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Optimal compensation contracts for optimistic managers
(2012)
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 ...
Asymmetry in the permanent price impact of block purchases and sales: theory and empirical evidence
(2012)
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 ...