-
作者：Edmans, Alex; Jayaraman, Sudarshan; Schneemeier, Jan
作者单位：University of London; London Business School; Centre for Economic Policy Research - UK; European Corporate Governance Institute; University of Rochester; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：This paper shows that real decisions depend not only on the total amount of information in prices, but the source of this information-a manager learns from prices when they contain information not possessed by him. We use the staggered enforcement of insider trading laws across 27 countries as a shock to the source of information that leaves total information unchanged: enforcement reduces (increases) managers' (outsiders') contribution to the stock price. Consistent with the predictions of ou...
-
作者：Butia, Sabrina; Rindi, Barbara; Werner, Ingrid M.
作者单位：University of Toronto; Bocconi University; Bocconi University; University System of Ohio; Ohio State University
摘要：We show that when a continuous dark pool is added to a limit order book that opens illiquid, book and consolidated fill rates and volume increase, but spread widens, depth declines, and welfare deteriorates. The adverse effects on market quality and welfare are mitigated when book-liquidity builds but so are the positive effects on trading activity. All effects are stronger when traders' valuations are less dispersed, access to the dark pool is greater, horizon is longer, and relative tick siz...
-
作者：Monnet, Cyril; Quintin, Erwan
作者单位：University of Bern; Study Center Gerzensee
摘要：Opacity assumes at least two prominent forms in asset markets. Dark exchanges and over-the-counter markets enable expert investors to hide their orders while originators carefully control the disclosure of fundamental information about the assets they source. We describe a simple model in which both forms of opacity- hidden orders and limited disclosure - complement one another. Costly investor expertise gives originators incentives to deliver assets of good quality. Keeping expert orders hidd...
