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Predatory Trading
Pedersen, Lasse Heje - 2004
overshooting and a reduced liquidation value for the distressed trader. Hence, the market is illiquid when liquidity is most needed …
Persistent link: https://www.econbiz.de/10012785459
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Transaction Costs in Dealer Markets : Evidence from the London Stock Exchange
Reiss, Peter C. - 2009
This paper describes regularities in the intraday spreads and prices quoted by dealers on the London Stock Exchange. It develops a measure of spread-related transaction costs, one that recognizes dealers' willingness to price trades within their quoted spreads. This measure of transaction costs...
Persistent link: https://www.econbiz.de/10013155968
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Does the Market Value R&D Investment by European Firms? Evidence from a Panel of Manufacturing Firms in France, Germany, and Italy
Hall, Bronwyn H.; Oriani, Raffaele - 2022
Several studies based on US and UK data have used market value as an indicator of the firm''s expected R&D performance. However, there exist no investigations for the continental countries in the European Union, partly because the analysis is complicated by data availability problems. In this...
Persistent link: https://www.econbiz.de/10013311906
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Pledgeability, Industry Liquidity, and Financing Cycles
Diamond, Douglas W. - 2017
industry liquidity. The market allows firms take on more debt when they anticipate higher future liquidity. However, both high … anticipated liquidity and the resulting high debt limit their incentives to enhance pledgeability. This has prolonged adverse … effects in a downturn. Because these effects are hard to contract upon, higher anticipated liquidity can also reduce a firm …
Persistent link: https://www.econbiz.de/10012965425
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The Value of Intermediation in the Stock Market
Di Maggio, Marco - 2019
Brokers play a critical role in intermediating institutional transactions in the stock market. Despite the importance of brokers, we have limited information on what drives investors' choices among them. We develop and estimate an empirical model of broker choice that allows us to quantitatively...
Persistent link: https://www.econbiz.de/10012864802
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Are Analyst Trade Ideas Valuable?
Birru, Justin - 2019
Using a novel database, we show that the stock-price impact of analyst trade ideas is at least as large as the impact of stock recommendation, target price, and earnings forecast changes, and that investors following trade ideas can earn significant abnormal returns. Trade ideas triggered by...
Persistent link: https://www.econbiz.de/10012866708
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Counterparty Risk and the Establishment of the New York Stock Exchange Clearinghouse
Bernstein, Asaf - 2014
Heightened counterparty risk during the recent financial crisis has raised questions about the role clearinghouses play in global financial stability. Empirical identification of the effect of centralized clearing on counterparty risk is challenging because of the co-incidence of macro-economic...
Persistent link: https://www.econbiz.de/10013047773
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One Day in June, 1994 : A Study of the Working of Reuters 2000-2 Electronic Foreign Exchange Trading System
Goodhart, Charles; Ito, Takatoshi; Payne, Richard - 2021
The paper utilized foreign exchange data (bid, ask and transaction prices and quantities) collected from the screen of the electronic broking system (Reuter D2000-2) on June 16, 1993. The bid and ask quotes, which are `firm' in this data set, are compared with the Reuters FXFX page, which...
Persistent link: https://www.econbiz.de/10013221545
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Inside the Mind of a Stock Market Crash
Giglio, Stefano - 2020
We analyze how investor expectations about economic growth and stock returns changed during the February-March 2020 stock market crash induced by the COVID-19 pandemic, as well as during the subsequent partial stock market recovery. We surveyed retail investors who are clients of Vanguard at...
Persistent link: https://www.econbiz.de/10012832459
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Target Revaluation after Failed Takeover Attempts – Cash Versus Stock
Malmendier, Ulrike - 2012
Cash- and stock-financed takeover bids induce strikingly different target revaluations. We exploit detailed data on unsuccessful takeover bids between 1980 and 2008, and show that targets of cash offers are revalued on average by +15% after deal failure, whereas stock targets return to their...
Persistent link: https://www.econbiz.de/10013104060