Giovanni Cespa

City University London - Sir John Cass Business School

Dr

106 Bunhill Row

London, EC1Y 8TZ

United Kingdom

Centre for Economic Policy Research (CEPR)

London

United Kingdom

SCHOLARLY PAPERS

14

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4,150

SSRN CITATIONS
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Top 2,646

in Total Papers Citations

137

CROSSREF CITATIONS

273

Scholarly Papers (14)

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 and Giacinta Cestone
City University London - Sir John Cass Business School and Cass Business School, City University London
Downloads 1,138 (18,137)
Citation 7

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Corporate Governance, Corporate Social Responsibility, Managerial Entrenchment,

Corporate Social Responsibility and Managerial Entrenchment

CEPR Discussion Paper No. 4648
Number of pages: 30 Posted: 29 Nov 2004
Giovanni Cespa and Giacinta Cestone
City University London - Sir John Cass Business School and Cass Business School, City University London
Downloads 28 (505,646)
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Corporate governance, corporate social responsibility, managerial entrenchment, social activism, stakeholders

Corporate Social Responsibility and Managerial Entrenchment

Journal of Economics & Management Strategy, Vol. 16, No. 3, pp. 741-771, Fall 2007
Number of pages: 31 Posted: 26 Jul 2007
Giovanni Cespa and Giacinta Cestone
City University London - Sir John Cass Business School and Cass Business School, City University London
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2.
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Citation 19

Illiquidity Contagion and Liquidity Crashes

Number of pages: 72 Posted: 08 Apr 2011 Last Revised: 19 Feb 2014
Giovanni Cespa and Thierry Foucault
City University London - Sir John Cass Business School and HEC Paris - Finance Department
Downloads 785 (31,099)
Citation 22

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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 and Thierry Foucault
City University London - Sir John Cass Business School and HEC Paris - Finance Department
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Colocation, Contagion, Liquidity Risk, Liquidity spillovers, Transparency, Value of price information

3.
Downloads 496 ( 57,904)
Citation 48

Dynamic Trading and Asset Prices: Keynes vs. Hayek

CESifo Working Paper Series No. 2839
Number of pages: 51 Posted: 06 Nov 2009
Giovanni Cespa and Xavier Vives
City University London - Sir John Cass Business School and University of Navarra - IESE Business School
Downloads 179 (173,250)

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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 and Xavier Vives
City University London - Sir John Cass Business School and University of Navarra - IESE Business School
Downloads 161 (190,007)
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 and Xavier Vives
City University London - Sir John Cass Business School and University of Navarra - IESE Business School
Downloads 154 (197,525)
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 and Xavier Vives
City University London - Sir John Cass Business School and University of Navarra - IESE Business School
Downloads 2 (689,423)
Citation 2
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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

4.
Downloads 298 (104,837)
Citation 8

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 and Xavier Vives
City University London - Sir John Cass Business School and University of Navarra - IESE Business School
Downloads 223 (140,832)
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 and Xavier Vives
City University London - Sir John Cass Business School and University of Navarra - IESE Business School
Downloads 75 (329,821)
Citation 4

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

5.
Downloads 276 (113,808)
Citation 4

High Frequency Trading and Fragility

ECB Working Paper No. 2020
Number of pages: 50 Posted: 15 Feb 2017
Giovanni Cespa and Xavier Vives
City University London - Sir John Cass Business School and University of Navarra - IESE Business School
Downloads 135 (220,178)

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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 and Xavier Vives
City University London - Sir John Cass Business School and University of Navarra - IESE Business School
Downloads 79 (319,812)

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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 and Xavier Vives
City University London - Sir John Cass Business School and University of Navarra - IESE Business School
Downloads 61 (369,586)
Citation 4

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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 and Xavier Vives
City University London - Sir John Cass Business School and University of Navarra - IESE Business School
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asymmetric information., flash crash, high frequency trading, market fragmentation

Expectations, Illiquidity, and Short-Term Trading

CESifo Working Paper Series No. 3390
Number of pages: 61 Posted: 29 Mar 2011
Giovanni Cespa and Xavier Vives
City University London - Sir John Cass Business School and University of Navarra - IESE Business School
Downloads 137 (217,623)

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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 and Xavier Vives
City University London - Sir John Cass Business School and University of Navarra - IESE Business School
Downloads 77 (324,729)

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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 and Xavier Vives
City University London - Sir John Cass Business School and University of Navarra - IESE Business School
Downloads 4 (669,883)
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Average expectations, Beauty Contest, Expected returns, Multiple equilibria, Over-reliance on public information

7.

