Large investors often advertise private information at private talks or in the media. To analyse the incentives for information disclosure, I develop a two-period Kyle (1985) type model in which an informed short-horizon investor strategically discloses private information to enhance price...

We study the interaction of noisy demand and skewed asset payoffs. In our model, price as a function of quantities is convex in a neighborhood around zero if and only if skewness is positive. The combination of convexity and noise produces the idiosyncratic skewness effect--a documented negative...

We identify and extract information presentation forms such as charts and graphs based on computer image recognition technology, and explore the relationship between the presentation forms of CSR reports and the stock price crash risk. It is found that the higher the proportion of image area and...

The daily price limit changed from 10% to 20% in the ChiNext market in 2020. This event can be considered a quasi-natural experiment of change in market trading mechanisms. We employ the difference-in-difference (DID) approach to test the effect of this price limit change on firm-level market...