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With the adoption of Regulation Fair Disclosure (Reg FD), market behavior around earnings releases displays no significant change in return volatility (after controlling for decimalization of stock trading) but significant increases in trading volume due to difference in opinion. Analyst...
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With the adoption of Regulation Fair Disclosure (Reg FD), market behavior around earnings releases displays no significant change in return volatility (after controlling for decimalization of stock trading) but significant increases in trading volume due to difference in opinion. Analyst...
Persistent link: https://www.econbiz.de/10012752737
With the adoption of Regulation Fair Disclosure (Reg FD), market behavior around earnings releases displays no significant change in return volatility (after controlling for decimalization of stock trading) but significant increases in trading volume due to difference in opinion. Analyst...
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Miller posits that divergence of opinion can lead to asset overvaluation and subsequent long-term underperformance in markets (such as IPOs) with restricted short-selling. Consistent with this hypothesis, we find that early-market return volatility, a proxy for divergence of opinion, is...
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