Dr Shan Ji and colleagues show that the presence of end-of-day (EOD) target price manipulation prior to M&As increases the probability of an M&A deal withdrawal, and decreases the premium paid. Having looked at M&As from over 45...
Mike Aitken and Kumar Venkataraman compare the microstructure of the equity and fixed-income markets, and explain the consequences of the lack of transparency in fixed-income markets before pointing to solutions in order to improve the fairness of fixed-income markets.
Professor Venkataraman examines the impact of order routing to affiliated ATSs on execution outcomes.
Their analysis offers perspectives on how brokers handle the tension between the incentives to route to their ATS and their obligations to provide best execution to their clients, shedding light on the relation between venue ownership, broker routing and execution outcomes.