In evaluating the performance of electronic marketplaces, research has focussed on the impact of factors such as IT, marketplace process design and competition. However, such research has neglected the impact of ownership upon electronic marketplace performance. This paper explores the issue of electronic marketplace ownership and contributes to the literature by revealing four distinct aspects...

We analyze the problem of an investor who needs to unwind a portfolio in the face of recurring and uncertain liquidity needs, with a model that accounts for both permanent and temporary price impact of trading. We first show that a risk-neutral investor who myopically deleverages his position to meet an immediate need for cash always prefers to sell more liquid assets. If the investor faces the...

Investors’ reaction to stock recommendations is often incomplete so that there is a predictable post-recommendation drift. I investigate whether investor inattention contributes to this drift by using turnover as a proxy for investor attention. I find that the recommendation drift of firms with low prior turnover is more than double in magnitude compared to that of firms with high prior turnove...

Theories from traditional finance (e.g. agency theory) are not suitable for impression management research as they are based on fundamental assumptions of manager and investor rationality. For the assumption that impression management results in capital misallocations to hold true requires alternative theoretical perspectives. This paper develops theoretical perspectives on corporate narrative ...

The question about whether investor sentiment correlates with their corporate investment is often examined in the literature. Thus, based on behavioral finance theory, this paper aims to investigate whether investor sentiment in stock market has an impact on corporate investment in listed Chinese firms, where the mutual fund flows is taken as the proxy variable of investor sentiment for stocks....

a r t i c l e i n f o Based on the underestimation model in bear markets and the overestimation model in bull markets, we propose two types of sentiment asset pricing models to study the effects of investor sentiment on stock prices and limit of arbitrage. The two sentiment asset pricing models demonstrate that investor sentiment has a systematic and significant impact on stock prices; furtherm...

The paper examined the relationship between openness and agricultural performance using data covering the period 1995 to 2009. Representing openness as foreign direct investment (FDI) and trade openness, the results showed that there is no long run relationship between FDI and trade openness on one hand and agricultural performance on the other. In the short run, vtrade openness and FDI exerted...

To many developing countries nowadays, Foreign direct investment (FDI) is regarded as an important factor that promotes growth. While traditional theory states that FDI helps increasing labor income by bringing capital to laborabundant countries, more recent works points to the possibility that type of capital in‡ow matters as well. Various studies of …nancial crisis highlight the stability of ...

This paper investigates continuous-time optimal portfolio and consumption problems under loss aversion in an infinite horizon. The investor’s goal is to choose optimal portfolio and consumption policies to maximize total discounted S-shaped utility from consumption. The consumption rate process is subject to a downside constraint. The optimal consumption and portfolio policies are obtained thro...