We address the problem of extracting sentiment in financial public disclosure documents, and explore their effects on daily price movements. We take a collection of public disclosure forms submitted by four companies in the Turkish stock market. Using simple classification algorithms, we point to a significant correlation between the content of disclosure texts and the next day’s price directio...

This paper endogenizes bidders’ beliefs about their competition in a symmetric first-price auction with independent private values, by allowing bidders to decide whether to participate publicly or secretly. When public participation is more costly, bidders only participate secretly in the unique equilibrium. By contrast, when secret participation is slightly more costly, all symmetric equilibri...

The objective of this paper is to perform a comprehensive performance comparison of public cloud services for computing and to analyze the correlation between their prices and performance. Eight representative public cloud providers were divided into two groups using market share: small cloud providers and large cloud providers. Results revealed that these offered computing services vary widely...

The purpose of this study is to assess how information sharing offices affect loan price and quantity in the African banking industry. The empirical evidence is based on a panel of 162 banks in 42 countries for the period 2001-2011. From the Generalised Method of Moments, public credit registries decrease loan price. With instrumental Quantile Regressions, two main findings are established. Pub...

Domestic tourism has an important role in socio-economic development in several ways including creating jobs and improving income distribution. Although several researcheshave been done on tourism demand, a small proportion of them have been on domestic tourism. In this paper, the price and expenditure elasticities of the household demand for domestic tourism in Iran, focusing on the case of Ha...

We assess the microstructure of the U.S. Treasury securities market following its migration to electronic trading. We model price discovery using a vector autoregression model of price and order flow. We show that both trades and limit orders affect price dynamics, suggesting that traders also choose limit orders to exploit their information. Moreover, while limit orders have smaller price impa...

The paper derives and experimentally tests a theoretical model of speculation in multiperiod asset markets with public information flows. The speculation arises from the traders’ heterogeneous posteriors as they make different inferences from sequences of public information. This leads to overpricing in the sense that price exceeds the most optimistic belief about the real value of the asset. W...

This paper investigates underwriters’ treatment of public information throughout the IPO pricing process. Two key findings emerge. First, public information is not fully incorporated into the initial price range. While the economic magnitude of the bias is small, it is puzzling because it is not clear who benefits from it. Further, it indicates that the filing range midpoint is not an unbiased ...