This paper re-examines the impact of the EU Market Abuse Directive (MAD) on the market reaction around share repurchase announcements. We use a unique hand-collected dataset of firms listed on the Athens Stock Exchange, and we find evidence that contrasts with previous conclusions for large...

The problem of classifying trades as buys or sells is examined. I propose estimated quotes for midpoint and bid/ask tests and a modeling approach to classification. Prevailing quotes are estimated using flexible approximations to the distribution for delays of quotes relative to trade...

Economic energy management of grid-connected microgrid has been widely investigated. However, due to the binary variables of the generation unit’s status, the optimal result of the grid-connected microgrid is very hard. Thus, in this paper, the region search optimization algorithm (RSOA) is...

Can prices convey information about the fundamental value of an asset? This paper considers this problem in relation to the dynamic properties of the fundamental (whether it is constant or time-varying) and the structure of information available to agents. Risk-averse traders receive two...

This paper investigates the impact of ESG divestments on the share prices of listed equities. The study employs a two-fold approach: (i) an event study analyzing divestment announcements and (ii) a panel regression covering a longer divestment period, considering the actual purchase/sale of...

This paper investigates the impact of ESG divestments on the share prices of listed equities. The study employs a two-fold approach: (i) an event study analyzing divestment announcements and (ii) a panel regression covering a longer divestment period, considering the actual purchase/sale of...

The decision process of an investor who must screen information of varying quality in a stock market with heterogeneous investors leads to new dimensions to consider in the risk-return space. More volatile forecast errors make it more difficult to properly form expectations from forecasts....

An election year is expected to be of high volatility and movement in the stock markets, reflecting the aspirations and expectations of the common people from the upcoming government. In this paper, we explore Functional Principal Component Analysis to show how a big event like the general...

There is a substantial literature examining coordination in public goods games. We conducted an experiment to explore how varying patterns of thresholds affect the willingness of subjects to contribute to a public good. We had subjects play a multi-period game where each subject was allocated an...

We use a comprehensive cross-country sample to investigate whether and how the country-level social capital influences the firm-level stock price crash risk. We document a negative and statistically significant effect, which is robust to various tests including IV estimations that account for...