Giovanni Cespa

Cass Business School

Dr

106, Bunhill Row

London, EC1Y 8TZ

Great Britain

Centre for Economic Policy Research (CEPR)

London

United Kingdom

SCHOLARLY PAPERS

14

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CITATIONS
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146

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
Cass Business School and Cass Business School, City University London
Downloads 1,120 (17,658)
Citation 10

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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
Cass Business School and Cass Business School, City University London
Downloads 28 (483,995)
Citation 36
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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
Cass Business School and Cass Business School, City University London
Downloads 11 (591,563)
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2.
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Citation 39

Illiquidity Contagion and Liquidity Crashes

Number of pages: 72 Posted: 08 Apr 2011 Last Revised: 19 Feb 2014
Giovanni Cespa and Thierry Foucault
Cass Business School and HEC Paris - Finance Department
Downloads 770 (30,430)
Citation 45

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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
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 488 ( 56,347)
Citation 71

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
Cass Business School and University of Navarra - IESE Business School
Downloads 177 (167,596)

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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
Cass Business School and University of Navarra - IESE Business School
Downloads 159 (184,124)
Citation 52

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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
Cass Business School and University of Navarra - IESE Business School
Downloads 150 (193,472)
Citation 7

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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
Cass Business School and University of Navarra - IESE Business School
Downloads 2 (660,769)
Citation 27
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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 288 (104,029)
Citation 18

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
Cass Business School and University of Navarra - IESE Business School
Downloads 218 (137,826)
Citation 2

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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
Cass Business School and University of Navarra - IESE Business School
Downloads 70 (328,863)
Citation 17

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

5.
Downloads 257 (117,266)
Citation 3

High Frequency Trading and Fragility

ECB Working Paper No. 2020
Number of pages: 50 Posted: 15 Feb 2017
Giovanni Cespa and Xavier Vives
Cass Business School and University of Navarra - IESE Business School
Downloads 125 (224,099)

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

High Frequency Trading and Fragility

CESifo Working Paper Series No. 6279
Number of pages: 47 Posted: 07 Feb 2017
Giovanni Cespa and Xavier Vives
Cass Business School and University of Navarra - IESE Business School
Downloads 74 (318,689)

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market fragmentation, high frequency trading, 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
Cass Business School and University of Navarra - IESE Business School
Downloads 57 (366,447)
Citation 3

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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
Cass Business School and University of Navarra - IESE Business School
Downloads 1 (675,327)
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asymmetric information., flash crash, high frequency trading, market fragmentation

6.

A Comparison of Stock Market Mechanisms

EFA 2001 Barcelona Meetings
Number of pages: 43 Posted: 11 Jul 2001
Giovanni Cespa
Cass Business School
Downloads 215 (140,042)
Citation 4

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7.
Downloads 210 (143,210)
Citation 1

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
Cass Business School and University of Navarra - IESE Business School
Downloads 132 (214,775)

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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
Cass Business School and University of Navarra - IESE Business School
Downloads 74 (318,689)
Citation 2

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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
Cass Business School and University of Navarra - IESE Business School
Downloads 4 (640,739)
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Average expectations, Beauty Contest, Expected returns, Multiple equilibria, Over-reliance on public information

8.

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
Cass Business School and HEC Paris - Finance Department
Downloads 168 (175,427)
Citation 11

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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
Cass Business School and HEC Paris - Finance Department
Downloads 163 (180,215)
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
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: 56 Posted: 03 Dec 2016 Last Revised: 06 Jun 2017
Giovanni Cespa and Paolo Colla
Cass Business School and Bocconi University - Department of Finance
Downloads 120 (231,159)
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
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
Cass Business School
Downloads 85 (290,472)
Citation 10

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Financial Economics, Information and Market Efficiency, Multiple Equilibria

12.
Downloads 39 (422,849)
Citation 2

Exchange Competition, Entry, and Welfare

Number of pages: 59 Posted: 28 Jan 2019
Giovanni Cespa and Xavier Vives
Cass Business School and University of Navarra - IESE Business School
Downloads 31 (468,297)
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: 53 Posted: 21 Feb 2019
Giovanni Cespa and Xavier Vives
Cass Business School and University of Navarra - IESE Business School
Downloads 8 (611,989)

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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
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
Cass Business School and University of Navarra - IESE Business School
Downloads 25 (486,855)
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
Cass Business School
Downloads 22 (503,511)
Citation 3
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Information sales, analysts, insider trading, durable goods monopolist

Other Papers (1)

Total Downloads: 80
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
Cass Business School and University of Navarra - IESE Business School
Downloads 80

Abstract:

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