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Institutional Heterogeneity Among Stock Exchanges : Implications for Market Efficiency
Diamond, Stephen F. - 2011
The current financial crisis is a crisis of theory as well. The dominant theory of financial markets, the efficient … apply an economic theory of nonprofits to the NYSE, and NASDAQ, to identify the incentives of Exchange members and the …
Persistent link: https://www.econbiz.de/10013133296
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Information, market power and price volatility
Bergemann, Dirk; Heumann, Tibor; Morris, Stephen - 2019
Persistent link: https://www.econbiz.de/10012126821
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A Supply and Demand Approach to Equity Pricing
Betermier, Sebastien - 2020
We develop a tractable general equilibrium framework providing a direct mapping between (i) the supply and demand for … capital supply, while firm profitability drives demand. Heterogeneity in supply and demand factors determines the sign of the …, investment, and profitability. We estimate the supply and demand schedules of over 4,000 U.S. firms and verify that the model …
Persistent link: https://www.econbiz.de/10012848130
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The expected returns and valuations of private and public firms
Cooper, Ilan; Priestley, Richard - In: Journal of financial economics 120 (2016) 1, pp. 41-57
Persistent link: https://www.econbiz.de/10011590063
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Essays in public economic theory
Sahm, Marco (contributor) - 2006
Persistent link: https://www.econbiz.de/10003476588
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Essays on evolution, reputation and rationality
Shapiro, Dmitry - 2006
Persistent link: https://www.econbiz.de/10003965716
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Stock Market Tournament
Ozdenoren, Emre - 2012
We study an optimal contracting problem between shareholders and managers when managers' effort choices are hidden but on which stock market prices reveal some information. When the stock market rewards winners and punishes losers within an industry, stock-based incentive generates a tournament...
Persistent link: https://www.econbiz.de/10013109129
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Information Acquisition and Corporate Debt Illiquidity
Babenko, Ilona - 2018
Models based on asymmetric information predict that debt is least sensitive to private information and cannot explain the illiquidity of corporate debt in secondary markets. We analyze security design with moral hazard and offer a new explanation. First, the optimal compensation contract creates...
Persistent link: https://www.econbiz.de/10012937695
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Managerial Compensation and Stock Price Manipulation
Schroth, Josef - 2018
This paper studies the role of optimal managerial compensation in reducing uncertainty about manager reporting objectives. It is shown that, paradoxically, firm owners allow managers with higher propensity to manipulate the short-term stock price to push for higher-powered and more short-term...
Persistent link: https://www.econbiz.de/10012938535
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Outside Investor Access to Top Management : Market Monitoring vs. Stock Price Manipulation
Schroth, Josef - 2020
This paper studies the role of voluntary disclosure in crowding out independent research about firm value. In the model, when inside firm owners make it easier for outside investors to obtain inexpensive biased information from the manager, then investors rely less on costly unbiased research....
Persistent link: https://www.econbiz.de/10012826268