, the efficiency of the firm's investment decisions, and the manager's incentives to manipulate the soft information under …

making an investment decision. While learning from prices always improves investment efficiency, we identify a novel channel …

As machines replace humans in financial markets, how is informational efficiency impacted? We shed light on this issue … significantly improves informational efficiency and reduces the price drift following information events. We address identification …

exactly the same factors. In this article, we introduce a simple metric we call the factor efficiency ratio that gauges the … demonstrate the strong relationship between efficiency and risk-adjusted returns. In doing so, we also highlight several potential …

related to its trading costs, but exceeds country-specific institutional trading costs. Thus, global equity markets are … inefficient, particularly in countries with quantifiable market frictions, like trading costs, that deter arbitrageurs …

This paper analyses the market efficiency persistence of the mutual fund industry around the world. With a large … examine fund efficiency across countries and its potential persistence. We employ the data envelopment analysis (DEA …) technique to examine the relation between costs (input variables) and return (output measure). Using monthly returns, we find …

research finds that market fragmentation lowers trading costs and thus improves market quality. We examine whether this … increase in market quality translates into greater revelatory price efficiency, where stock prices reveal with greater … fragmentation. Additional findings suggest that (a) market fragmentation increases revelatory price efficiency at least in part by …