Trading

Shareholder lock-in contracts: Share price and trading volume effects at the lock-in expiry

Trading and Shareholder Democracy

We study shareholder voting in a model in which trading affects the composition of the shareholder base. Trading and voting are complementary, which...

Trading Rules, Competition for Order Flow and Market Fragmentation

We investigate competition between traditional stock exchanges and new ?dark? trading venues using an important difference in regulatory...

When Shareholders Disagree: Trading After Shareholder Meetings

This paper analyzes how trading after shareholder meetings changes the composition of the shareholder base. Analyzing daily trades, we find that...

The Dutch Grey Market

Weak Governance by Informed Active Shareholders

Do informed shareholders who can influence corporate decisions improve governance? We demonstrate this may not be generally true in a model of...

Does Private Equity Create Wealth?

Competition Theory of Risk Management Failures

We study a model in which firms compete preemptively for trading opportunities and risk management introduces latency in trading. As the time pressure...

Vote Trading and Information Aggregation

Lehman Brothers: Did Markets Know?

On September 15, 2008, Lehman Brothers Inc. announced their filing for bankruptcy. This announcement did take markets by surprise causing widespread...

Conflict of Interest, Secrecy and Insider Information of Directors - A Comparative Analysis

The duty of loyalty is highly developed in Anglo-American countries, while in continental European countries it has only received more hesitant...

Bonus Schemes and Trading Activity

Little is known about how different bonus schemes affect traders' propensity to trade and which bonus schemes improve traders' performance. We study...