Many stock exchanges choose to reduce market transparency by allowing traders to hide
some or all of their order size. We study the costs and benefits of order exposure and test …

We develop a simple model of the effect of public transaction reporting on trade execution
costs and test it using a sample of institutional trades in corporate bonds, before and after …

Using a proprietary dataset of institutional investors' equity transactions, we document that
institutional trading desks can sustain relative performance over adjacent periods. We find …

A fundamental role of accounting information in financial markets is to serve as a basis for
capital allocation. An important attribute of the quality of accounting information is the extent to …

We study the behavior of short sellers around earnings restatements. We find that short sellers
accumulate positions in restating firms several months in advance of the restatement and …

In October 2000, the Securities and Exchange Commission (SEC) passed Regulation Fair
Disclosure (FD) in an effort to reduce selective disclosure of material information by firms to …

We study trading costs and dealer behavior in US corporate bond markets from 2006 to 2016.
Despite a temporary spike during the financial crisis, average trade execution costs have …

We conjecture that macro-level institutions affect equity trading costs through their impact on
information risk and investor participation. In a study of trading costs for 412 NYSE-listed …

We examine the impact of institutional trading on stock resiliency during the financial crisis
of 2007–2009. We show that buy-side institutions have different exposure to liquidity factors …

A global trend towards automated trading systems raises the important question of whether
execution costs are, in fact, lower than on trading floors. This paper compares the trade …