Felix Nockher

• Bradford Lynch and Felix Nockher, Pricing Public Information: The Role of Trade. Abstract

  Using plausibly exogenous variation in the ability to short-sell, we provide evidence that public information is predominantly impounded into prices via trade. Studying the role of trade in the context of publicly-observed cash flow news, we find that only 6% of total price discovery is realized on announcement days with low trade. A portfolio strategy that focuses on stocks with high announcement-day trade yields monthly alpha of 2.46%. In contrast to the predictions of the literature on no-trade equilibria, our evidence suggests that trade plays a significant role in price discovery.

• Ulrich Doraszelski, Joao F. Gomes, Felix Nockher, Oligopoly dynamics with Financing Frictions.

Knowledge @ Wharton

• NBA Playing Time Statistics, Knowledge @ Wharton - 05/08/2024
• How Financial Frictions Hinder Innovation, Knowledge @ Wharton - 05/07/2024
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• The U.S. Housing Market Has Homeowners Stuck | Lu Liu, Knowledge @ Wharton - 05/07/2024
• 2024 Kentucky Derby With Jeff Seder, Knowledge @ Wharton - 05/01/2024
• Five Myths About Generative AI That Leaders Should Know, Knowledge @ Wharton - 04/30/2024
• How Bank Depositors Are Becoming More Alert, Knowledge @ Wharton - 04/30/2024
• Is Influencer Marketing Worth It?, Knowledge @ Wharton - 04/29/2024
• Is Influencer Marketing Worth It?, Knowledge @ Wharton - 04/26/2024