The information technology (IT) revolution coincided with the transformation of the U.S. unsecured credit market. From … bankruptcy filings. To study the effect of information costs on debt and bankruptcy a risk of repudiation model with asymmetric … information and costly screening is introduced. When information costs are high, the design of contracts under private information …

This paper aims to investigate market participants' reactions to sequential information, presenting firm-specific news … and market-wide information. Experimental study takes place in the COVID-19 pandemic era, as market-wide information … representation. We also provide firm-specific information in the form of company fundamental information. The results show that …

) private information with sequential, two-way communication. In the first stage, the buyer communicates her private preferences …