Large trades have a smaller price impact per share than medium-sized trades. So far, the literature has attributed this effect to the informational content of trades. In this paper, we show that this effect can arise from strategic order placement. We introduce the concept of a liquidity...

Interactive fixed effects are a popular means to model unobserved heterogeneity in panel data. Models with interactive fixed effects are well studied in the low-dimen\-sional case where the number of parameters to be estimated is small. However, they are largely unexplored in the...

Recent innovations in policy interventions have departed from the traditional assumption that people just need sufficient information, adequate incentives (such as lower costs or benefits) or laws for the desired behaviors to happen. The authors have learned that psychological and social factors...

Large trades have a smaller price impact per share than medium-sized trades. So far, the literature has attributed this effect to the informational content of trades. In this paper, we show that this effect can arise from strategic order placement. We introduce the concept of a liquidity...

From fostering expertise to packaging and sharing lessons from the field, the knowledge work of the World Bank Group takes many shapes. But unlike lending operations, knowledge work is not always subject to the same results monitoring processes. For example, the publishing of a report has often...