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Two Essays on the Probability of Informed Trading

Popescu, Marius - 2007

This dissertation consists of two essays. The first essay develops a new methodology for estimating the probability of informed trading from the observed quotes and depths, by extending the Copeland and Galai (1983) model. This measure (PROBINF) can be computed for each quote and it represents...

Persistent link: https://www.econbiz.de/10009433963

Two Essays on Shelf-registered Corporate Equity Offerings

Autore, Don M - 2006

This dissertation consists of two essays. The first provides evidence that the recent revival of shelf equity offers is related to changes in how firms use shelf registration. During 1990-2003 firms that make shelf filings have no immediate intent and low probability of issuance, lower...

Persistent link: https://www.econbiz.de/10009434002

Two Essays on Ownership and Market Characteristics

Chen, Honghui - 1999

Theoretical models suggest that ownership structure may be an important determinant of securities' market characteristics. For example, the presence of informed traders leads to greater bid-ask spreads (Copeland and Galai (1983), and Glosten and Milgrom (1985)), and strategic trading of informed...

Persistent link: https://www.econbiz.de/10009434106

The Impact of Earnings Quality on Investors' and Analysts' Reactions to Restatement Announcements

Romanus, Robin Nicole - 2007

Despite countless efforts to elucidate market participantsâ understanding of the implications of earnings quality, empirical accounting research has rendered two distinct perspectives. The first perspective considers market participants naÃ¯ve users of accounting information who fail to grasp...

Persistent link: https://www.econbiz.de/10009434132

OPTIMAL BOND REFUNDING: EVIDENCE FROM THE MUNICIPAL BOND MARKET

Priyadarshi, Samaresh - 1997

<HTML><HEAD><META HTTP-EQUIV="Content-Type" CONTENT="text/html; charset=windows-1252"></HEAD><BODY><FONT FACE="Book Antiqua"><P ALIGN="JUSTIFY">This dissertation empirically examines refunding decisions employed by issuers of tax-exempt bonds. Callable bonds contain embedded call options by virtue of provisions in bond indentures that permit the issuing firm to buy back the bond at a predetermined strike price. Such an embedded American...</p></font></body></head></html>

Persistent link: https://www.econbiz.de/10009434140

Two Essays on Momentum and Reversals in Stock Returns

Bhootra, Ajay - 2008

This dissertation consists of two essays. In the first essay, I examine the source of momentum in stock returns. The reversal of momentum returns has been interpreted as evidence that momentum results from delayed overreaction to information. I examine momentum and reversals conditional on...

Persistent link: https://www.econbiz.de/10009433865