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Communicating Private Information to the Equity Market before a Dividend Cut : An Empirical Analysis

Chemmanur, Thomas J. - 2017

-prepared dividend cutters and test the implications of two alternative theories: the “signaling through market preparation” theory and … the “stock return volatility reduction” theory. We document several important differences between prepared and non …-prepared dividend cutters. Overall, our empirical results are consistent with the signaling theory …

Persistent link: https://www.econbiz.de/10012974544

Of Leaders and Followers - An Econometric Analysis of Equity Analysts and Stock Market Investors

Baule, Rainer - 2020

We measure the information content of monthly analyst consensus forecasts for one-year-forward earnings per share (EPS) based on two well-established price discovery measures drawn from the area of market micro-structure research. Employing a 36-year sample of large US companies listed in the...

Persistent link: https://www.econbiz.de/10012855551

The Market Structure Crisis : Electronic Stock Markets, High Frequency Trading, and Dark Pools

Bodek, Haim - 2016

This book explores various regulatory, legal, and competitive pressures that the U.S. securities industry is facing as a result of the intense regulatory scrutiny of the modern electronic marketplace and the heated public debate stirred by "Flash Boys" by Michael Lewis.This excerpt includes the...

Persistent link: https://www.econbiz.de/10012995381

Equity Illusions

Aran, Yifat; Murciano-Goroff, Raviv - 2021

Equity compensation grants for rank-and-file employees are common among venture-backed start-ups and are considered an ingrained part of their business culture. However, extremely little is known about start-up employee equity holders. This article takes a first step toward filling this gap....

Persistent link: https://www.econbiz.de/10013309871

Short Selling Pressure, Stock Price Behavior, and Management Forecast Precision : Evidence from a Natural Experiment

Li, Yinghua - 2015

Using a natural experiment (Regulation SHO), we show that short selling pressure and consequent stock price behavior have a causal effect on managers' voluntary disclosure choices. Specifically, we find that managers respond to a positive exogenous shock to short selling pressure and price...

Persistent link: https://www.econbiz.de/10013031964

Short Selling Pressure, Stock Price Behavior, and Management Forecast Precision : Evidence from a Natural Experiment

Li, Yinghua - 2015

Persistent link: https://www.econbiz.de/10013022419

The Role of Accounting Conservatism in the Equity Market : Evidence from Seasoned Equity Offerings

Kim, Yongtae - 2015

Using seasoned equity offerings (SEOs) from 1989 to 2008, we examine the role of accounting conservatism in the equity market. We find that issuers with a greater degree of conservatism experience less negative market reactions to SEO announcements. We further show that an important mechanism...

Persistent link: https://www.econbiz.de/10013036322

When (If Ever) Has it Paid to Wait for a Stock Market Correction?

Haghani, Victor - 2017

Investors are periodically challenged with this question: with funds ready to invest, but faced with a market that is generally perceived to be expensive, is it better to wait for a market correction before investing? Many investors are certain that a correction must be around the corner, and...

Persistent link: https://www.econbiz.de/10012947040

Biased Learning under Ambiguous Information

Chen, Jaden Yang - 2021

This paper proposes a model of how biased individuals update beliefs in the presence of informational ambiguity. Individuals are ambiguous about the actual signal-generating process and interpret signals according to the model that can best support their biases. This paper provides a complete...

Persistent link: https://www.econbiz.de/10013234442

Disclosure Processing Costs, Investors’ Information Choice, and Equity Market Outcomes : A Review

Blankespoor, Elizabeth - 2020

This paper reviews the literature examining how costs of monitoring for, acquiring, and analyzing firm disclosures – collectively, “disclosure processing costs” – affect investor information choices, trades, and market outcomes. The existence of disclosure processing costs means that...

Persistent link: https://www.econbiz.de/10012847855