Trading

Working Paper

02 December 2020

Risk Mitigating versus Risk Shifting: Evidence from Banks Security Trading in Crises

We show that risk mitigating incentives dominate risk shifting incentives in fragile banks. Risk shifting could be particularly severe in banking since it is the most opaque industry and banks are one of the most leveraged corporations...

José-Luis Peydró | Andrea Polo | Enrico Sette
01 February 2019

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 mutual funds reduce their holdings if their votes are opposed to the voting outcome....

Sophia Zhengzi Li | Ernst Maug | Miriam Schwartz-Ziv
23 April 2020

Resiliency of Environmental and Social Stocks: An Analysis of the Exogenous COVID-19 Market Crash

The COVID-19 pandemic and the subsequent lockdown brought about an exogenous and unparalleled stock market crash. The crisis thus provides a unique opportunity to test theories of environmental and social (ES) policies. This...

Rui Albuquerque | Yrjö Koskinen | Shuai Yang | Chendi Zhang

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