Felix Nockher

Felix Nockher

Contact Information

  • office Address:

    2428 Steinberg-Dietrich Hall
    3620 Locust Walk
    Philadelphia, PA 19104

Research Interests: corporate finance, corporate governance, financial markets and their frictions

Links: Personal Website

Research

  • Bradford Lynch and Felix Nockher, Pricing Public Information: The Role of Trade.

    Abstract: Using plausibly exogenous variation in the ability to short-sell, we provide evidence that public information is predominantly impounded into prices via trade. Studying the role of trade in the context of publicly-observed cash flow news, we find that only 6% of total price discovery is realized on announcement days with low trade. A portfolio strategy that focuses on stocks with high announcement-day trade yields monthly alpha of 2.46%. In contrast to the predictions of the literature on no-trade equilibria, our evidence suggests that trade plays a significant role in price discovery.

  • Ulrich Doraszelski, Joao F. Gomes, Felix Nockher, Dynamic Strategic Corporate Finance: A Tug of War with Financial Frictions.