Giovanni Cespa

Bayes Business School

United Kingdom

Centre for Economic Policy Research (CEPR)

London

United Kingdom

SCHOLARLY PAPERS

15

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6,040

SSRN CITATIONS
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SSRN RANKINGS

Top 2,668

in Total Papers Citations

225

CROSSREF CITATIONS

282

Scholarly Papers (15)

1.
Downloads 1,536 ( 14,777)
Citation 7

Foreign Exchange Volume

Number of pages: 86 Posted: 23 Aug 2017 Last Revised: 04 Jun 2021
Bayes Business School, University of Houston - C.T. Bauer College of Business, University of Toronto - Rotman School of Management and University of Cambridge - Judge Business School
Downloads 1,535 (14,520)
Citation 3

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foreign exchange volume, currency returns, asymmetric information

Foreign Exchange Volume

CEPR Discussion Paper No. DP16128
Number of pages: 90 Posted: 14 May 2021
Bayes Business School, University of Houston - C.T. Bauer College of Business, University of Toronto - Rotman School of Management and University of Cambridge - Judge Business School
Downloads 1 (822,985)
Citation 2
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Corporate Social Responsibility and Managerial Entrenchment

Journal of Economics and Management Strategy, 16 (3): 741-771
Number of pages: 41 Posted: 25 Jun 2007 Last Revised: 28 Nov 2014
Giovanni Cespa and Giacinta Cestone
Bayes Business School and Cass Business School, City University London
Downloads 1,185 (21,561)
Citation 7

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Corporate Governance, Corporate Social Responsibility, Managerial Entrenchment,

Corporate Social Responsibility and Managerial Entrenchment

Number of pages: 30 Posted: 29 Nov 2004
Giovanni Cespa and Giacinta Cestone
Bayes Business School and Cass Business School, City University London
Downloads 28 (598,457)
Citation 10
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Corporate governance, corporate social responsibility, managerial entrenchment, social activism, stakeholders

Corporate Social Responsibility and Managerial Entrenchment

Journal of Economics & Management Strategy, Vol. 16, No. 3, pp. 741-771, Fall 2007
Number of pages: 31 Posted: 26 Jul 2007
Giovanni Cespa and Giacinta Cestone
Bayes Business School and Cass Business School, City University London
Downloads 11 (730,179)
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3.
Downloads 829 ( 36,567)
Citation 27

Illiquidity Contagion and Liquidity Crashes

Number of pages: 72 Posted: 08 Apr 2011 Last Revised: 19 Feb 2014
Giovanni Cespa and Thierry Foucault
Bayes Business School and HEC Paris - Finance Department
Downloads 826 (36,207)
Citation 31

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Liquidity spillovers, Contagion, Liquidity Crashes, Multiple equilibria, Rational expectations

Learning from Prices, Liquidity Spillovers, and Market Segmentation

CEPR Discussion Paper No. DP8350
Number of pages: 58 Posted: 20 Apr 2011
Giovanni Cespa and Thierry Foucault
Bayes Business School and HEC Paris - Finance Department
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Colocation, Contagion, Liquidity Risk, Liquidity spillovers, Transparency, Value of price information

4.
Downloads 521 ( 67,022)
Citation 52

Dynamic Trading and Asset Prices: Keynes vs. Hayek

CESifo Working Paper Series No. 2839
Number of pages: 51 Posted: 06 Nov 2009
Giovanni Cespa and Xavier Vives
Bayes Business School and University of Navarra - IESE Business School
Downloads 189 (198,607)

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efficient market hypothesis, long and short-term trading, average expectations, higher order beliefs, over-reliance on public information, opaqueness, momentum, reversal

Dynamic Trading and Asset Prices: Keynes Vs. Hayek

AFA 2010 Atlanta Meetings Paper
Number of pages: 49 Posted: 22 Mar 2009
Giovanni Cespa and Xavier Vives
Bayes Business School and University of Navarra - IESE Business School
Downloads 167 (221,392)
Citation 19

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Price bias, long and short-term trading, multiple equilibria, average expectations,

Dynamic Trading and Asset Prices: Keynes vs. Hayek

IESE Business School Working Paper No. 716
Number of pages: 51 Posted: 01 Apr 2008
Giovanni Cespa and Xavier Vives
Bayes Business School and University of Navarra - IESE Business School
Downloads 163 (225,995)
Citation 6

