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作者：Horner, Johannes; Lovo, Stefano; Tomala, Tristan
作者单位：Yale University; Hautes Etudes Commerciales (HEC) Paris; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：We analyze security price formation in a dynamic setting in which long-lived dealers repeatedly compete for the opportunity to trade with short-lived retail traders. We characterize equilibria in which dealers' pricing strategies are optimal irrespective of the private information that each dealer may possess. Thus, our model's predictions are robust to different specifications of the dealers' information structure. These equilibria reconcile, in a unified and parsimonious framework, price dyn...
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作者：Cline, Brandon N.; Walkling, Ralph A.; Yore, Adam S.
作者单位：Mississippi State University; Drexel University; University of Missouri System; University of Missouri Columbia
摘要：Personal managerial indiscretions are separate from a firm's business activities but provide information about the manager's integrity. Consequently, they could affect counter parties' trust in the firm and the firm's value and operations. We find that companies of accused executives experience significant wealth deterioration, reduced operating margins, and lost business partners. Indiscretions are also associated with an increased probability of unrelated shareholder-initiated lawsuits, Depa...
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作者：Wagner, Alexander F.; Zeckhauser, Richard J.; Ziegler, Alexandre
作者单位：University of Zurich; Swiss Finance Institute (SFI); Harvard University; National Bureau of Economic Research
摘要：Donald Trump's surprise election shifted expectations: corporate taxes would be lower and trade policies more restrictive. Relative stock prices responded appropriately. High-tax firms and those with large deferred tax liabilities (DTLs) gained: those with significant deferred tax assets from net operating loss carryforwards (NOL DTAs) lost. Domestically focused companies fared better than internationally oriented firms. A price contribution analysis shows that easily assessed consequences (DT...
