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Information Aggregation, Investment, and Managerial Incentives
Albagli, Elias - 2011
We study the interplay of share prices and firm decisions when share prices aggregate and convey noisy information about fundamentals to investors and managers. First, we show that the informational feedback between the firm's share price and its investment decisions leads to a systematic...
Persistent link: https://www.econbiz.de/10013121056
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The Welfare Effects of Social Media
Allcott, Hunt - 2019
weeks before the 2018 US midterm election (i) reduced online activity, while increasing offline activities such as watching …
Persistent link: https://www.econbiz.de/10012893528
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Social Media and Fake News in the 2016 Election
Allcott, Hunt - 2017
Following the 2016 U.S. presidential election, many have expressed concern about the effects of false stories (“fake … consumption prior to the election. Drawing on web browsing data, archives of fact-checking websites, and results from a new online … survey, we find: (i) social media was an important but not dominant source of election news, with 14 percent of Americans …
Persistent link: https://www.econbiz.de/10012964878
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Election Polls, Free Trade, and the Stock Market : Evidence from the Canadian General Election
Brander, James A. - 2007
This paper examines the relationship between the Toronto Stock Exchange (TSE) and election polls during the 1988 … Canadian General Election campaign. Two hypotheses are investigated: first, did polls influence the TSE, and secondly, if so …
Persistent link: https://www.econbiz.de/10012777145
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A Model of Momentum
Liu, Laura Xiaolei - 2011
Optimal investment of firms implies that expected stock returns are tied with the expected marginal benefit of investment divided by the marginal cost of investment. Winners have higher expected growth and expected marginal productivity (two major components of the marginal benefit of...
Persistent link: https://www.econbiz.de/10013130782
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Stock Market Expectations of Dutch Households
Hurd, Michael D. - 2010
Despite its importance for the analysis of life-cycle behavior, stock ownership by households is poorly understood. Among other approaches to the investigation of this puzzle, recent research has elicited the expectations of stock market returns by individuals. This paper reports findings from a...
Persistent link: https://www.econbiz.de/10013137018
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Flights to Safety
Baele, Lieven - 2013
We identify flight-to-safety (FTS) days for 23 countries using only stock and bond returns and a model averaging approach. FTS days comprise less than 2% of the sample, and are associated with a 2.7% average bond-equity return differential and significant flows out of equity funds and into...
Persistent link: https://www.econbiz.de/10013081241
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Cash-Flow Risk, Discount Risk, and the Value Premium
Santos, Tano - 2006
A habit persistence, general equilibrium model with multiple assets matches both the time series properties of the market portfolio and the cross-sectional predictability of returns on price sorted portfolios, the value premium. Consistent with empirical evidence, the model shows that (a) value...
Persistent link: https://www.econbiz.de/10012783344
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The Geography of Stock Market Participation : The Influence of Communities and Local Firms
Brown, Jeffrey R. - 2004
This paper is the first to investigate the importance of geography in explaining equity market participation. We provide evidence to support two distinct local area effects. The first is a community ownership effect, that is, individuals are influenced by the investment behavior of members of...
Persistent link: https://www.econbiz.de/10012785900
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Tax-Loss Trading and Wash Sales
Grinblatt, Mark - 2002
An analysis of trades in the Finnish stock market around the turn of the year shows that Finnish investors tend to realize losses more than gains towards the end of December. They also buy back the same stocks they recently sold, with a repurchase rate that depends on the size of the capital...
Persistent link: https://www.econbiz.de/10012787363