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Learning from Stock Prices and Economic Growth
Peress, Joel - 2011
A competitive stock market is embedded into a neoclassical growth economy to analyze the interplay between the … economic growth by raising total factor productivity, but its impact is only transitory. Several predictions on the evolution …
Persistent link: https://www.econbiz.de/10013120646
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Learning from Stock Prices and Economic Growth
Peress, Joel - 2010
A competitive stock market is embedded into a neoclassical growth economy to analyze the interplay between the … not contractible. It contributes to economic growth, but its impact is only transitory. Several predictions on the …
Persistent link: https://www.econbiz.de/10013146871
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Stock market rumors and credibility
Schmidt, Daniel - 2019
Stock prices occasionally move in response to unverified rumors. I propose a cheap talk model in which a rumormonger's incentives to tell the truth depend on the interaction between her investment horizon and the information acquisition decisions of message-receiving investors. The model's key...
Persistent link: https://www.econbiz.de/10012250063
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Trading Against Disorderly Liquidation of a Large Position Under Asymmetric Information and Market Impact
Hillairet, Caroline - 2016
We consider trading against a hedge fund or large trader that must liquidate a large position in a risky asset if the market price of the asset crosses a certain threshold. Liquidation occurs in a disorderly manner and negatively impacts the market price of the asset. We consider the perspective...
Persistent link: https://www.econbiz.de/10012981705
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From institutions to financial development and growth : what are the links?
Fernández, Andrés; Tamayo, César E. - 2015
growth. From the large body of research on institutional development, the paper first selects those contributions that make … by which these specific frictions affect economic growth and presents the stock of empirical evidence quantifying the … impact of institutions on growth through financial development. …
Persistent link: https://www.econbiz.de/10011290078
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Managerial Learning from Stock Prices : A Structural Examination
Goldstein, Itay - 2015
information via 8-Ks. Next, using INF, we find evidence of managerial learning from stock prices, as the sensitivity of firm …
Persistent link: https://www.econbiz.de/10013011554
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How Public Information Affects Asymmetrically Informed Lenders : Evidence from a Credit Registry Reform
Choudhary, M. Ali - 2014
We exploit exogenous variation in the amount of public information available to banks about a firm to empirically evaluate the importance of adverse selection in the credit market. A 2006 reform introduced by the State Bank of Pakistan (SBP) reduced the amount of public information available to...
Persistent link: https://www.econbiz.de/10013044733
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How Public Information Affects Asymmetrically Informed Lenders : Evidence from a Credit Registry Reform
Choudhary, M. Ali; Jain, Anil - 2017
We exploit exogenous variation in the amount of public information available to banks about a firm to empirically evaluate the importance of adverse selection in the credit market. A 2006 reform introduced by the State Bank of Pakistan (SBP) reduced the amount of public information available to...
Persistent link: https://www.econbiz.de/10014121071
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Trading Stocks on Blocks - The Quality of Decentralized Markets
Notheisen, Benedikt - 2019
The trust-free nature of blockchain-based systems challenges the role of traditional platform providers and enables the creation of new, intermediary-free markets. Despite the growing number of such markets, the impact of the blockchain's configuration on market outcomes remains unclear. In this...
Persistent link: https://www.econbiz.de/10012894630
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Review on efficiency and anomalies in stock markets
Woo, Kai-yin; Mai, Chulin; McAleer, Michael; Wong, Wing … - In: Economies : open access journal 8 (2020) 1/20, pp. 1-51
The efficient-market hypothesis (EMH) is one of the most important economic and financial hypotheses that have been tested over the past century. Due to many abnormal phenomena and conflicting evidence, otherwise known as anomalies against EMH, some academics have questioned whether EMH is...
Persistent link: https://www.econbiz.de/10012237439