We consider the role of special orders in informed traders' order submission strategies and their effect on the market price discovery process. Special orders, such as Fill-or-Kill and All-or-Nothing orders, are not entered in the order book; instead, they are executed immediately. This means...

We investigate the effect of broker anonymity on the information content of the limit order book on the Australian Stock Exchange. We argue that the move to anonymity has stronger impact on institutional than individual investors. We document that anonymity increases the informativeness of...

We develop and apply a procedure to test the welfare implications of a beauty and non-beauty contest based on survey forecasts of interest rates and yields in a large country sample over an extended period of time. In most countries, interest rate forecasts are unbiased and consistent with both...

We use minute-by-minute Bloomberg online status microdata during 2017-2021 to directly study how hard and soft information collection affects equity analyst performance. Collection of hard information, proxied by office workday length, is positively associated with the quantity and timeliness of...

This paper examines the idiosyncratic information-content of corporate conference calls. It studies the determinants, and the consequences, of idiosyncratic information production. To facilitate this study, I develop a novel measure of information-content which analyzes every (idiosyncratic)...

The paper analyzes the interactions between the precision of information, trade and welfare within a decision framework of an exporting firm. Information in a financial market is described in terms of a publicly observable signal. With higher transparency, the signal conveys more precise...

In addition to quantitative financial information, qualitative verbal information has also been continuously changing. In this study, we clarify the information contents of changes in qualitative verbal information. As an analyzable sample, we focus on textual opinion in analyst reports. The...

Sharia compliant status gives assurance to Sharia based investors that their investment is in compliance with Islamic values. The implementation of new Sharia screening methodology, which is more demanding than the previous one, has significant impact on price informativeness in the Kuala Lumpur...

Operational risk is a substantial source of risk for US banks. Improving the performance of operational risk models' allows banks' management to make better risk decisions by better matching economic capital and risk appetite, and allows regulators to better understand the risk of banks. We show...