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作者：Bhattacharya, U
摘要：This article synthesizes some recent progress in the theories of corporate control and Political lobbying to model the Proxy campaign as a political campaign. The model yields a number of testable implications, only some of which have been examined in the literature. I;or example, if the loss from voting for a ''bad'' dissident exceeds the gain from voting for a ''good'' dissident the model predicts that as communication costs fall, the number of proxy fights increases, announcement day return...
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作者：Detemple, J; Murthy, S
作者单位：Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick; McGill University
摘要：We examine intertemporal asset pricing when short sales are constrained in proportion to the value of an investor's portfolio. All assets' prices exceed every investor's marginal utility of consumption-based valuation of the associated dividends if every investor finds himself constrained in some asset in some state; we exhibit such an equilibrium. An asset's price decomposes into three (investor-specific) components: the consumption value of its dividends, a speculative value premium, and a c...
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作者：Madhavan, A; Richardson, M; Roomans, M
作者单位：New York University; National Bureau of Economic Research
摘要：This article develops and tests a structural model of intraday price formation that embodies public information shocks and microstructure effects. We use the model to analyze intraday patterns in bid-ask spreads, price volatility, transaction costs, and return and quote auto-correlations, and to construct metrics for price discovery and effective trading costs. Information asymmetry and uncertainty over fundamentals decrease over the day, although transaction costs increase The results help ex...
