Narrow search
Showing 1 - 10 of 363
Cover Image
Are Cryptos Different? Evidence from Retail Trading
Kogan, Shimon; Makarov, Igor; Niessner, Marina; Schoar, … - National Bureau of Economic Research - 2023
Trading in cryptocurrencies has grown rapidly over the last decade, primarily dominated by retail investors. Using a dataset of 200,000 retail traders from eToro, we show that they have a different model of the underlying price dynamics in cryptocurrencies relative to other assets. Retail...
Persistent link: https://www.econbiz.de/10014322705
Cover Image
Information Leakage from Short Sellers
Chague, Fernando D.; Giovannetti, Bruno; Herskovic, Bernard - National Bureau of Economic Research - 2023
exchange, we identify information leakage from short sellers. Our identification strategy explores trading execution mismatches … and leak that information to their clients. We find evidence that the information leakage is intentional and that brokers …
Persistent link: https://www.econbiz.de/10014447248
Cover Image
Do Sell-Side Analysts Say "Buy" While Whispering "Sell"?
Hirshleifer, David; Shi, Yushui; Wu, Weili - National Bureau of Economic Research - 2022
We examine how sell-side equity analysts strategically disclose information of differing quality to the public versus …-precise information provided to their private clients more valuable. Analysts' say-buy/whisper-sell behavior results in information …
Persistent link: https://www.econbiz.de/10013210060
Cover Image
Discount Factors and Monetary Policy : Evidence from Dual-Listed Stocks
Vandeweyer, Quentin; Yang, Minghao; Yannelis, Constantine - National Bureau of Economic Research - 2024
This paper studies the transmission of monetary policy to the stock market through investors' discount factors. To isolate this channel, we investigate the effect of US monetary policy surprises on the ratio of prices of the same stock listed simultaneously in Hong Kong and Mainland China, and...
Persistent link: https://www.econbiz.de/10014544777
Cover Image
Procyclical Stocks Earn Higher Returns
Goetzmann, William N.; Watanabe, Akiko; Watanabe, Masahiro - National Bureau of Economic Research - 2024
We find that procyclical stocks, whose returns comove with business cycles, earn higher average returns than countercyclical stocks. We use almost a three-quarter century of real GDP growth expectations from economists' surveys to determine forecasted economic states. This approach largely...
Persistent link: https://www.econbiz.de/10014544787
Cover Image
The US, Economic News, and the Global Financial Cycle
Boehm, Christoph E.; Kroner, T. Niklas - National Bureau of Economic Research - 2023
We provide evidence for a causal link between the US economy and the global financial cycle. Using intraday data, we show that US macroeconomic news releases have large and significant effects on global risky asset prices. Stock price indexes of 27 countries, the VIX, and commodity prices all...
Persistent link: https://www.econbiz.de/10014247914
Cover Image
Analyst Bias and Mispricing
Grinblatt, Mark; Jostova, Gergana; Philipov, Alexander - National Bureau of Economic Research - 2023
Cross-sectional forecasts of conservative and optimistic biases in analyst earnings estimates predict a stock's future returns, especially for firms that are hard to value. Trading strategies--whether based on the component of analyst bias that is correlated with major return anomalies or the...
Persistent link: https://www.econbiz.de/10014248012
Cover Image
Information Cascades and Threshold Implementation : Theory and An Application to Crowdfunding
Cong, Lin William; Xiao, Yizhou - National Bureau of Economic Research - 2023
project implementation. We incorporate all-or-nothing thresholds in a canonical model of information cascades. Early … rejections. Project proposers consequently can charge higher prices. Proposal feasibility, project selection, and information … information aggregation achieve efficiency in the large-crowd limit. Our key insights remain robust under thresholds in dollar …
Persistent link: https://www.econbiz.de/10013537714
Cover Image
News Diffusion in Social Networks and Stock Market Reactions
Hirshleifer, David; Peng, Lin; Wang, Qiguang - National Bureau of Economic Research - 2023
We study how the social transmission of public news influences investors' beliefs and securities markets. Using an extensive dataset to measure investor social networks, we find that earnings announcements from firms in higher-centrality locations generate stronger immediate price and trading...
Persistent link: https://www.econbiz.de/10013537754
Cover Image
A Quantity-Based Approach to Constructing Climate Risk Hedge Portfolios
Alekseev, Georgij; Giglio, Stefano; Maingi, Quinn; … - National Bureau of Economic Research - 2022
quantity-based approach exploits information on how mutual fund managers trade in response to idiosyncratic changes in their … responses rather than time-series price information, which is particularly limited in the case of newly emerging risks such as …
Persistent link: https://www.econbiz.de/10013477195