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

SCHOLARLY PAPERS

17

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Top 11,072

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8,011

SSRN CITATIONS
Rank 2,604

SSRN RANKINGS

Top 2,604

in Total Papers Citations

427

CROSSREF CITATIONS

249

Scholarly Papers (17)

1.
Downloads 2,258 (12,431)
Citation 27

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 2,257 (12,205)
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 1 (1,159,322)
Citation 18
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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 1,261 (29,881)
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 28 (892,916)
Citation 23
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Corporate governance, corporate social responsibility, managerial entrenchment, social activism, stakeholders

3.
Downloads 915 (47,950)
Citation 56

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 912 (47,455)
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 (1,141,996)
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Colocation, Contagion, Liquidity Risk, Liquidity spillovers, Transparency, Value of price information

4.
Downloads 610 (81,828)
Citation 57

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 208 (266,554)

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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

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 200 (276,312)
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

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 200 (276,312)
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

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 2 (1,150,335)
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.
Downloads 494 (106,519)
Citation 27

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 372 (146,771)
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 122 (419,609)
Citation 23

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

6.
Downloads 466 (114,181)
Citation 5

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 237 (235,371)

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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 136 (385,310)

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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 92 (514,485)
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 1 (1,159,322)
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asymmetric information., flash crash, high frequency trading, market fragmentation

7.
Downloads 305 (183,212)
Citation 1

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 184 (298,044)
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 117 (433,244)

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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 4 (1,133,709)
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Average expectations, Beauty Contest, Expected returns, Multiple equilibria, Over-reliance on public information

8.
Downloads 298 (187,806)
Citation 17

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 225 (247,485)
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 73 (593,464)

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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
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Citation 14
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9.

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 246 (227,912)
Citation 8

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10.

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 235 (238,294)
Citation 11

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sale of market data, transparency, price discovery

11.
Downloads 228 (245,297)
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 228 (244,355)
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
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Disclosure of Insider Trades, Dissimulation, fragmentation, Informational efficiency, Market transparency, Price comovement

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 206 (268,950)
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 3 (1,141,996)
Citation 1
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Hirshleifer effect, Market data sales, Price discovery, Transparency

13.

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

IESE Business School Working Paper No. 4339568
Number of pages: 54 Posted: 28 Jan 2023 Last Revised: 02 Dec 2023
Giovanni Cespa, Giovanni Cespa and Xavier Vives
Bayes Business SchoolBayes Business School and University of Navarra - IESE Business School
Downloads 184 (298,566)

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Liquidity fragility, flash crash, market information

14.

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 111 (448,529)
Citation 4

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Financial Economics, Information and Market Efficiency, Multiple Equilibria

15.

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 110 (451,552)
Citation 1

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market fragmentation, liquidity fragility, flash crash, asymmetric information

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 - Bayes Business School
Downloads 31 (841,428)

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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 22 (921,809)
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Information sales, analysts, insider trading, durable goods monopolist

Other Papers (1)

Total Downloads: 121
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 121

Abstract:

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