Damodaran on Valuation_ Security Analysis for Investment and Corporate Finance ( PDFDrive )
36 M.L.DeFondtandC.W.Park,TheEffectofCompetition onCEOTurnover,”JournalofAccountingandEconomics 27 (1999): 35–56. 37 This number ...
of Distressed Firms,” Journal of Financial Economics 43 (1997): 401–432. 42 Evenifitisnotthepopularview,itisthepopulistview that ...
47 P.A.Gompers, J.L. Ishi, and A. Metrick,“Corporate Governance and Equity Prices,” Quarterly Journal of Economics118, (2003): 1 ...
54 L. Zingales, “WhatDetermines the Valueof Corporate Votes?,” Quarterly Journal of Economics 4 (1995): 1047–1073. 55 T.Nenova,“ ...
likelytobefiredwhenprofitabilitydeclinesthantheCEOof a similar publicly traded firm. 62 P. Harouna, A. Sarin, and A. C. Shapiro, ...
CHAPTER 14 The Value of Liquidity Whenyou buy a stock, bond, real asset, or business, you sometimesfacebuyer’sremorse,whereyouwa ...
transactions costs for publicly traded assets first and then extend the analysis to cover nontraded assets. Transactions Costs o ...
refers to this difference. In the section that follows, we examinewhythisdifferenceexists,howlargeitisasacost, and the determina ...
regulatory agencies) and some of which are internally imposed (due to limited capital and risk). As the market makers’ inventory ...
announcetheirreasonsfortradingatthetimeofthetrades, themarketmakeralwaysrunstheriskoftradingagainstmore informed investors. Sinc ...
Althoughthedollarspreadisnotthatdifferentacrossmarket capitalization classes, thesmallest companies also tend to havelower-price ...
Youcouldarguethatthesestudies aredatedand thatthere havebeensignificantchangesin both theway marketsare structuredandthewaysprea ...
4.While thespreads in thetradedcommoditymarkets are similartothoseinthefinancialassetmarkets,thespreadsin other real asset marke ...
where institutional activity increased significantly had the biggestincreaseinbid-askspreads.Whilesomeofthiscanbe attributed to ...
10 Henotesthatlargetradescausespreadstowiden,relative to smalltrades,and hypothesizesthatthis isbecause large trades are more li ...
thantheirownquotes,andthishastheeffectofreducingthe bid-askspread.OntheNASDAQ,limitordersdonotaffect the bid-ask quotes, and are ...
orders, and the only way in which this imbalance canbe resolvediswithapricechange.Thispricechangethatarises fromlackofliquidityw ...
Studiesofthepricereactiontolargeblocktradesonthefloor of the exchange conclude that prices adjust within a few minutesofsuchtrad ...
Source:Dann, Mayers, and Rabb (1977). Studiesthatlook atsmaller, lessliquidstocksfindthatthe priceimpacttendstobelargerandtheadj ...
Thesestudies,whiletheyestablishapriceimpact,alsosuffer fromanotherselectionbias,insofarastheylookonlyatactual executions.Thetrue ...
«
42
43
44
45
46
47
48
49
50
51
»
Free download pdf