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Using a sample that post-dates important regulatory changes in Europe, we show that a buy recommendation from an analyst on a “consensus sell” stock is, on average, sufficient to cause the stock to start to rise in value. Similarly, a sell recommendation on a “consensus buy” stock can...
Persistent link: https://www.econbiz.de/10013146416
Exchanges and shows that competition among exchange platforms does not have a negative effect on the level of liquidity of …
Persistent link: https://www.econbiz.de/10013089059
In this study, we analyze the effect of US macroeconomic announcements on European stock returns, return volatility and … between stocks. The analysis of quoted spreads reveals that return volatility affects the spread size positively, and that … announcements even if the returns or the volatility of the underlying stock is not significantly affected. This points at the …
Persistent link: https://www.econbiz.de/10010399276
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This paper considers the growth of dark pools: trading venues for equities without pre-trade transparency. It first … adversely affect volatility in stock markets …
Persistent link: https://www.econbiz.de/10012951227
We empirically investigate whether and how the ex-ante M&A activity of banks relate to their much debated bailouts and credit ratings during the 2008 financial crisis. Our M&A sample comprises of 1603 transactions performed by 41 large sized European banks over the period 1990-2006. We find that...
Persistent link: https://www.econbiz.de/10012996740
Using recommendations and target prices on initial public offerings (IPOs), we examine the impact of regulations in the US and European Union (EU) markets that were aimed at curbing conflicts of interest in sell-side research. Conflicted analysts, proxied by whether their brokerage houses acted...
Persistent link: https://www.econbiz.de/10012931930
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The full-text version of this paper can be found at: "https://ssrn.com/abstract=3102438" https://ssrn.com/abstract=3102438. This online appendix provides supplemental discussion and analysis for our manuscript The Determinants of IPO Withdrawal - Evidence from Europe. The supplemental...
Persistent link: https://www.econbiz.de/10012892656