Specialty Conference

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Specialty Conference

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Nov 2018

Initial Coin Offerings, Corporate Finance and Financial Regulation

Franklin ALLEN
Initial Coin Offerings (ICOs) have grown substantially in recent years. They involve issuing coins that are recorded on a block-chain. These can be used to purchase the service or good that the firm they finance produces. The coins can be exchanged for currency on cryptocurrency exchanges. Although ...
Keywords: capital raising, cryptocurrencies, financial structure
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2013

Informed Trading in Regulated Industries

David REEB, Yuzhao ZHANG, Wanli ZHAO
We investigate informed trading in firms in regulated industries. We categorize firms in financial services, pharmaceuticals, and utilities as regulated or supervised. Our empirical research strategy employs several different approaches to examine informed trading in supervised firms, including pane...
Keywords: Infromed Trading, Regulated industries
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Annual Conference

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Corporate Finance

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May 2013

Informed Trading & Expected Returns

James CHOI, Jin LI, Hongjun YAN
Does information asymmetry affect the cross-section of expected stock returns? Using institutional ownership data from the Shanghai Stock Exchange, we show that institutions have a strong information advantage over individual investors. We then show that the aggressiveness of institutional trading i...
Keywords: Informed Trading, Stock Returns, Information asymmetry
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Annual Conference

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Accounting

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May 2022

Information Processing in a Transparent Market: Evidence from a DeFi Protocol

Danqi HU, Sarit MARKOVICH, Valerie ZHANG
We take advantage of a rare setting in a decentralized finance market (the MakerDao Lending Protocol), where each trader’s activities are freely and publicly available in real-time and recorded permanently to the blockchain, to examine traders’ mimicking behavior in this extremely transparent ma...
Keywords: blockchain, decentralized finance, transparency, processing costs
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Annual Conference

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Accounting

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May 2021

Information in Mandatory and Voluntary Earnings Announcement Date Forecasts

Paul MA, Greg CLINCH, Mary BARTH
We investigate whether mandatory earnings announcement date forecasts are informative to investors and the informational tradeoffs between mandatory and voluntary forecasts. We find: (i) The percentages of the quarter’s earnings news conveyed by mandatory China and voluntary US forecasts are simil...
Keywords: forecasts of earnings announcement dates, mandatory forecasting, private information precision, Voluntary Disclosure, informational tradeoffs
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