Insights for practice
This section includes: publications, contributions to the press, magazines and reports of professional, business or policy relevance for a non-academic audience.
Ahci, Mustafa; Martens, Tim; Sextroh, Christoph J. How Firms’ Simultaneous Release of Information Affects Market Feedback, Columbia Law School Blue Sky Blog, 2022.
Can managers obtain more useful feedback from capital markets by disclosing pieces of information separately and at different times instead of bundling the information and releasing it at once? It is well known that capital markets’ response to firms’ announcements may reveal useful information for corporate managers, especially if the success of an investment opportunity depends on external factors, such as the position of competitors or expectations about consumer demand. In a recent study, we document that the extent to which managers can extract valuable signals from stock prices may depend on how much information is released simultaneously
Martens, Tim; Patent Information Affects Retail Investors' Decisions, Bocconi Knowledge, 2022.
That retail investors use financial statements and analyst reports (so-called curated disclosures) to form their investment decisions is not a secret and has been largely investigated by literature. However, what may look like a novelty to the eyes of many is that they may complement this information with “uncurated disclosures.” This study shows the importance of information sources such as patents for retail investors.