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Market efficiency and limits to arbitrage : evidence from the Volkswagen short squeeze
Allen, Franklin; Haas, Marlene; Nowak, Eric; Tengulov, Angel - 2018
On October 26, 2008, Porsche announced a largely unexpected domination plan for Volkswagen. The resulting short squeeze in Volkswagen's stock briefly made it the most valuable listed company in the world. We argue that this was a manipulation designed to save Porsche from insolvency and the...
Persistent link: https://www.econbiz.de/10011875647
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Real estate company reactions to financial market regulation
Hoesli, Martin; Milcheva, Stanimira; Moss, Alex - 2016
European Market Infrastructure Regulation (EMIR) is aimed at derivative trading and could impact the cost of debt capital. We …. We also show that the news have asymmetric effects with tighter regulation news more frequently leading to significant … responses in average abnormal returns (AARs) than loosening regulation news …
Persistent link: https://www.econbiz.de/10011514259
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Margin regulation and volatility
Brumm, Johannes; Grill, Michael; Kubler, Felix; … - 2014
In this paper we examine the quantitative effects of margin regulation on volatility in asset markets. We consider a … presence of collateral constraints leads to strong excess volatility. Thus, a regulation of margin requirements may have … stabilizing effects. However, in line with the empirical evidence on margin regulation in U.S. stock markets, we show that changes …
Persistent link: https://www.econbiz.de/10010258788
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Municipal bond markets
Cestau, Dario; Hollifield, Burton; Li, Dan; Schürhoff, … - 2018
-crisis regulation, sustainability, and financial technology …
Persistent link: https://www.econbiz.de/10011938223
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On the fast track: information acquisition costs and information production
Chen, Deqiu; Ma, Yujing; Martin, Xiumin; Michaely, Roni - 2020
Using the introduction of high-speed rail (HSR) as an exogenous shock to costs of information acquisition, we show that reductions in information-acquisition costs lead to (i) a significant increase in information production, evidenced by a higher frequency of analysts visiting portfolio firms,...
Persistent link: https://www.econbiz.de/10012271169
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On the fast track: information acquisition costs and information production
Chen, Deqiu; Ma, Yujing; Martin, Xiumin; Michaely, Roni - 2020
Using the introduction of high-speed rail as exogenous shocks to costs of information acquisition, we show that reductions in information-acquisition costs lead to a significant increase in information production and improvement in output quality, evidenced by higher frequency of analysts...
Persistent link: https://www.econbiz.de/10012181499
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ICO analysts
Barth, Andreas; Laturnus, Valerie; Mansouri, Sasan; … - 2021
Initial Coin Offerings (ICOs) provide a clean opportunity and rich data to study the contribution of analysts to the functioning of capital markets. The assessments of freelancing ICO analysts vary in quality and exhibit biases due to the reciprocal interactions of analysts with ICO team...
Persistent link: https://www.econbiz.de/10012487990
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Are ratings the worst form of credit assessment apart from all the others?
Bloechlinger, Andreas; Leippold, Markus; Maire, Basile - 2012 - Current Version: February 22, 2012
Ending the dependence on rating agencies is a top priority for the Financial Stability Board, which coordinates the G20 financial policies. Rating agencies have been accused of contributing to the recent financial crisis by misjudging the creditworthiness of mortgage-backed securities. Their...
Persistent link: https://www.econbiz.de/10009558401
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Unintended consequences of the global derivatives market reform
Gandré, Pauline; Mariathasan, Mike; Merrouche, Ouarda; … - 2020
We investigate regulatory arbitrage during the G20's global derivatives market reform. Using hand-collected data on staggered reform progress, we find that banks shift their trading towards less regulated jurisdictions. The result is driven by agenda items – such as the promotion of central...
Persistent link: https://www.econbiz.de/10012179682
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CDS central counterparty clearing default measures : road to recovery or invitation to predation?
Tywoniuk, Magdalena - 2020
Following the 2008 financial crisis, regulation mandates the clearing of the CDS market through Central Clearing …
Persistent link: https://www.econbiz.de/10012419635