"Abnormally high net insider selling is commonly observed after repurchase tender offer (RTO) announcements although, on average, firms experience positive abnormal returns in the years after the repurchases. We explore two potential explanations: liquidity trade timing and informed trading. Consistent wit...
” adds Salman Ahmed, global head of macro and strategic asset allocation at Fidelity. “But cyclical macros remain under stress and also the zero-Covid policy, and its impact on economic activity as lockdowns take place, means that growth downgrades have been happening.”...
Our paper contributes to the debate by discussing the impact of alternative policy instruments, i.e. taxes and quotas, on the optimal timing of emission reductions. A main conclusion is that the optimal adoption threshold under taxes is always larger than under quotas. Thus, in our model there...
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