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Prior analyst literature focuses on the impact of financial analysts on the firms they cover, and prior information-transfer literature concentrates on the externalities of information provided by management. This paper fills gaps in both streams of literature by examining the focal firm's...
Persistent link: https://www.econbiz.de/10011547602
The registration date of a seasoned equity offering marks the beginning of the offering process and serves to galvanize further scrutiny and information gathering about the issuer. We posit that the market reaction to this new additional information influences issuers' decisions about their...
Persistent link: https://www.econbiz.de/10013131051
Registrations of SEOs serve to galvanize information gathering about issuers. We posit that market reaction to new information influences issuers' decision about their final offer size. The offer size relative to the amount filed initially is a parsimonious measure which helps predict subsequent...
Persistent link: https://www.econbiz.de/10013115066
covering other firms is not associated with greater price efficiency. Collectively, our results are consistent with monitoring …
Persistent link: https://www.econbiz.de/10012856649
A firm's marketing efficiency, the ability to optimally deploy and integrate different marketing inputs to achieve high … sales revenue at low cost, is persistent. High marketing efficiency predicts better future operating performance and stock … returns, especially in competitive industries. A marketing efficiency-based long-short portfolio strategy earns an average …
Persistent link: https://www.econbiz.de/10012898609
impact on information efficiency. We construct two meme stock indices based on stocks whose purchase the Robinhood app … restricted during the GameStop episode. We provide evidence of meme stock market efficiency. Our results indicate, perhaps … efficiency …
Persistent link: https://www.econbiz.de/10013227662
Investors' expectations on firms' cash flow growth can be biased (e.g. Bordalo et al. (2019)), yet we know little about how these biases and their asset pricing implications vary with forecast horizons. In this paper, I show that extreme expectations at all horizons beyond the current period...
Persistent link: https://www.econbiz.de/10013323128
efficiency, which refers to price informativeness about fundamental values. The results show that market making trading firms on … exchanges are more likely to operate as SIs. Using high-frequency measures of price efficiency, I find evidence that the trading … efficiency is driven by those SIs with the highest level of market making activities on exchanges. Understanding the impact of …
Persistent link: https://www.econbiz.de/10013405326
This article examines the pricing efficiency of Bitcoin Investment Trust. We investigate the deviation between prices …
Persistent link: https://www.econbiz.de/10012827385
The efficiency of the corporate bond market is not well understood. Although many of the factors used to analyze stock … market efficiency translate with some adjustments to corporate bond markets, the cause-effect factor is not intuitive and can … be a source of significant confusion. In this manuscript we analyze bond market efficiency in the context of a recent …
Persistent link: https://www.econbiz.de/10014179153