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The Disappearing Index Effect
Greenwood, Robin; Sammon, Marco C. - National Bureau of Economic Research - 2022
The abnormal return associated with a stock being added to the S&P 500 has fallen from an average of 3.4% in the 1980s and 7.6% in the 1990s to 0.8% over the past decade. This has occurred despite a significant increase in the percentage of stock market assets linked to the index. A similar...
Persistent link: https://www.econbiz.de/10013477240
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Transaction Costs in Dealer Markets : Evidence From The London Stock Exchange
Reiss, Peter C. - 1994
This paper describes regularities in the intraday spreads and prices quoted by dealers on the London Stock Exchange. It …
Persistent link: https://www.econbiz.de/10012474198
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Quantifying the High-Frequency Trading "Arms Race"
Aquilina, Matteo; Budish, Eric B.; O'Neill, Peter - National Bureau of Economic Research - 2021
We use stock exchange message data to quantify the negative aspect of high-frequency trading, known as "latency arbitrage." The key difference between message data and widely-familiar limit order book data is that message data contain attempts to trade or cancel that fail. This allows the...
Persistent link: https://www.econbiz.de/10012599301
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Has New York Become Less Competitive in Global Markets? Evaluating Foreign Listing Choices Over Time
Doidge, Craig - 2007
We study the determinants and consequences of cross-listings on the New York and London stock exchanges from 1990 to … 2005. This investigation enables us to evaluate the relative benefits of New York and London exchange listings and to … in London. This decline in cross-listings is explained by changes in firm characteristics rather than by changes in the …
Persistent link: https://www.econbiz.de/10012465575
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Mandatory Unbundling and Irreversible Investment in Telecom Networks
Pindyck, Robert S. - 2004
This paper addresses the impact on investment incentives of the network sharing arrangements mandated by the Telecommunications Act of 1996, with a focus on the implications of irreversible investment. Although the goal is to promote competition, the sharing rules now in place reduce incentives...
Persistent link: https://www.econbiz.de/10012468396
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The Overlooked Corporate Finance Problems of a Microsoft Breakup
Bebchuk, Lucian Arye - 2001
This paper identifies problems with the ordered breakup of Microsoft that seem to have been completely overlooked by the government, the judge, and the commentators. The breakup order prohibits Bill Gates and other large Microsoft shareholders from owning shares in both of the companies that...
Persistent link: https://www.econbiz.de/10012470640
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Asset Liquidity and Segment Divestitures
Schlingemann, Frederik P. - 2000
We investigate a sample of firms whose number of reported segments falls by one or more for the first time in their reporting history. The firms in our sample have a significantly larger diversification discount, underperform, and underinvest relative to comparable firms. Firms are more likely...
Persistent link: https://www.econbiz.de/10012470864
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Unbundling Institutions
Acemoglu, Daron; Johnson, Simon - 2003
This paper evaluates the importance of property rights institutions', which protect citizens against expropriation by the government and powerful elites, and contracting institutions', which enable private contracts between citizens. We exploit exogenous variation in both types of institutions...
Persistent link: https://www.econbiz.de/10012468763
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The Making of the Modern Metropolis : Evidence from London
Heblich, Stephan - 2018
railways, newly-constructed spatially-disaggregated data for London from 1801-1921, and a quantitative urban model to provide … buildings in Greater London by 20 percent or more, and brings down commuting into the City of London from more than 370,000 to …
Persistent link: https://www.econbiz.de/10012480700
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London Fog : A Century of Pollution and Mortality, 1866-1965
Hanlon, W. Walker - 2018
This study provides new evidence on the impact of air pollution in London over the century from 1866-1965. To identify … weeks with elevated pollution levels I use new data tracking the timing of London's famous fog events, which trapped … exposure due to fog events accounted for at least one out of every 200 deaths in London during this century. I provide evidence …
Persistent link: https://www.econbiz.de/10012453227