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SUMMARY:Creating Controversy in Proxy Voting Advice
DTSTART:20230303T103000
DTEND:20230303T120000
DTSTAMP:20260407T112428Z
UID:e2f379267824f2e36f459d2ce6cd89745266f910af6c46e19e35990f
CATEGORIES:Conferences - Seminars
DESCRIPTION:Andrey Malenko | Michigan Ross\nA critical question facing spe
 culators contemplating to trade on private information is whether their si
 gnal has already been priced in by the market. In our model\, speculators 
 assess the novelty of their information based on recent price movements\, 
 and market makers are aware that speculators might be trading on stale new
 s. An asymmetric response to past price movements ensues: after price incr
 eases\, buy volume—because it may result from stale news trading—has a
  lower price impact than sell volume (and vice versa after price decreases
 ). Consequently\, return skewness is negatively related to lagged returns.
  We find strong support for these and other predictions using a comprehens
 ive sample of US stocks.
LOCATION:UniL Campus\, Room Extra 126
STATUS:CONFIRMED
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