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Chapter 8. Blockholders: A Survey of Theory and Evidence

Edmans, Alex; Holderness, Clifford G. - 2017

This paper reviews the theoretical and empirical literature on the role of blockholders (large shareholders) in corporate governance. We start with the underlying property rights of public corporations; we discuss how blockholders are critical in addressing free-rider problems and why, like...

Persistent link: https://www.econbiz.de/10014023374

Strategic Informed Trading and Dark Pools

Ye, Mao - 2020

We analyze how a large informed trader chooses between a lit exchange and a dark pool. We show that (1) the market share of the dark pool increases when the informed trader trades; (2) the market share of the dark pool increases more when the value of information is higher; and (3) price...

Persistent link: https://www.econbiz.de/10012850769

Introducing a spread into the Kyle model

Salomonsson, Marcus - 2009

The Kyle (1985) model is extended to take into account market maker competition and the spread. It is shown that with a … spread the Kyle model has a Nash equilibrium also with two market makers, not only with three or more, as shown in earlier … research. The spread is endogenized, and two testable predictions of the model are generated. The first is that the spread is …

Persistent link: https://www.econbiz.de/10003814130

The information content of option demand

Kehrle, Kerstin; Puhan, Tatjana-Xenia - 2012

This paper combines the concept of market sidedness with excess option demand (changes in open interest) to solve the empirical challenge of separating directional from uninformed trading motives in widely available, unsigned options data. Our measure of options market sidedness persistently...

Persistent link: https://www.econbiz.de/10009684072

Market Microstructure and the Risks of High-Frequency Trading

Aldridge, Irene - 2013

The current research assesses the risks commonly attributed to the presence of HFT in the context of different market structures deployed by the U.S. exchanges. In particular, we find that, by design, the so-called “normal” exchanges have the lowest market quality, including the highest...

Persistent link: https://www.econbiz.de/10013079007

Revolutionizing finance with bitcoin and blockchain : a literature review and research agenda

Lu, Haitian; Wu, Hao - In: China Accounting and Finance Review 26 (2024) 4, pp. 413-430

Purpose Our analysis is targeted at researchers in the fields of economics and finance, and we place emphasis on the incremental contributions of each paper, key research questions, study methodology, main conclusions and data and identification tactics. By focusing on these critical areas, our...

Persistent link: https://www.econbiz.de/10015077482

How do insiders trade?

Augustin, Patrick; Brenner, Menachem; Grass, Gunnar; … - 2016

We characterize how informed investors trade in the options market ahead of corporate news when they receive private, but noisy, information about (i) the timing of the announcement and (ii) its impact on stock prices. Our theoretical framework generates a rich set of predictions about the...

Persistent link: https://www.econbiz.de/10011541417

Informed options strategies before corporate events

Augustin, Patrick; Brenner, Menachem; Grass, Gunnar; … - 2022

We analyze how informed investors trade in the options market ahead of corporate news when they receive private, but noisy, information about the timing and impact of these announcements on stock prices. We propose a framework that ranks options trading strategies (option type, maturity, and...

Persistent link: https://www.econbiz.de/10013332282

Insiderhandel und Optionspreisspannen

Behr, Matina L. - 2000 - 1. Aufl.

Persistent link: https://www.econbiz.de/10001516335

Do prices in the unmediated call auction reflect insider information? : an experimental analysis

Brünner, Tobias; Levínský, René - 2008

The unmediated call auction is a useful trading mechanism to aggregate dispersed information. Its ability to incorporate information of a single informed insider, however, is less well understood. We analyse this question by presenting a simple call auction game where both auction prices and...

Persistent link: https://www.econbiz.de/10003798364