Forthcoming in the 'Journal of Financial and Quantitative Analysis'.<P> We use the introduction and the subsequent removal of the flash order facility (an actionable indication of interest, IOI) from the NASDAQ as a natural experiment to investigatethe impact of voluntary disclosure of trading...</p>

This discussion paper resulted in a publication in the 'Journal of Banking and Finance' (2013). Vol. 37, issue 12, pages 5073-5087.<P> This paper conducts a horse-race of different liquidity proxies using dynamic asset allocation strategies to evaluate the short-horizon predictive ability of...</p>

Purpose – Study the role of sovereign wealth funds (SWFs) as an example of foreign and politically connected large shareholders, and their impact on firm value. Methodology/approach – Use a sample of SWF large U.S. investments where SWFs intend to actively engage with management to analyze...

This chapter examines crisis propagation mechanisms to the Southeast European exchange-rate markets during the 1998 Russian crisis and the Turkish crisis of 2001. It focuses on whether and how the crises spread to these markets after interdependencies and common external shocks are accounted...

This paper studies the interaction between process and product innovations and their distinct role in firm growth dynamics. We differentiate empirically and theoretically two types of process innovations: foundational processes that advance production technology and cost-reducing processes that...