price impact hold larger cash buffers and use these buffers more aggressively to accommodate inflows and outflows. As a...
Persistent link: https://www.econbiz.de/10012910298
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Short Sales and Trade Classification Algorithms
Asquith, Paul - 2010
This paper demonstrates that short sales are often misclassified as buyer-initiated by the Lee-Ready and other commonly used trade classification algorithms. This result is due in part to regulations which require short sales be executed on an uptick or zero-uptick. In addition, while the...
Persistent link: https://www.econbiz.de/10012758604
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Buying Reputation as a Signal of Quality : Evidence from an Online Marketplace
Li, Lingfang (Ivy) - 2016
Reputation is critical to foster trust in online marketplaces, yet leaving feedback is a public good that can be under-provided unless buyers are rewarded for it. Signaling theory implies that only high quality sellers would reward buyers for truthful feedback. We explore this scope for...
Persistent link: https://www.econbiz.de/10012983684
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Sales Mechanisms in Online Markets : What Happened to Internet Auctions?
Einav, Liran - 2015
prices. Data from eBay shows that compositional shifts in the items being sold, or the sellers offering these items, cannot …
Persistent link: https://www.econbiz.de/10013035630
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The Limits of Reputation in Platform Markets : An Empirical Analysis and Field Experiment
Nosko, Chris - 2015
, for a variety of reasons we discuss, reputations will be biased. We document these problems using eBay data and claim that …
Persistent link: https://www.econbiz.de/10013030621
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Why are Saving Rates so High in China?
Yang, Dennis Tao - 2011
In this paper, we define "The Chinese Saving Puzzle" as the persistently high national saving rate at 34-53 percent of gross domestic product (GDP) in the past three decades and a surge in the saving rate by 11 percentage points from 2000-2008. Using data from the Flow of Funds Accounts (FFA)...
Persistent link: https://www.econbiz.de/10013130270
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Transaction Cost Regulation
Spiller, Pablo T. - 2011
This paper discusses the fundamental underpinnings and some implications of transaction cost regulation (TCR), a framework to analyze the interaction between governments and investors fundamentally, but not exclusively, in utility industries. TCR sees regulation as the governance structure of...
Persistent link: https://www.econbiz.de/10013130971
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Theories of Heterogeneous Firms and Trade
Redding, Stephen J. - 2010
This paper reviews the recent theoretical literature on heterogeneous firms and trade, which emphasizes firm selection … this research and its relationship to traditional trade theories. We examine the implications of firm heterogeneity for … distribution. While a number of studies examine the endogenous response of firm productivity to trade liberalization, modeling …
Persistent link: https://www.econbiz.de/10013135411