This paper studies the international portfolio flows of US investors to examine the information structure of … international equity markets. We use an empirical model of portfolio flows with both public and private information to extract … measures of trades due to private information. We find that such trades are highly correlated across countries. In particular …

conditions of asymmetric information. In this market, the informed traders receive higher precision signals than the uninformed … traders. The relation of price and volume has been suggested as an important factor in the process of information revelation … whereby information held by informed traders is transferred to uninformed traders. In contrast, the no-trade theorems suggest …

profit from the experts. However, most media lack any real information that is not yet reflected in stock prices. In short …

information. Price movements away from fundamentals are assumed to occur only infrequently, if at all. „False“ prices are supposed …