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. Price impacts of trading from block trades, from herding or from other sources, are considered in Section 6. Issues in the …
Persistent link: https://www.econbiz.de/10014023867
We examine the price discovery process of initial public offerings (IPOs) from the offer price to the first day’s open … price. Stock exchanges have made major changes to the IPO preopening process, and introduced an open auction process in … which all investors are able to enter orders and participate in price discovery. The time spent in preopening has increased …
Persistent link: https://www.econbiz.de/10013220570
-big-to-be-rescued. While the price distortion for these banks decreases the existence of banks that are considered to be toobig …
Persistent link: https://www.econbiz.de/10010298782
-big-to-be-rescued. While the price distortion for these banks decreases the existence of banks that are considered to be toobig …
Persistent link: https://www.econbiz.de/10003846898
During the recent sovereign debt crisis, the European Banking Authority conducted two stress tests on European banks in order to gauge their capital needs, core Tier-1 ratios and ratios of resilience to adverse shocks. We assess the informational content of the disclosure of the stress test...
Persistent link: https://www.econbiz.de/10014352063
This paper demonstrates that rating-based capital requirements, through their impact on insurers' investment demand, affect corporate bond prices. Consistent with insurers' low demand for investment-grade (IG) bonds with a rating close to non-investment-grade, these bonds are underpriced....
Persistent link: https://www.econbiz.de/10012854113
This paper attempts to investigate the impact of credit information sharing on bank-specific stock price crash risk … crash risk. This finding suggests that banks are less likely to experience stock price crash when they share more borrower …
Persistent link: https://www.econbiz.de/10012926760
I investigate whether or not the multi-period trades of financial institutions cause mispricing in the stock market. After controlling for the magnitude and trends in institutional trades, I find evidence consistent with institutional trades pushing prices away from fundamentals. Stocks heavily...
Persistent link: https://www.econbiz.de/10012971888
-big-to-be-rescued. While the price distortion for these banks decreases the existence of banks that are considered to be toobig …
Persistent link: https://www.econbiz.de/10012989259
It is assumed that the awarding of a "systemic importance" seal by the regulator has a positive effect on the equity value of its holder. By employing an event study analysis on a new set of regulatory announcements, we find that financial market participants react to these announcements which...
Persistent link: https://www.econbiz.de/10013034358