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Price bias, long and short-term trading, multiple equilibria, average expectations, higher offer beliefs, over-reliance on public information

Dynamic Trading and Asset Prices: Keynes Vs. Hayek

CEPR Discussion Paper No. DP7506
Number of pages: 49 Posted: 17 Nov 2009
Giovanni Cespa and Xavier Vives
Bayes Business School and University of Navarra - IESE Business School
Downloads 2 (809,678)
Citation 6
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Average expectations, Efficient market hypothesis, Higher order beliefs, Long and short-term trading, Momentum, Opaqueness, Over-reliance on public information, Reversal

5.
Downloads 325 (116,282)
Citation 5

High Frequency Trading and Fragility

ECB Working Paper No. 2020
Number of pages: 50 Posted: 15 Feb 2017
Giovanni Cespa and Xavier Vives
Bayes Business School and University of Navarra - IESE Business School
Downloads 173 (214,684)

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market fragmentation, high frequency trading, ash crash, asymmetric information

Market Transparency and Fragility

CESifo Working Paper Series No. 6279
Number of pages: 46 Posted: 07 Feb 2017
Giovanni Cespa and Xavier Vives
Bayes Business School and University of Navarra - IESE Business School
Downloads 86 (361,486)

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market fragmentation, liquidity fragility, flash crash, asymmetric information

High Frequency Trading and Fragility

IESE Business School Working Paper No. 1161-E
Number of pages: 48 Posted: 17 May 2017
Giovanni Cespa and Xavier Vives
Bayes Business School and University of Navarra - IESE Business School
Downloads 65 (424,752)
Citation 7

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market fragmentation; high frequency trading; flash crash; asymmetric information

High Frequency Trading and Fragility

CEPR Discussion Paper No. DP11732
Number of pages: 49 Posted: 03 Jan 2017
Giovanni Cespa and Xavier Vives
Bayes Business School and University of Navarra - IESE Business School
Downloads 1 (822,985)
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asymmetric information., flash crash, high frequency trading, market fragmentation

6.
Downloads 318 (119,030)
Citation 16

The Beauty Contest and Short-Term Trading

Journal of Finance, Forthcoming
Number of pages: 81 Posted: 10 May 2012 Last Revised: 06 Feb 2015
Giovanni Cespa and Xavier Vives
Bayes Business School and University of Navarra - IESE Business School
Downloads 237 (160,369)
Citation 4

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Price speculation, multiple equilibria, average expectations, public information, momentum and reversal, disagreement, volume, volatility

The Beauty Contest and Short-Term Trading

IESE Business School Working Paper No. WP-915-E
Number of pages: 62 Posted: 02 Dec 2015
Giovanni Cespa and Xavier Vives
Bayes Business School and University of Navarra - IESE Business School
Downloads 81 (375,008)
Citation 12

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Price speculation, multiple equilibria, average expectations, public information, momentum and reversal, Beauty Contest

Expectations, Illiquidity, and Short-Term Trading

CESifo Working Paper Series No. 3390
Number of pages: 61 Posted: 29 Mar 2011
Giovanni Cespa and Xavier Vives
Bayes Business School and University of Navarra - IESE Business School
Downloads 152 (239,918)

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price speculation, multiple equilibria, average expectations, public information, momentum and reversal, Beauty Contest

Higher Order Expectations, Illiquidity, and Short-Term Trading

Number of pages: 69 Posted: 01 Aug 2011
Giovanni Cespa and Xavier Vives
Bayes Business School and University of Navarra - IESE Business School
Downloads 85 (364,153)

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Expected returns, multiple equilibria, liquidity risk, average expectations, reliance on public information, momentum and reversal, Beauty Contest.

Higher Order Expectations, Illiquidity, and Short-Term Trading

CEPR Discussion Paper No. DP8303
Number of pages: 46 Posted: 28 Mar 2011
Giovanni Cespa and Xavier Vives
Bayes Business School and University of Navarra - IESE Business School
Downloads 4 (789,894)
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Average expectations, Beauty Contest, Expected returns, Multiple equilibria, Over-reliance on public information

8.

A Comparison of Stock Market Mechanisms

Number of pages: 43 Posted: 11 Jul 2001
Giovanni Cespa
Bayes Business School
Downloads 224 (169,790)
Citation 3

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9.

Sale of Price Information by Exchanges: Does it Promote Price Discovery?

