This paper provides estimates of overall informational efficiency in futures markets on India's National Stock Exchange. We do not examine the price reaction to any public announcement. Instead, we invoke the Hellwig (1980) model, and exploit the property that for futures contracts the terminal...

We build a Kyle-type pricing model with earnings and trading signals and estimate its deep parameters - the information advantages of traders and firms, the correlation between the firm and traders' information, and the noise variance. Moment conditions derived from the pricing rule yield a...

We model and estimate analysts' herding propensity with I/B/E/S annual earnings forecast data. Compared to prior studies, our paper has three unique features. First, we estimate analysts' true posterior beliefs of a firm's earnings assuming rational expectations rather than using analysts' own...

We build a simple model of analysts' propensity to herd. Using ideas from GMM and simulated method of moments, we estimate an analyst's herding propensity with I/B/E/S forecast data from 1989-2004. We find that, of the analysts whose herding propensity is defined by our model, 85% of them tend...

A shop-floor supervisor or team leader can raise productivity either directly, by contributing on the line, or indirectly, by helping other team members via training and problem-solving. In this paper, we address the issue of how supervisors allocate their discretionary time between these two...

This paper explains how the actions of skeptical traders can make manipulable earnings reports informative. Our model consists of a price-maximizing manager who chooses a cheap talk report, a profit-maximizing trader who may then seek costly information, and competitive market makers. Since the...

This paper assesses the importance of the role of prices as aggregators of private information in the Samp;P 500 futures market. We estimate primitive parameters of the Hellwig (1980) noisy rational expectations model, when both prices and terminal values are observable. The variance-covariance...

When firms attempt to manage their earnings disclosures by presenting evidence selectively, sophisticated inference on the part of financial market participants entails a positive association between the market to book ratio of a firm and the skewness of the distribution of its announced...

Rating agencies are expected to be concerned about their long-term reputation because if they lose the trust of investors their ratings would lose credibility and value. We expect that there is less effective monitoring and hence more opportunities for ratings shopping within speculative grades...

The ongoing transformation of the world's energy systems requires an international monitoring to evaluate the transformation processes and to identify transferable leading practice policies. For this purpose, an independent scientific expert commission should be established for the G20. By...