Giovanni Cespa

Bayes Business School

United Kingdom

Bayes Business School

Professor

106 Bunhill Row

London, EC1Y 8TZ

United Kingdom

Centre for Economic Policy Research (CEPR)

London

United Kingdom

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  • Centre for Economic Policy Research (CEPR)

SCHOLARLY PAPERS

18

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9,064

TOTAL CITATIONS
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Top 2,664

in Total Papers Citations

221

Scholarly Papers (18)

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1.

Foreign Exchange Volume

Downloads 2,497 (12,217)
Citation 32

Foreign Exchange Volume

Number of pages: 86 Posted: 23 Aug 2017 Last Revised: 04 Jun 2021
Giovanni Cespa, Giovanni Cespa, Antonio Gargano, Steven Riddiough and Lucio Sarno
Bayes Business SchoolBayes Business School, University of Houston - C.T. Bauer College of Business, University of Toronto and University of Cambridge - Judge Business School
Downloads 2,475 (12,121)
Citation 3

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foreign exchange volume, currency returns, asymmetric information

Foreign Exchange Volume

CEPR Discussion Paper No. DP16128
Number of pages: 90 Posted: 14 May 2021
Giovanni Cespa, Giovanni Cespa, Antonio Gargano, Steven Riddiough and Lucio Sarno
Bayes Business SchoolBayes Business School, University of Houston - C.T. Bauer College of Business, University of Toronto and University of Cambridge - Judge Business School
Downloads 22 (1,146,590)
Citation 29
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2.

Corporate Social Responsibility and Managerial Entrenchment

Downloads 1,342 (32,100)
Citation 30

Corporate Social Responsibility and Managerial Entrenchment

Journal of Economics and Management Strategy, 16 (3): 741-771
Number of pages: 41 Posted: 25 Jun 2007 Last Revised: 28 Nov 2014
Giovanni Cespa, Giovanni Cespa and Giacinta Cestone
Bayes Business SchoolBayes Business School and Bayes Business School, City University London
Downloads 1,312 (32,605)
Citation 7

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Corporate Governance, Corporate Social Responsibility, Managerial Entrenchment,

Corporate Social Responsibility and Managerial Entrenchment

Number of pages: 30 Posted: 29 Nov 2004
Giovanni Cespa, Giovanni Cespa and Giacinta Cestone
Bayes Business SchoolBayes Business School and Bayes Business School, City University London
Downloads 30 (1,045,723)
Citation 23
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Corporate governance, corporate social responsibility, managerial entrenchment, social activism, stakeholders

3.

Illiquidity Contagion and Liquidity Crashes

Downloads 956 (52,258)
Citation 31

Illiquidity Contagion and Liquidity Crashes

Number of pages: 72 Posted: 08 Apr 2011 Last Revised: 19 Feb 2014
Giovanni Cespa, Giovanni Cespa and Thierry Foucault
Bayes Business SchoolBayes Business School and HEC Paris - Finance Department
Downloads 953 (51,625)
Citation 31

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Liquidity spillovers, Contagion, Liquidity Crashes, Multiple equilibria, Rational expectations

Learning from Prices, Liquidity Spillovers, and Market Segmentation

CEPR Discussion Paper No. DP8350
Number of pages: 58 Posted: 20 Apr 2011
Giovanni Cespa, Giovanni Cespa and Thierry Foucault
Bayes Business SchoolBayes Business School and HEC Paris - Finance Department
Downloads 3 (1,362,033)
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Colocation, Contagion, Liquidity Risk, Liquidity spillovers, Transparency, Value of price information

4.

