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2022ECO004
Doctoral thesis

Essays in information and market efficiency

  • 2022

PhD: Università della Svizzera italiana

Institutional investors
FOMC
Monetary policy
Federal reserve
Communication
Insurers
Mutual funds
Liquidity provision
Corporate bonds
Financial analysts
ESG
Sustainability
English The dissertation consists of three essays in the fields of information and market efficiency. In the first chapter, I show that institutional investors exhibit and exploit an informational advantage that allows them to trade profitably on the stock market ahead of FOMC meetings. These findings contribute to an information-based explanation of the pre-FOMC drift and have large policy implications. In the second chapter, co-authored with Sirio Aramonte, we investigate the liquidity supply ecosystem in the corporate bond market, with a focus on insurance companies. Our work suggests that policy efforts to address mutual-fund fragility should consider insurance companies as important players in the liquidity provision ecosystem. In the third chapter, co-authored with Laurent Frésard, Silvia Dalla Fontana, and Roberto Tubaldi, we focus on the relationship between sell-side analysts and sustainability, shedding light on the consequences on firms’ information environment of the increasing demand for sustainability.
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Language
  • English
Classification
Economics
License
License undefined
Open access status
green
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https://n2t.net/ark:/12658/srd1321177
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