This paper explores the role of pre-opening price signals in price discovery and liquidity. NYSE Rule 48 suspends the responsibility of designated market makers for disseminating pre-opening price indications in the event of extreme market-wide volatility. Rule 48 speeds up the opening of stocks...

We empirically examine consumer showrooming phenomenon in the footwear industry. Using transaction-level data from a large online footwear retailer and offline store entry data from four major footwear retail chains in the U.S., we quantify the effect of offline store entry on the competing...