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Swedish lottery bonds offer a unique opportunity to study ex-day effects in an environment where cash distributions are tax-advantaged relative to capital gains. Thus, in the lottery bond market, we observe a reversal of the preference for capital gains that researchers have cited as an...
We examine pairs of large, `Siamese twin’ companies whose stocks are traded around the world but have different trading and ownership habitats. Twins pool their cash flows, so, with integrated markets, twin stocks should move together. However, the difference between the prices of twin stocks...
We examine the role of limit-order traders and specialists in the market-making process. We find that a large portion of posted bid–ask quotes originates from the limit-order book without direct participation by specialists, and that competition between traders and specialists has a significant...
This paper analyzes the recommendations of common stocks made by the investment newsletters followed by the Hulbert Financial Digest . We conclude that, taken as a whole, the securities that newsletters recommend do not outperform appropriate benchmarks. Our data provide modest evidence that the...
This study examines how political and economic factors affect the offer price, share allocation, and other terms governments choose when they privatize state-owned enterprises via a public share offering. Using a 59 country sample of 630 share issue privatizations (SIPs) with total proceeds of...
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