the speculative term must be orthogonal to public information in real time and therefore statistically distinct from risk … yields. Furthermore, estimates of historical risk premia from the heterogeneous information model are less volatile than, and …

The paper analyzes the effects of strategic behavior by an insider in a price discovery process, akin to an information … evidence available, we find that information revelation accelerates close to the opening, that the market price does not …

behaves as a price taker, she will choose market orders if her private information is very precise and she will choose limit … choice is to place limit orders whatever the precision of her private information. …

\documentstyle[portada,11pt]{article} This paper shows that the presence of private information in an economy can be a … expectations and differ in information, endowments and, possibly, attitudes toward risk. The emergence of complete or incomplete … effect}, as new securities are issued and prices reveal more information. When the Hirshleifer effect dominates, the exchange …

, under the assumption of an asymmetric information distribution between the market participants, that in such case bundling …