We study the impact of electronic markets on small, boutique firms selling presence goods or services – goods or services which must be consumed at the selling firm's location. These firms have recently begun to compete on electronic markets by selling goods and services through local daily...

We resolve Roll's R2 puzzle. Before legislation enacted to prevent such practices, information leakage through selective disclosure could be incorporated into market prices prior to public release of news. I.e., "news days" did not deliver news to the stock market. Now they do. We show changes...