Dan Bernhardt
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View article: Institutional Liquidity Costs, Internalized Retail Trade Imbalances, and the Cross Section of Stock Returns
Institutional Liquidity Costs, Internalized Retail Trade Imbalances, and the Cross Section of Stock Returns Open
Order flow segmentation prevents direct interactions between U.S. retail and institutional investors. Using the imbalance in observable internalized retail trades, we show wholesalers use retail flow to provide liquidity to institutional i…
View article: Auctioning Control and Cash‐Flow Rights Separately
Auctioning Control and Cash‐Flow Rights Separately Open
We consider a classical auction setting in which an asset/project is sold to buyers who privately receive signals about expected payoffs, and payoffs are more sensitive to a bidder's signal if he runs the project than if another bidder doe…
View article: Followers of the pied piper of pensioners
Followers of the pied piper of pensioners Open
Using survey and administrative data, we study followers of H&L, a massively popular Chilean pension advisor, establishing that financial literacy is not a panacea for poor retirement decision‐making. We detail the dynamics of who followed…
View article: When do Co‐located Firms Selling Identical Products Thrive?*
When do Co‐located Firms Selling Identical Products Thrive?* Open
When consumers only see prices once they visit stores, and some consumers have time to comparison shop, co‐location commits stores to compete and lower prices, which draws consumers away from isolated stores. Profits of co‐located firms ar…
View article: Blockholder Disclosure Thresholds and Hedge Fund Activism
Blockholder Disclosure Thresholds and Hedge Fund Activism Open
Blockholder disclosure thresholds shape incentives for hedge fund activism, which are jointly determined with real investment and managerial behavior. Uninformed investors value lower thresholds (greater transparency) when the cost of trad…
View article: Blockholder Disclosure Thresholds and Hedge Fund Activism
Blockholder Disclosure Thresholds and Hedge Fund Activism Open
Blockholder disclosure thresholds are under scrutiny due to their impact on the incentives for hedge fund activism, which in equilibrium are jointly determined with real investment and managerial behavior. We set up and study a comprehensi…
View article: Diegetic vs. Non-Diegetic GUIs: What do Virtual Reality Players Prefer?
Diegetic vs. Non-Diegetic GUIs: What do Virtual Reality Players Prefer? Open
Graphical user interfaces should not be a limiting factor when it comes to designing immersive virtual reality games. In this work we evaluate two different GUI designs for VR games: A non-diegetic HUD and a diegetic GUI, utilizing objects…
View article: Wage offers and on-the-job search
Wage offers and on-the-job search Open
We study the wage-setting problem of an employer with private information about demand for its product when workers can engage in costly on-the-job search. Employers understand that low wage offers may convey bad news that induces workers t…
View article: A test of speculative arbitrage: is the cross-section of volatility invariant?
A test of speculative arbitrage: is the cross-section of volatility invariant? Open
We derive testable implications of Kyle and Obizhaeva’s (2016) notion of “bet invariance” for the cross-section of trade-time volatilities. We jointly develop theoretical foundations of “no speculative arbitrage” whose implications incorpo…
View article: When do co-located firms selling identical products thrive?
When do co-located firms selling identical products thrive? Open
When consumers only see prices once they visit stores, and some consumers have time to comparison shop, co-location commits stores to compete and lower prices, which draws consumers away from isolated stores. Profits of co-located firms are …