This dissertation consists of three essays. The first chapter examines the valuation effect of information asymmetry and the role of financial intermediaries as information gathering and processing experts. In a sample of cross-border mergers and acquisitions made by U.S. firms, we find that...

This dissertation studies price discovery processes, stock order imbalances, and trading patterns around seasoned equity offerings. First chapter studies how the volatility of a stock is affected by the trading activity of other stocks. I construct a model of price discovery process after a...