Showing 61 - 70 of 793
We examine the relation between high frequency quotation and the behavior of stock prices between 2009 and 2011 for the full cross-section of securities in the U.S. On average, higher quotation activity is associated with price series that more closely resemble a random walk, and significantly...
Persistent link: https://www.econbiz.de/10013062122
We analyze the impact of the introduction of credit default swaps (CDS) on real decision making within the firm and the influence of firms' local economic and legal environments on that impact. We extend the model of Bolton and Oehmke (2011) to take into account uncertainty about whether the...
Persistent link: https://www.econbiz.de/10012830087
Persistent link: https://www.econbiz.de/10011803277
Persistent link: https://www.econbiz.de/10012415709
Persistent link: https://www.econbiz.de/10012545428
We provide evidence that the asymmetrical price reaction to bad news at earnings announcements is most pronounced when overall market price-earnings ratios are high. This finding is consistent with both unwarranted investor optimism and investor uncertainty. However, evidence also indicates that...
Persistent link: https://www.econbiz.de/10012713724
This paper examines the release of trades to the brokerage industry; proprietary data on the trades of 33 institutions totaling $124 billion allow us to distinguish between trades directed to soft dollar brokers and those directed to brokers for pure execution purposes. We find that...
Persistent link: https://www.econbiz.de/10012713756
Using a large sample of non-financial firms from 47 countries, we examine the effect of derivative use on firm risk and value. We control for endogeneity by matching users and non-users on the basis of their propensity to hedge. We also use a new technique to estimate the effect of omitted...
Persistent link: https://www.econbiz.de/10012705983
Using a large sample of non-financial firms from 47 countries, we examine the effect of derivative use on firm risk and value. We control for endogeneity by matching users and non-users on the basis of their propensity to hedge. We also use a new technique to estimate the effect of omitted...
Persistent link: https://www.econbiz.de/10012706041
We examine whether the price response to bad and good earnings shocks changes as the relative level of the market changes. The study is based on a complete sample of annual earnings announcements during the period 1988 to 1998. The relative level of the market is based on the difference between...
Persistent link: https://www.econbiz.de/10012755876