A Comparison of Stock Market Mechanisms

EFA 2001 Barcelona Meetings
Number of pages: 43 Posted: 11 Jul 2001
Giovanni Cespa
City University London - Sir John Cass Business School
Downloads 216 (145,637)
Citation 2

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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 and Thierry Foucault
City University London - Sir John Cass Business School and HEC Paris - Finance Department
Downloads 170 (181,251)
Citation 6

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sale of market data, transparency, price discovery

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

Number of pages: 40 Posted: 08 Apr 2008 Last Revised: 15 Mar 2013
Giovanni Cespa and Thierry Foucault
City University London - Sir John Cass Business School and HEC Paris - Finance Department
Downloads 164 (187,041)
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 and Thierry Foucault
City University London - Sir John Cass Business School and HEC Paris - Finance Department
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Hirshleifer effect, Market data sales, Price discovery, Transparency

Market Fragmentation, Dissimulation, and the Disclosure of Insider Trades

Number of pages: 54 Posted: 03 Dec 2016 Last Revised: 14 Jan 2020
Giovanni Cespa and Paolo Colla
City University London - Sir John Cass Business School and Bocconi University - Department of Finance
Downloads 127 (231,075)
Citation 1

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Fragmentation, Informational Integration, Disclosure of Insider Trades, Dissimulation, Market Transparency, Informational Efficiency, Price Comovement

Market Fragmentation, Dissimulation, and the Disclosure of Insider Trades

CEPR Discussion Paper No. DP11690
Number of pages: 41 Posted: 12 Dec 2016
Giovanni Cespa and Paolo Colla
City University London - Sir John Cass Business School and Bocconi University - Department of Finance
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Disclosure of Insider Trades, Dissimulation, fragmentation, Informational efficiency, Market transparency, Price comovement

11.

Short-Term Investment and Equilibrium Multiplicity

UPF Economics and Business Working Paper No. 520
Number of pages: 32 Posted: 29 Jun 2001
Giovanni Cespa
City University London - Sir John Cass Business School
Downloads 85 (303,074)
Citation 4

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Financial Economics, Information and Market Efficiency, Multiple Equilibria

12.
Downloads 77 (321,461)
Citation 4

Exchange Competition, Entry, and Welfare

Number of pages: 74 Posted: 28 Jan 2019 Last Revised: 16 Dec 2019
Giovanni Cespa and Xavier Vives
City University London - Sir John Cass Business School and University of Navarra - IESE Business School
Downloads 60 (372,649)
Citation 3

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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 and Xavier Vives
City University London - Sir John Cass Business School and University of Navarra - IESE Business School
Downloads 17 (576,482)

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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: 54 Posted: 07 Jan 2019
Giovanni Cespa and Xavier Vives
City University London - Sir John Cass Business School and University of Navarra - IESE Business School
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Cournot with free entry, Endogenous Market Structure, Industrial Organization of Exchanges, market fragmentation, platform competition, welfare

13.

Market Transparency and Fragility

Number of pages: 45 Posted: 26 Feb 2019
Giovanni Cespa and Xavier Vives
City University London - Sir John Cass Business School and University of Navarra - IESE Business School
Downloads 33 (467,231)
Citation 2

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market fragmentation, liquidity fragility, flash crash, asymmetric information

14.

Information Sales and Insider Trading

CEPR Discussion Paper No. 4667
Number of pages: 35 Posted: 08 Dec 2004
Giovanni Cespa
City University London - Sir John Cass Business School
Downloads 22 (525,727)
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Information sales, analysts, insider trading, durable goods monopolist

Other Papers (1)

Total Downloads: 84
1.

Dynamic Trading, Asset Prices, and Bubbles

EFA 2007 Ljubljana Meetings Paper
Number of pages: 46 Posted: 01 Mar 2007
Giovanni Cespa and Xavier Vives
City University London - Sir John Cass Business School and University of Navarra - IESE Business School
Downloads 84

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