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This article analyzes the manifold situations in which the efficient-market hypothesis (EMH) has influenced—or has failed to influence—federal securities regulation and state corporate law, and the prospective roles for the EMH in these contexts. In federal securities regulation, the EMH has...
Persistent link: https://www.econbiz.de/10010603964
Markets with imperfect competition do not induce a cost-minimizing allocation of production between firms. The market …
Persistent link: https://www.econbiz.de/10005670124
Focusing on homogeneous beliefs, we can distinguish two commonly shared ideas that, i) the competition between informed … market, i) the informativeness of prices increases with the degree of competition and, ii) the aggregate and individual …
Persistent link: https://www.econbiz.de/10011071458
theory, have made insider trading easier to prosecute. The paper does not find an improvement in the frequency of informed …
Persistent link: https://www.econbiz.de/10012728918
Persistent link: https://www.econbiz.de/10012729199
different lending conditions. Additionally, the model shows that distributing loan repayment data, by boosting competition for …
Persistent link: https://www.econbiz.de/10010849648
We evaluate the over-valuation hypothesis and merger arbitrage price pressure hypothesis as potential explanations for the observed negative returns to stock acquirers around merger announcement. Using daily shorting flow data, we show that the majority of the negative announcement returns can...
Persistent link: https://www.econbiz.de/10010906832
overconfidence and overentry into competition. In a broader context, the results provide an explanation for the overconfidence of …
Persistent link: https://www.econbiz.de/10010955334
overconfidence and overentry into competition. In a broader context, the results provide an explanation for the overconfidence of …
Persistent link: https://www.econbiz.de/10011163925
unique, incentive-efficient and continuous in all parameters of the economy. Competition in individual markets of a perfectly …
Persistent link: https://www.econbiz.de/10012731746