作者：Yang, Liyan; Zhu, Haoxiang
作者单位：University of Toronto; Peking University; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：We model the strategic interaction between fundamental investors and back-runners, whose only information is about the past order flow of fundamental investors. Back-runners partly infer fundamental investors' information from their order flow and exploit it in subsequent trading. Fundamental investors counteract back-runners by randomizing their orders, unless back-runners' signals are too imprecise. Surprisingly, a higher accuracy of back-runners' order flow information can harm back-runners...
作者：Babenko, Ilona; Fedaseyeu, Viktar; Zhang, Song
作者单位：Arizona State University; Arizona State University-Tempe; Bocconi University; Boston College
摘要：We study the relation between CEO and employee campaign contributions and find that CEO-supported political candidates receive 3 times more money from employees than candidates not supported by the CEO. This relation holds around CEO departures, including plausibly exogenous departures due to retirement or death. Equity returns are significantly higher when CEO-supported candidates win elections than when employee-supported candidates win, suggesting that CEOs' campaign contributions are more ...
