This article investigates whether the market reaction to second-hand information is due to price pressure or information dissemination. We use the perspective of attention grabbing to analyse the market reaction to the dissemination of analysts' recommendations published in print media. This...

The interactions between the Mib30 stock market index and its future contract are examined. Using daily data for the 1994-2002 period, it is found that the cost-of-carry model holds as an equilibrium relationship between spot and futures prices. Deviations from equilibrium are corrected by...

The Simplified Prospectus delivering information on Ucits investments has been replaced by the Kiid, a concise document drafted in plain language to be easily understood by investors.The European Commission’s intention is to strengthen consumer protection and to improve communication for more...

This study analyses the role of private equity investors in solving asymmetric information problems and the relationship to underpricing, wealth loss for pre-existing shareholders and the cost of going public. According to certification theory, companies backed by private equity investors are...

On September 2008, Consob banned the short-selling of financial stocks in the Italian equity market. We analyse the effect of these bans on liquidity, returns, volatility and market efficiency comparing a sample of 23 financial stocks with a control group. The analysis shows a reduction in...

Traditional economic models state that riskier investments should have a higher expected return. Psychological models of choice showed that people is influenced by the kind of information they are provided with and by the context of the choice, since they do not have a stable order of...

This paper examines the interactions between the Mib30 stock market index and its future contract. Using daily data for the 1994-2002 period, we find that the cost-of-carry model holds as an equilibrium relationship between spot and futures prices. Deviations from equilibrium are corrected by...

Listed Real Estate Investment Trusts (REITs) share several characteristics with bonds. Modified duration and convexity – interest rate risk measures generally applied in bond analyses – could therefore be natural candidates to measure the REIT price sensitivity to interest rate...