保罗·艾尔伯特·莱特纳:拥有“超现实”之眼的记录者

杰拉德·马特:你总说,"对于摄影师来说,最合适的速度是步行的速度。"缓慢是不是你艺术策略的核心内容?保罗·艾尔伯特·莱特纳:没错,是的!我的态度就是这样。这是我之为我的方式。有一天,年龄的智慧告诉我,速度是一种错觉,所谓的"加速资本主义"荒谬之极。也许体育无法吸引我的原因就在于它的价值只是对抗机械性计算的时间。在德国作家霍夫曼·斯塔尔的作品《玫瑰骑士》中,女主人公玛夏琳哲学化地说出了量子物理学家安东·赛林格的观点;或者爱     

The Real Product Market Impact of Mergers

I document sources of value creation in mergers by analyzing novel data on the quality and price of goods sold by merging firms. When two competitors in a product market merge, their products converge in quality, and prices fall relative to the competition. These effects take two to three years to be fully realized and are stronger in mature industries. Prices do not fall, however, when the acquirer is diversifying into a new product market. This direct evidence of real changes induced by merger activity is consistent with consolidation by related merging firms to achieve operational efficiencies and lower costs.     

Does Algorithmic Trading Improve Liquidity?

Algorithmic trading (AT) has increased sharply over the past decade. Does it improve market quality, and should it be encouraged? We provide the first analysis of this question. The New York Stock Exchange automated quote dissemination in 2003, and we use this change in market structure that increases AT as an exogenous instrument to measure the causal effect of AT on liquidity. For large stocks in particular, AT narrows spreads, reduces adverse selection, and reduces trade‐related price discovery. The findings indicate that AT improves liquidity and enhances the informativeness of quotes.