Dynamic Trading and Asset Prices: Keynes vs. Hayek

Downloads 655 (86,356)
Citation 28

Dynamic Trading and Asset Prices: Keynes vs. Hayek

CESifo Working Paper Series No. 2839
Number of pages: 51 Posted: 06 Nov 2009
Giovanni Cespa, Giovanni Cespa and Xavier Vives
Bayes Business SchoolBayes Business School and University of Navarra - IESE Business School
Downloads 225 (287,079)

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efficient market hypothesis, long and short-term trading, average expectations, higher order beliefs, over-reliance on public information, opaqueness, momentum, reversal

Dynamic Trading and Asset Prices: Keynes Vs. Hayek

AFA 2010 Atlanta Meetings Paper
Number of pages: 49 Posted: 22 Mar 2009
Giovanni Cespa, Giovanni Cespa and Xavier Vives
Bayes Business SchoolBayes Business School and University of Navarra - IESE Business School
Downloads 214 (301,332)
Citation 19

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Price bias, long and short-term trading, multiple equilibria, average expectations,

Dynamic Trading and Asset Prices: Keynes vs. Hayek

IESE Business School Working Paper No. 716
Number of pages: 51 Posted: 01 Apr 2008
Giovanni Cespa, Giovanni Cespa and Xavier Vives
Bayes Business SchoolBayes Business School and University of Navarra - IESE Business School
Downloads 212 (304,106)
Citation 5

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Price bias, long and short-term trading, multiple equilibria, average expectations, higher offer beliefs, over-reliance on public information

Dynamic Trading and Asset Prices: Keynes Vs. Hayek

CEPR Discussion Paper No. DP7506
Number of pages: 49 Posted: 17 Nov 2009
Giovanni Cespa, Giovanni Cespa and Xavier Vives
Bayes Business SchoolBayes Business School and University of Navarra - IESE Business School
Downloads 4 (1,356,371)
Citation 4
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Average expectations, Efficient market hypothesis, Higher order beliefs, Long and short-term trading, Momentum, Opaqueness, Over-reliance on public information, Reversal

5.

The Beauty Contest and Short-Term Trading

Downloads 601 (96,418)
Citation 29

The Beauty Contest and Short-Term Trading

Journal of Finance, Forthcoming
Number of pages: 81 Posted: 10 May 2012 Last Revised: 06 Feb 2015
Giovanni Cespa, Giovanni Cespa and Xavier Vives
Bayes Business SchoolBayes Business School and University of Navarra - IESE Business School
Downloads 436 (141,246)
Citation 4

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Price speculation, multiple equilibria, average expectations, public information, momentum and reversal, disagreement, volume, volatility

The Beauty Contest and Short-Term Trading

IESE Business School Working Paper No. WP-915-E
Number of pages: 62 Posted: 02 Dec 2015
Giovanni Cespa, Giovanni Cespa and Xavier Vives
Bayes Business SchoolBayes Business School and University of Navarra - IESE Business School
Downloads 165 (383,138)
Citation 25

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Price speculation, multiple equilibria, average expectations, public information, momentum and reversal, Beauty Contest

6.

High Frequency Trading and Fragility

Downloads 529 (113,184)
Citation 7

High Frequency Trading and Fragility

ECB Working Paper No. 2020
Number of pages: 50 Posted: 15 Feb 2017
Giovanni Cespa, Giovanni Cespa and Xavier Vives
Bayes Business SchoolBayes Business School and University of Navarra - IESE Business School
Downloads 268 (241,064)

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market fragmentation, high frequency trading, ash crash, asymmetric information

Market Transparency and Fragility

CESifo Working Paper Series No. 6279
Number of pages: 46 Posted: 07 Feb 2017
Giovanni Cespa, Giovanni Cespa and Xavier Vives
Bayes Business SchoolBayes Business School and University of Navarra - IESE Business School
Downloads 154 (406,872)

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market fragmentation, liquidity fragility, flash crash, asymmetric information

High Frequency Trading and Fragility

IESE Business School Working Paper No. 1161-E
Number of pages: 48 Posted: 17 May 2017
Giovanni Cespa, Giovanni Cespa and Xavier Vives
Bayes Business SchoolBayes Business School and University of Navarra - IESE Business School
Downloads 105 (552,915)
Citation 7

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market fragmentation; high frequency trading; flash crash; asymmetric information

High Frequency Trading and Fragility

CEPR Discussion Paper No. DP11732
Number of pages: 49 Posted: 03 Jan 2017
Giovanni Cespa, Giovanni Cespa and Xavier Vives
Bayes Business SchoolBayes Business School and University of Navarra - IESE Business School
Downloads 2 (1,368,080)
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asymmetric information., flash crash, high frequency trading, market fragmentation

7.

