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Chernenko, Sergey - 2018

We develop three novel measures of how much of the price impact of their trading different mutual funds internalize. We show that mutual funds that internalize more of their price impact hold larger cash buffers and use these buffers more aggressively to accommodate inflows and outflows. As a...

Persistent link: https://www.econbiz.de/10012910298

Fire Sales in Finance and Macroeconomics

Shleifer, Andrei - 2010

Fire sales are forced sales of assets in which high-valuation bidders are sidelined, typically due to debt overhang problems afflicting many specialist bidders simultaneously. We overview theoretical and empirical research on asset fire sales, which shows how they can arise, how they can lead to...

Persistent link: https://www.econbiz.de/10013134890

Selling Failed Banks

Granja, Joao - 2014

We study the recent episode of bank failures and provide simple facts to better understand who acquires failed banks and which forces drive the losses that the FDIC realizes from these sales. We document three distinct forces related to the allocation of failed banks to potential acquirers....

Persistent link: https://www.econbiz.de/10013048587

Sacred Values? The Effect of Information on Attitudes Toward Payments for Human Organs

Elías, Julio - 2015

Many economic transactions are prohibited—even in the absence of health or safety concerns or negative externalities—because of ethical concerns that cause these exchanges to be perceived as “repugnant” if conducted through a market. Establishing a system of payments for human organs is...

Persistent link: https://www.econbiz.de/10013030061

The Limits of Reputation in Platform Markets : An Empirical Analysis and Field Experiment

Nosko, Chris - 2015

We argue that reputation mechanisms used by platform markets suffer from two problems. First, buyers may draw conclusions about the quality of the platform from single transactions, causing a reputational externality across sellers. Second, for a variety of reasons we discuss, reputations will...

Persistent link: https://www.econbiz.de/10013030621

Sales Mechanisms in Online Markets : What Happened to Internet Auctions?

Einav, Liran - 2015

Consumer auctions were very popular in the early days of internet commerce, but today online sellers mostly use posted prices. Data from eBay shows that compositional shifts in the items being sold, or the sellers offering these items, cannot account for this evolution. Instead, the returns to...

Persistent link: https://www.econbiz.de/10013035630

When are Auctions Best?

Bulow, Jeremy - 2007

We compare the two most common bidding processes for selling a company or other asset when participation is costly to …

Persistent link: https://www.econbiz.de/10012776464

Short Sales and Trade Classification Algorithms

Asquith, Paul - 2010

This paper demonstrates that short sales are often misclassified as buyer-initiated by the Lee-Ready and other commonly used trade classification algorithms. This result is due in part to regulations which require short sales be executed on an uptick or zero-uptick. In addition, while the...

Persistent link: https://www.econbiz.de/10012758604

Do Hedge Funds Profit from Mutual-Fund Distress?

Chen, Joseph - 2010

This paper explores the question of whether hedge funds engage in front-running strategies that exploit the predictable trades of others. One potential opportunity for front-running arises when distressed mutual funds -- those suffering large outflows of assets under management -- are forced to...

Persistent link: https://www.econbiz.de/10012759544

Optimal Liability When the Injurer's Information About the Victim's Loss is Imperfect

Polinsky, A. Mitchell - 2008

A central result in the economic theory of liability is that, if an injurer's liability equals the victim's loss, then … either the rule of strict liability or the rule of negligence can induce the injurer to behave properly. However, for this … and, g fortiori, before any harm has occurred. This paper reevaluates the rules of strict liability and negligence when …

Persistent link: https://www.econbiz.de/10014103716