This paper examines the value effects of improvements in the trading mechanism. Stocks on the Tel Aviv Stock Exchange were transferred gradually from a daily call auction to a mechanism where the call auction was followed by iterated continuous trading sessions. This event was associated with a...

In this short paper we briefly discuss the newly emerging organizational paradigms and their relationship to the prevailing trends in information technology (IT). We argue that IT is an important driver of this transformation. Finally, we place the studies selected for the special issue of the...

Merton's recent extension of the capital asset pricing model proposed that asset returns are an increasing function of their beta risk, residual risk, and size, and a decreasing function of the public availability of information about them. Associating the latter with asset liquidity and...