作者：Ernst, Thomas; Spatt, Chester; Sun, Jian
作者单位：University System of Maryland; University of Maryland College Park; Carnegie Mellon University; Singapore Management University
摘要：We model two methods of executing segregated retail orders: brokers' routing, whereby brokers allocate orders using the market maker's overall performance, and order-by-order auctions, where market makers bid on individual orders, a recent U.S. Securities and Exchange Commission proposal. Order-by-order auctions improve allocative efficiency, but face a winner's curse reducing retail investor welfare, particularly when liquidity is limited. Additional market participants competing for retail o...
作者：Lewellen, Katharina
摘要：The paper examines the decision-making, compensation, and turnover of female CEOs in U.S. hospitals. Contrary to the literature on lower-ranked executives and directors in public firms, there is no evidence that gender differences in preferences for risk or altruism affect decision-making of hospital CEOs: corporate policies do not shift when women take (or leave) office, and male and female CEOs respond similarly to a major financial shock. However, female CEOs earn lower salaries, face flatt...
