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Asymmetry in the permanent price impact of block purchases and sales: theory and empirical evidence
This paper extends previous research which has examined the market impact of large transactions in bull and bear markets by examining the information effects of trades. Previous research has demonstrated that the information ...
Optimal compensation contracts for optimistic managers
We study an employment contract between an (endogenously) optimistic manager and realistic investors. The manager faces a trade-off between ensuring that effort reflects accurate news and savoring emotionally beneficial ...