The price of the slow lane: Traffic congestion and stock block trading premium

IF 1.8 4区经济学 Q2 BUSINESS, FINANCE

International Review of Finance Pub Date : 2023-08-21 DOI:10.1111/irfi.12432

Tingqiu Cao, Xianhang Qian, Le Zhang

引用次数: 0

Abstract

Using data on city-level daily traffic congestion and stock block trading, we investigate the impact of trader cities' traffic congestion on the stock block trading price. We find that higher level of traffic congestion in the traders' cities is associated with lower stock block trading premium, particularly when the information asymmetry between the trading parties is high. We also find that the buyers have more bargaining power in determining the price premium of block trading. Moreover, we employ a multi-pronged approach to address the identification issue and find confirming evidence for the causal link.

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慢车道的价格：交通拥堵和股票大宗交易溢价

利用城市层面的每日交通拥堵和股票大宗交易数据，我们调查了交易城市的交通拥堵对股票大宗交易价格的影响。我们发现，交易者所在城市的交通拥堵程度越高，股票大宗交易溢价越低，尤其是当交易各方之间的信息不对称程度高时。我们还发现，买家在决定大宗交易的价格溢价方面有更大的议价能力。此外，我们采用多管齐下的方法来解决身份识别问题，并找到因果关系的确凿证据。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Review of Finance BUSINESS, FINANCE-

CiteScore

3.30

自引率

5.90%

发文量

期刊介绍： The International Review of Finance (IRF) publishes high-quality research on all aspects of financial economics, including traditional areas such as asset pricing, corporate finance, market microstructure, financial intermediation and regulation, financial econometrics, financial engineering and risk management, as well as new areas such as markets and institutions of emerging market economies, especially those in the Asia-Pacific region. In addition, the Letters Section in IRF is a premium outlet of letter-length research in all fields of finance. The length of the articles in the Letters Section is limited to a maximum of eight journal pages.