In this paper we study a sender-receiver game between an uninformed government and two informed lobbyists. There is a conflict of interest between government and lobbyists in the sense that the government's payoff is state-dependent while lobbyists prefer a certain policy irrespective of the...

This paper investigates the properties of the Damodaran (Journal of Finance, 1993) estimator of price adjustment. It is concluded that strong bias and low precision of the Damodaran estimator renders it useless for empirical work, even when the available sample size is very large. As an...