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Competition of the Informed : Does the Presence of Short Sellers Affect Insider Selling?
Massa, Massimo - 2014
competition from short sellers. An experiment and instrumental variable analysis confirm this causal relationship. The effects are …
Persistent link: https://www.econbiz.de/10013040595
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Informed Trading and Product Market Competition
Huang, Chong; Xu, Xiaoqi - 2023
This paper examines the interplay between financial market trading and product market competition. An entrant learns … trading cost in stock market promotes product market competition …
Persistent link: https://www.econbiz.de/10014354549
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Does Short Selling Inform or Manipulate Capital Investment?
Turkiela, Jason - 2020
Recent theoretical work suggests that short sellers can manipulate firms into making suboptimal investment decisions. In this study, I empirically test whether short sellers improve or harm the efficiency of firms' capital investment. Overall, I show that short selling improves the efficiency of...
Persistent link: https://www.econbiz.de/10012848715
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Securities lending and information transmission : a model of endogenous short-sale constraints
Pankratov, Andrey - 2020
I study short-sale constraints in a market with asymmetric information. I offer a novel approach endogenizing short-sale constraints by including an asset-borrowing market in my model. Short-sellers have to borrow an asset and therefore reveal information to a lender. The lender trades on her...
Persistent link: https://www.econbiz.de/10012824882
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Why Do Firms Disagree With Short Sellers? Managerial Myopia versus Private Information
Bargeron, Leonce - 2019
Though short sellers on average succeed at identifying overvalued equity, firms often signal disagreement with short sellers by repurchasing stock when short interest increases. We investigate whether this disagreement reflects a myopic defense of inflated prices, or positive private...
Persistent link: https://www.econbiz.de/10012902352
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High Frequency Trading : Strategic Competition between Slow and Fast Traders
Boco, Herve - 2017
In the following paper we analyze the strategic competition between fast and slow traders. The model of Kyle (1985) is …
Persistent link: https://www.econbiz.de/10012960528
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Non-Exclusive Competition in the Market for Lemons
Attar, Andrea; Mariotti, Thomas; Salanié, François - 2009
We consider an exchange economy in which a seller can trade an endowment of a divisible good whose quality she privately knows. Buyers compete in menus of non-exclusive contracts, so that the seller may choose to trade with several buyers. In this context, we show that an equilibrium always...
Persistent link: https://www.econbiz.de/10014199733
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Financial globalization : effects on banks' information acquisition and credit risk
Paik, Christopher - 2021
English Abstract: Financial liberalization accelerates global banks’ entry into new markets where host countries hope to spur investment and economic growth. However, banks sometimes retreat from their global ambitions and exit these new markets. This study demonstrates how difficulties of...
Persistent link: https://www.econbiz.de/10012607039
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Competitive Experimentation with Private Information
Moscarini, Giuseppe; Squintani, Francesco - 2015
We study a winner-take-all R&D race where firms are privately informed about the uncertain arrival rate of the invention. Due to the interdependent-value nature of the problem, the equilibrium displays a strong herding effect that distinguishes our framework from war-of-attrition models....
Persistent link: https://www.econbiz.de/10014068396
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Banking Competition, Monitoring Incentives and Financial Stability
Quynh Anhy, Vo Thi - 2010
This paper addresses the desirability of competition in banking industry. In a model where banks compete on both … three questions: what are the effects of competition on banks' monitoring incentives? Does competition hurt banks' stability …? What can be devices to correct potential negative effects of competition vis à vis financial stability? We find that …
Persistent link: https://www.econbiz.de/10014191429