作者：Peters, Ryan H.; Taylor, Lucian A.
作者单位：University of Pennsylvania
摘要：The neoclassical theory of investment has mainly been tested with physical investment, but we show that it also helps explain intangible investment. At the firm level, Tobin's q explains physical and intangible investment roughly equally well, and it explains total investment even better. Compared with physical capital, intangible capital adjusts more slowly to changes in investment opportunities. The classic q theory performs better in firms and years with more intangible capital: Total and e...
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...
