Showing 1 - 10 of 11
We investigate regulatory actions in response to violations of mandatory derivatives disclosure rules (SFAS 161) and the outcomes of these regulatory interventions using a hand-collected sample of derivatives disclosures. Derivatives are used by nearly two-thirds of U.S. nonfinancial firms, and...
Persistent link: https://www.econbiz.de/10013295688
We investigate regulatory actions in response to violations of mandatory derivatives disclosure rules (SFAS 161) and the outcomes of such regulatory interventions using a hand-collected sample of derivatives disclosures. Derivatives are used by nearly two-thirds of U.S. non-financial firms, and...
Persistent link: https://www.econbiz.de/10013310007
Insights on how ordinary, less-sophisticated investors interpret and process management-issued pro forma earnings numbers are useful to regulators because of concerns that pro forma disclosures are misleading to ordinary investors. Two recent experimental studies (Frederickson and Miller, 2004...
Persistent link: https://www.econbiz.de/10014055578
Insights on how ordinary, less-sophisticated investors interpret and process management-issued pro forma earnings numbers are useful to regulators because of concerns that pro forma disclosures are misleading to ordinary investors. Two recent experimental studies (Frederickson and Miller, 2004...
Persistent link: https://www.econbiz.de/10014073968
We study trading costs and dealer behavior in U.S. corporate bond markets from 2006 to 2016. Despite a temporary spike during the financial crisis, average trade execution costs have not increased notably over time. However, alternative measures, including dealer capital commitment over various...
Persistent link: https://www.econbiz.de/10012969725
This paper surveys the literature that studies fixed-income trading rules and outcomes, including Treasury securities, corporate and municipal bonds, and structured credit products. We compare and contrast the microstructure and regulation of fixed-income markets with equity markets. We...
Persistent link: https://www.econbiz.de/10012896053
Persistent link: https://www.econbiz.de/10003527806
Persistent link: https://www.econbiz.de/10011590773
We extend the theory of strategic trading around a predictable liquidation by considering the role of market resiliency. Our model predicts that even a monopolist strategic trader improves market quality and increases liquidator proceeds if trades' temporary price impacts are quickly reversed....
Persistent link: https://www.econbiz.de/10013037053
We study corporate bond offerings, including underwriting syndicate structure, primary placement transactions, and secondary market outcomes. Syndicate structure and allocations vary with issue complexity and risk, and across investment grade and high yield issues. The syndicate...
Persistent link: https://www.econbiz.de/10012832953