Management Science, Forthcoming
Number of pages: 33 Posted: 01 Jul 2011 Last Revised: 15 Mar 2013
Giovanni Cespa and Thierry Foucault
Bayes Business School and HEC Paris - Finance Department
Downloads 187 (200,551)
Citation 11

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sale of market data, transparency, price discovery

Insiders-Outsiders, Transparency, and the Value of the Ticker

Number of pages: 40 Posted: 08 Apr 2008 Last Revised: 15 Mar 2013
Giovanni Cespa and Thierry Foucault
Bayes Business School and HEC Paris - Finance Department
Downloads 173 (214,684)
Citation 6

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Market Data Sales, Latency, Transparency, Price Discovery, Hirshleifer effect

Insiders-Outsiders, Transparency and the Value of the Ticker

CEPR Discussion Paper No. DP6794
Number of pages: 43 Posted: 12 Jun 2008
Giovanni Cespa and Thierry Foucault
Bayes Business School and HEC Paris - Finance Department
Downloads 3 (798,875)
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Hirshleifer effect, Market data sales, Price discovery, Transparency

11.
Downloads 166 (222,172)
Citation 1

Transparency and Market Fragmentation

Number of pages: 70 Posted: 03 Dec 2016 Last Revised: 15 May 2020
Giovanni Cespa and Paolo Colla
Bayes Business School and Bocconi University - Department of Finance
Downloads 166 (222,467)
Citation 1

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Fragmentation, Informational Integration, Disclosure of Insider Trades, Order flow transparency, Dissimulation, Market Transparency, Informational Efficiency, Price Comovement

Market Fragmentation, Dissimulation, and the Disclosure of Insider Trades

CEPR Discussion Paper No. DP11690
Number of pages: 41 Posted: 12 Dec 2016
Giovanni Cespa and Paolo Colla
Bayes Business School and Bocconi University - Department of Finance
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Disclosure of Insider Trades, Dissimulation, fragmentation, Informational efficiency, Market transparency, Price comovement

12.
Downloads 133 (266,183)
Citation 3

Exchange Competition, Entry, and Welfare

Number of pages: 71 Posted: 28 Jan 2019 Last Revised: 09 Jun 2021
Giovanni Cespa and Xavier Vives
Bayes Business School and University of Navarra - IESE Business School
Downloads 110 (307,162)
Citation 10

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Market Fragmentation, Welfare, Endogenous Market Structure, Platform Competition, Cournot with Free Entry, Industrial Organization of Exchanges

Exchange Competition, Entry, and Welfare

CESifo Working Paper No. 7432
Number of pages: 61 Posted: 06 Nov 2019
Giovanni Cespa and Xavier Vives
Bayes Business School and University of Navarra - IESE Business School
Downloads 23 (634,023)

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market fragmentation, welfare, endogenous market structure, platform competition, Cournot with free entry, industrial organization of exchanges

Exchange Competition, Entry, and Welfare

CEPR Discussion Paper No. DP13415
Number of pages: 76 Posted: 07 Jan 2019 Last Revised: 14 Jul 2021
Giovanni Cespa and Xavier Vives
Bayes Business School and University of Navarra - IESE Business School
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13.

Short-Term Investment and Equilibrium Multiplicity

UPF Economics and Business Working Paper No. 520
Number of pages: 32 Posted: 29 Jun 2001
Giovanni Cespa
Bayes Business School
Downloads 89 (350,789)
Citation 4

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Financial Economics, Information and Market Efficiency, Multiple Equilibria

14.

Market Transparency and Fragility

Number of pages: 45 Posted: 26 Feb 2019
Giovanni Cespa and Xavier Vives
Bayes Business School and University of Navarra - IESE Business School
Downloads 49 (478,227)
Citation 2

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market fragmentation, liquidity fragility, flash crash, asymmetric information

15.

Information Sales and Insider Trading

Number of pages: 35 Posted: 08 Dec 2004
Giovanni Cespa
Bayes Business School
Downloads 22 (621,853)
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Information sales, analysts, insider trading, durable goods monopolist

Other Papers (1)

Total Downloads: 97
1.

Dynamic Trading, Asset Prices, and Bubbles

EFA 2007 Ljubljana Meetings Paper
Number of pages: 46 Posted: 01 Mar 2007
Giovanni Cespa and Xavier Vives
Bayes Business School and University of Navarra - IESE Business School
Downloads 97

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Long and short-term trading, multiple equilibria, average expectations, higher order beliefs, public information