We propose a method for event studies based on synthetic portfolios that provides a robust data-driven approach to build a credible counterfactual. The method is used to evaluate the effectiveness of volatility auctions using intraday data from the Colombian Stock Exchange. The results indicate...

Recently, Internet auction sites have begun to compete in emotions by advertising the fun and excitement that bidders may experience during auction participation. The implicit conjecture inherent in these advertisements is that consumers derive a hedonic value from auction participation that...