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320 results on '"MCINISH, THOMAS"'

6. Unconventional Monetary Policy and the Behavior of Shorts.

Author

MCINISH, THOMAS, NEELY, CHRISTOPHER J., and PLANCHON, JADE

Subjects
MONETARY policy, INVESTORS, SHORT selling (Securities), GOVERNMENT securities, PRICES, ASSETS (Accounting)
Abstract

We investigate the behavior of shorts, considered sophisticated investors, before and after a set of Federal Reserve unconventional monetary policy announcements that spot bond markets did not fully anticipate. Short interest in agency securities systematically predicts bond price changes and other asset returns on the days of monetary announcements, particularly when growth or monetary news is released, indicating shorts correctly anticipate these surprises. Shorts also systematically rebalance after announcements in the direction of the announcement surprise when the announcement releases monetary or growth news, suggesting that shorts interpret these announcements to imply further yield changes in the same direction. [ABSTRACT FROM AUTHOR]

Published
2024
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8. Insights from bitcoin trading

Author

K. Jain, Pankaj, McInish, Thomas H., and Miller, Jonathan L.

Subjects
Jardine Group, Foreign exchange market, Foreign exchange, Work hours, Liquidity (Finance), Banking, finance and accounting industries, Business
Abstract

We examine commonality in returns and volume for Bitcoin--fiat currency pairs, each trading in a country with a single time zone. Bitcoin has substantial volume and obeys the theory related to commonality, liquidity, and price discovery. We find evidence that one common factor explains 68% of the variance in hourly volume. Though trading is higher on weekdays, there is substantial weekend trading, reflecting high retail participation. Volume is higher on exchanges during local working hours, as seen in forex markets, supporting the view that trading patterns depend on the location of trade rather than the location of the asset traded. KEYWORDS cryptocurrency, liquidity, microstructure, 1 | INTRODUCTION Satoshi Nakamoto created Bitcoin, the first and the most widely used cryptocurrency, in 2008 to facilitate and reduce the cost of transferring funds. (1) In 10 years, [...]

Published
2019
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35. Everything old is new again: Rule 201's restrictions on short selling will do little to avoid future crises

Author

Jain, Chinmay, Jain, Pankaj K., and McInish, Thomas H.

Subjects
United States. Securities and Exchange Commission -- Laws, regulations and rules, Short selling -- Laws, regulations and rules, Securities law, Government regulation, Business, Government, Law
Abstract

In a dramatic reversal on February 24, 2010, the Securities and Exchange Commission voted 3-2 to adopt SEC Rule 201 (the 'Alternative Uptick Rule') in response to the Great Recession [...]

Published
2011

38. The CAN-SPAM Act of 2003 and stock spam emails

Author

Hu, Bill, McInish, Thomas, and Zeng, Li

Subjects
United States. Securities and Exchange Commission -- Laws, regulations and rules -- Analysis -- Evaluation, Securities fraud -- Analysis -- Models -- Methods -- Laws, regulations and rules, Spam (Junk email) -- Evaluation -- Models -- Laws, regulations and rules -- Analysis -- Methods, Financial disclosure -- Laws, regulations and rules -- Analysis -- Models -- Methods, Securities law -- Interpretation and construction -- Models -- Analysis -- Methods, Email marketing -- Methods -- Evaluation, Conflict of interests (Agency) -- Models -- Methods -- Analysis -- Laws, regulations and rules, Panel analysis -- Models -- Analysis -- Laws, regulations and rules -- Methods, Algorithms -- Models -- Laws, regulations and rules -- Analysis -- Methods, Financial misrepresentations -- Models -- Analysis -- Laws, regulations and rules -- Methods, Government regulation, Algorithm, Unsolicited bulk e-mail, Business, general, Controlling the Assault of Non-Solicited Pornography and Marketing Act of 2003
Abstract

Abstract One goal of the Controlling the Assault of Non-Solicited Pornography and Marketing Act of 2003 is to combat pump and dump stock spam email schemes aimed at individual investors. [...]

Published
2009

39. Mixed‐signal stock splits.

Author

Elnahas, Ahmed M., Jain, Pankaj K., and McInish, Thomas H.

Subjects
STOCK splitting, ABNORMAL returns, INSIDER trading in securities, STOCKS (Finance), CORPORATE governance, EXECUTIVE compensation
Abstract

We investigate CEOs who combine insider selling with stock splits, which is suspicious, because dumping stocks is inconsistent with the positive stock‐split signal. Our empirical results indicate that, compared with other splits, these mixed‐signal splits perform poorly and are followed by much lower buy‐and‐hold abnormal returns and much higher likelihoods of announcing an earnings restatement and CEO turnover in the post‐split period. Our results are robust to entropy balancing and controlling for CEO characteristics, incentives, and corporate governance and highlight previously ignored agency issues around stock splits. Attention to insider trades is essential to properly interpret a stock‐split signal. [ABSTRACT FROM AUTHOR]

Published
2022
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48. Merger announcements and trading

Author

Ascioglu, N. Asli, McInish, Thomas H., and Wood, Robert A.

Subjects
Finance -- Research, Banking, finance and accounting industries, Business
Published
2002

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