Showing 1 - 10 of 32
The paper describes experimental results from a simulated stock market with manipulation of asymmetric information and communication, including conditions intended to promote imitative behaviour and rumour. Price discovery was inefficient when the presence of insiders was disguised, compared to...
Persistent link: https://www.econbiz.de/10005471876
We study the bid-ask spreads observed in an experimental auction market. Three results are presented. First, the trading mechanism, which can destroy order books, should modify the measure of the spreads. Second, bid-ask spreads are reliable to the nature of the environment and to the type of...
Persistent link: https://www.econbiz.de/10005263493
L'information sectorielle permet-elle de mieux comprendre le tableau des flux de trésorerie d'un groupe coté ? Si cette question de recherche intéresse tous les praticiens de la finance, elle sensibilise avant tout les dirigeants de la firme sur le contenu et la forme des informations à...
Persistent link: https://www.econbiz.de/10010820548
L'objet de ce papier est de s'interroger sur la performance financière des banques mesurée d'un point de vue comptable. A partir d'une étude menée sur dix ans auprès d'un échantillon constitué des 50 principales banques européennes, nous testons s'il est possible de déceler des...
Persistent link: https://www.econbiz.de/10010820730
Persistent link: https://www.econbiz.de/10011020779
(VF)L'objet de ce papier est d'étudier la scission du groupe Eridania-Béghin-Say intervenue en juillet 2001 pour s'interroger sur l'oppor-tunité et la valeur de cette décision à partir d'un modèle formalisé fondé sur les options réelles. Le marché a réagi favorablement et positivement...
Persistent link: https://www.econbiz.de/10005111143
Initial public offerings in China are distinguished from IPOs in other markets by their extremely high abnormal initial returns and so-called 'Chinese Characteristics'. We examine the effect on IPO underpricing and short-run performance of significant changes in Chinese IPO regulations...
Persistent link: https://www.econbiz.de/10005423036
The Handbook on International Trade Policy is an insightful and comprehensive reference tool focusing on trade policy issues in the era of globalization. Each specially commissioned chapter deals with important international trade issues, discusses the current literature on the subject, and...
Persistent link: https://www.econbiz.de/10011181003
Stock prices should respond only to unpredictable components of economic news ('innovations') in efficient markets. While innovations used in empirical investigations of the economic underpinnings of stock market risk should at least satisfy this basic requirement, this may not guarantee...
Persistent link: https://www.econbiz.de/10004988280
Changes in the risk structure of stock returns may sometimes be very revealing. We examine economic variables that help explain principal components in UK stock returns, 01/1985 to 12/2001. The loading pattern on explanatory variables for the first component in a 'bubble' period is distinctive...
Persistent link: https://www.econbiz.de/10005123388