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Securities lending and information acquisition

Greppmair, Stefan; Jank, Stephan; Saffi, Pedro A. C.; … - 2024

, which allows fund managers to front-run public disclosure of big short positions and avoid future losses. Fund managers …

Persistent link: https://www.econbiz.de/10014501098

Effects of asymmetric information on market timing in the mutual fund industry

Tchamyou, Vanessa S.; Asongu, Simplice; Nwachukwu, … - 2018

to market risk exposure. Second, fund managers tend to raise (cutback) their risk exposure in time of high (low) market …

Persistent link: https://www.econbiz.de/10011817236

The price of processing : information frictions and market efficiency in DeFi

Azar, Pablo; Olivas, Sergio; Sinha, Nish D. - 2025

This paper investigates the speed of price discovery when information becomes publicly available but requires costly processing to become common knowledge. We exploit the unique institutional setting of hacks on decentralized finance (DeFi) protocols. Public blockchain data provides the precise...

Persistent link: https://www.econbiz.de/10015396109

Expert Network Calls

Cao, Sean Shun; Green, Tracy Clifton; Lei, Lijun; … - 2023

Expert networks provide investors with in-depth discussions with subject matter experts. Expert call demand is higher for younger, technology-oriented firms and those with greater intangible assets, consistent with demand for information on hard-to-value firms. Expert calls are more (less)...

Persistent link: https://www.econbiz.de/10014236130

Business networks and crisis performance : professional, political, and family ties

Carney, Richard W.; Child, Travers Barclay - 2015

Previous research on firm performance does not adequately account for the interrelatedness of a firm's professional connections, political ties, and family business-group affiliation. Many widely-cited findings may therefore be subject to confounding bias. To address this problem, we adopt a...

Persistent link: https://www.econbiz.de/10011431401

Economic policy uncertainty and information asymmetry

Nagar, Venky; Schoenfeld, Jordan; Wellman, Laura - 2017 - Last revised: 9 Nov 2017

managers' disclosure choices. This study examines an important source of uncertainty that likely cannot be influenced by most … managers and investors: uncertainty about government economic policy. We find that this uncertainty is associated with … increased bid-ask spreads and decreased stock price reactions to earnings surprises. Managers respond to this uncertainty by …

Persistent link: https://www.econbiz.de/10011747874

Credit risk interconnectedness : what does the market really know?

Abbassi, Puriya; Brownlees, Christian; Hans, Christina; … - 2016

We analyze the relation between market-based credit risk interconnectedness among banks during the crisis and the associated balance sheet linkages via funding and securities holdings. For identification, we use a proprietary dataset that has the funding positions of banks at the bank-to-bank...

Persistent link: https://www.econbiz.de/10011456511

Insider networks

Erol, Selman; Lee, Michael Junho - 2018

This paper develops a model to study the formation and regulation of information transmission networks. We analyze a cat and mouse game between a regulator, who sets and enforces a regulatory environment, and agents, who form networks to disseminate and share insider information. For any given...

Persistent link: https://www.econbiz.de/10011894382

Learning in infinite horizon strategic market games with collateral and incomplete information

Brangewitz, Sonja; Giraud, Gaël - 2011

We study a strategic market game with finitely many traders, infinite horizon and real assets. To this standard framework (see, e.g. Giraud and Weyers, 2004) we add two key ingredients: First, default is allowed at equilibrium by means of some collateral requirement for financial assets; second,...

Persistent link: https://www.econbiz.de/10009380138

Benchmarks in search markets?

Duffie, Darrell; Dworczak, Piotr; Zhu, Haoxiang - 2015

We characterize the price-transparency role of benchmarks in over-the-counter markets. A benchmark can, under conditions, raise social surplus by increasing the volume of beneficial trade, facilitating more efficient matching between dealers and customers, and reducing search costs. Although the...

Persistent link: https://www.econbiz.de/10011524569