Exchange Competition, Entry, and Welfare

Downloads 396 (159,500)
Citation 28

Exchange Competition, Entry, and Welfare

Number of pages: 71 Posted: 28 Jan 2019 Last Revised: 09 Jun 2021
Giovanni Cespa, Giovanni Cespa and Xavier Vives
Bayes Business SchoolBayes Business School and University of Navarra - IESE Business School
Downloads 266 (242,843)
Citation 10

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Market Fragmentation, Welfare, Endogenous Market Structure, Platform Competition, Cournot with Free Entry, Industrial Organization of Exchanges

Exchange Competition, Entry, and Welfare

CESifo Working Paper No. 7432
Number of pages: 61 Posted: 06 Nov 2019
Giovanni Cespa, Giovanni Cespa and Xavier Vives
Bayes Business SchoolBayes Business School and University of Navarra - IESE Business School
Downloads 128 (473,678)
Citation 1

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market fragmentation, welfare, endogenous market structure, platform competition, Cournot with free entry, industrial organization of exchanges

Exchange Competition, Entry, and Welfare

CEPR Discussion Paper No. DP13415
Number of pages: 76 Posted: 07 Jan 2019 Last Revised: 14 Jul 2021
Giovanni Cespa, Giovanni Cespa and Xavier Vives
Bayes Business SchoolBayes Business School and University of Navarra - IESE Business School
Downloads 2 (1,368,080)
Citation 17
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8.

Expectations, Illiquidity, and Short-Term Trading

Downloads 331 (194,246)
Citation 2

Expectations, Illiquidity, and Short-Term Trading

CESifo Working Paper Series No. 3390
Number of pages: 61 Posted: 29 Mar 2011
Giovanni Cespa, Giovanni Cespa and Xavier Vives
Bayes Business SchoolBayes Business School and University of Navarra - IESE Business School
Downloads 193 (332,320)
Citation 2

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price speculation, multiple equilibria, average expectations, public information, momentum and reversal, Beauty Contest

Higher Order Expectations, Illiquidity, and Short-Term Trading

Number of pages: 69 Posted: 01 Aug 2011
Giovanni Cespa, Giovanni Cespa and Xavier Vives
Bayes Business SchoolBayes Business School and University of Navarra - IESE Business School
Downloads 133 (459,179)

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Expected returns, multiple equilibria, liquidity risk, average expectations, reliance on public information, momentum and reversal, Beauty Contest.

Higher Order Expectations, Illiquidity, and Short-Term Trading

CEPR Discussion Paper No. DP8303
Number of pages: 46 Posted: 28 Mar 2011
Giovanni Cespa, Giovanni Cespa and Xavier Vives
Bayes Business SchoolBayes Business School and University of Navarra - IESE Business School
Downloads 5 (1,350,205)
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Average expectations, Beauty Contest, Expected returns, Multiple equilibria, Over-reliance on public information

9.

Sale of Price Information by Exchanges: Does it Promote Price Discovery?

Management Science, Forthcoming
Number of pages: 33 Posted: 01 Jul 2011 Last Revised: 15 Mar 2013
Giovanni Cespa, Giovanni Cespa and Thierry Foucault
Bayes Business SchoolBayes Business School and HEC Paris - Finance Department
Downloads 286 (226,994)
Citation 11

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sale of market data, transparency, price discovery

10.

Transparency and Fragmentation with Strategic Trading

Downloads 277 (234,589)
Citation 1

Transparency and Fragmentation with Strategic Trading

Number of pages: 64 Posted: 03 Dec 2016 Last Revised: 26 Jun 2023
Giovanni Cespa, Giovanni Cespa and Paolo Colla
Bayes Business SchoolBayes Business School and Bocconi University - Department of Finance
Downloads 276 (233,801)
Citation 1

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Fragmentation, Market transparency, Informational efficiency, Mixed strategies.

Market Fragmentation, Dissimulation, and the Disclosure of Insider Trades

CEPR Discussion Paper No. DP11690
Number of pages: 41 Posted: 12 Dec 2016
Giovanni Cespa, Giovanni Cespa and Paolo Colla
Bayes Business SchoolBayes Business School and Bocconi University - Department of Finance
Downloads 1 (1,375,953)
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Disclosure of Insider Trades, Dissimulation, fragmentation, Informational efficiency, Market transparency, Price comovement

11.

