01246nas a2200157   4500008004100000245009100041210006900132260000900201300001000210490000700220520070100227653001200928100001500940700001700955856011600972       2009                        eng d00aThe efficiency of international information flow: Evidence from the ETF and CEF Prices0 aefficiency of international information flow Evidence from the E  c2009  a40-490 v183 aWhile similar in their trading and organization, closed-end funds (CEFs) and exchange-traded funds (ETFs) differ in their liquidity and ease of arbitrage. We compare their price transmission dynamics using a sample of funds that invest in foreign securities and are most likely to show the deficiencies in the manner in which they process information. Our analysis shows that ETF returns are more closely related to their portfolio returns than CEF returns. However, both fund types underreact to portfolio returns but overreact to domestic stock market returns. A simple trading strategy using these results is profitable with roundtrip trading costs less than 1.38% for CEFs and 0.71% for ETFs.10aFinance1 aHughen, C.1 aMathew, Prem  u/biblio/efficiency-international-information-flow-evidence-etf-and-cef-prices-101638nas a2200169   4500008004100000245010300041210006900144260000900213300001200222490000700234520104000241653001201281100001701293700001501310700001401325856012901339       2004                        eng d00aA Re-examination of Information Flow in Financial Markets: The Impact of Reg FD and Decimalization0 aReexamination of Information Flow in Financial Markets The Impac  c2004  a123-1470 v433 aWe investigate the impact of Regulation FD on information flow in the equities market. Our analysis indicates that information flow around earnings announcements, proxied by abnormal return volatility around those announcements, of U.S. stocks increased in the first effective quarter of Regulation FD (the fourth quarter of 2000). The information flow of ADRs, which are exempt from Regulation FD, does not change. This supports the inference that Regulation FD, not general market conditions, caused the increase in volatility, but Regulation FD did not have a persistent impact on information flow. A multivariate regression analysis shows that our results are robust to controls that include decimalization, which was implemented concurrently with Regulation FD and has reduced return volatility. Our comparison of return volatilities across firm size indicates that small firms temporarily had larger return volatilities, thus Regulation FD only temporarily had a differential impact on the information environment of small firms.10aFinance1 aMathew, Prem1 aHughen, C.1 aRagan, K.  u/biblio/re-examination-information-flow-financial-markets-impact-reg-fd-and-decimalization-0