This study examines how equity market fragmentation affects firms’ capital investment decisions. Recent empirical … increase in market quality translates into greater revelatory price efficiency, where stock prices reveal with greater … precision information to managers and/or creditors about firms’ investment opportunities. Consistent with this notion, our …

Value investment and growth investment have attracted a large amount of research in recent decades, but most of this … underdeveloped, particularly when compared to markets such as the U.S. Hence, its behavior regarding value versus growth investment …

the realized variance literature. We construct a signal-to-noise volatility ratio to capture the efficiency contribution … greater efficiency contribution generate significant stock price reactions in the directions expected by the analysts …. Revisions with a greater efficiency contribution increase informed trading in the options market and reduce not only the …

the realized variance literature. We construct a signal-to-noise volatility ratio to capture the efficiency contribution … greater efficiency contribution generate significant stock price reactions in the directions expected by the analysts …. Revisions with a greater efficiency contribution increase informed trading in the options market and reduce not only the …

We analyze a unique, comprehensive, multi-decade dataset of all communications with clients by a boutique investment … advisory and investment management firm to explore the behavior of individuals involved in financial decision making. We … propose and test a theory of self-regulation to explain both the appeal and the value of investment managers to individual …