Market Opacity and Fragility: Why Liquidity Evaporates When It Is Most Needed

IESE Business School Working Paper No. 4339568
Number of pages: 72 Posted: 28 Jan 2023 Last Revised: 20 Jan 2025
Giovanni Cespa, Giovanni Cespa and Xavier Vives
Bayes Business SchoolBayes Business School and University of Navarra - IESE Business School
Downloads 276 (235,439)
Citation 1

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Liquidity fragility, flash crash, market information

12.

A Comparison of Stock Market Mechanisms

Number of pages: 43 Posted: 11 Jul 2001
Giovanni Cespa and Giovanni Cespa
Bayes Business SchoolBayes Business School
Downloads 264 (246,333)
Citation 8

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13.

Insiders-Outsiders, Transparency, and the Value of the Ticker

Downloads 221 (293,564)
Citation 7

Insiders-Outsiders, Transparency, and the Value of the Ticker

Number of pages: 40 Posted: 08 Apr 2008 Last Revised: 15 Mar 2013
Giovanni Cespa, Giovanni Cespa and Thierry Foucault
Bayes Business SchoolBayes Business School and HEC Paris - Finance Department
Downloads 217 (297,251)
Citation 6

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Market Data Sales, Latency, Transparency, Price Discovery, Hirshleifer effect

Insiders-Outsiders, Transparency and the Value of the Ticker

CEPR Discussion Paper No. DP6794
Number of pages: 43 Posted: 12 Jun 2008
Giovanni Cespa, Giovanni Cespa and Thierry Foucault
Bayes Business SchoolBayes Business School and HEC Paris - Finance Department
Downloads 4 (1,356,371)
Citation 1
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Hirshleifer effect, Market data sales, Price discovery, Transparency

14.

Market Transparency and Fragility

Number of pages: 45 Posted: 26 Feb 2019
Giovanni Cespa, Giovanni Cespa and Xavier Vives
Bayes Business SchoolBayes Business School and University of Navarra - IESE Business School
Downloads 162 (389,499)
Citation 1

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market fragmentation, liquidity fragility, flash crash, asymmetric information

15.

Short-Term Investment and Equilibrium Multiplicity

UPF Economics and Business Working Paper No. 520
Number of pages: 32 Posted: 29 Jun 2001
Giovanni Cespa and Giovanni Cespa
Bayes Business SchoolBayes Business School
Downloads 125 (480,795)
Citation 5

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Financial Economics, Information and Market Efficiency, Multiple Equilibria

16.

Revisiting the Real Effects of Mutual Fund Fire Sales

Number of pages: 33 Posted: 20 Dec 2023
Giovanni Cespa, Giovanni Cespa, Aneel Keswani and Francisco Urzúa I.
Bayes Business SchoolBayes Business School, City, University of London-Bayes and City University London
Downloads 100 (568,088)

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Mutual fund fire sales, market frictions, price pressures, M&A

17.

Information Sales and Insider Trading

Number of pages: 35 Posted: 08 Dec 2004
Giovanni Cespa and Giovanni Cespa
Bayes Business SchoolBayes Business School
Downloads 24 (1,086,741)
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Information sales, analysts, insider trading, durable goods monopolist

18.

Specialization and Integration in Markets for Financial Information

Proceedings of the EUROFIDAI-ESSEC Paris December Finance Meeting 2024
Number of pages: 43 Posted: 05 Dec 2024
Junli Zhao, Giovanni Cespa, Giovanni Cespa and Wei Zhao
Bayes Business School, Bayes Business SchoolBayes Business School and Renmin University of China
Downloads 22 (1,111,470)

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Other Papers (1)

Total Downloads: 131
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1.

Dynamic Trading, Asset Prices, and Bubbles

EFA 2007 Ljubljana Meetings Paper
Number of pages: 46 Posted: 01 Mar 2007
Giovanni Cespa, Giovanni Cespa and Xavier Vives
Bayes Business SchoolBayes Business School and University of Navarra - IESE Business School
Downloads 131

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Long and short-term trading, multiple equilibria, average expectations, higher order beliefs, public information