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Using a sample of listed Chinese firms from 2007 to 2020, we investigate the governance implications of cross-ownership in corporate bond markets. We find that cross-ownership significantly reduces bond issuance spreads, suggesting that synergistic governance effects outweigh potential collusion...
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Einführung -- Bewertung als Entscheidungsproblem und Lösungsansätze: Ein Überblick -- Entscheidungstheoretische … Grundlagen -- Kriterien der subjektiven Bewertung von Risiken und Risikoteilung -- Grundmodell der Portefeuilleplanung (ohne … exogenem Überschuss) -- Preisbildung auf dem Kapitalmarkt und kollektive subjektive Grenzpreise im Vergleich zu Marktwerten …
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The neoclassical price adjustment equation stipulates that prices move toward equilibrium at rate that is proportional to the excess demand, i.e., the difference between the demand and supply divided by the demand (at that price). However, the demand and supply are generally nonlinear functions...
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I show in a setting of a buyer and seller with the same preferences trading two related assets so as to share volatility risk that illiquidity and virtually all impediments to trade cannot be priced in the absence of excess short-selling costs. This is because the buyer values the asset at the...
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This paper studies the effects of price limits implemented by the Securities and Exchange Commission (SEC) after the May 2010 ‘Flash Crash.' The security-level price limits halt trading after a security's price experiences a sudden and large movement. The difference-in-difference design...
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