Using a new daily dataset for all stocks traded on the New York Stock Exchange, we study the impact of information …. Information costs rose most in the mining sector - the origin of the panic rumors - and in other sectors with poor track records … of corporate reporting. In addition to wider spreads and tight money markets, we find other hallmarks of information …

Rational investors perceive correctly the value of financial information. Investment in information is therefore … rewarded with a higher Sharpe ratio. Overconfident investors overstate the quality of their own information, and thus attain a … bank with portfolio data and measures of financial information. We find that the portfolio Sharpe ratio is negatively …

Prediction Markets, sometimes referred to as 'information markets', 'idea futures' or 'event futures', are markets … theoretical contributions that emphasize the possibility that these markets efficiently aggregate disperse information, and the …

paper attempts to quantify the problem. Using news reflected in the stock market as a benchmark for public information, we … report evidence of significant incremental information revelation in the credit default swap (CDS) market, consistent with …. Furthermore, consistent with hedging activity by informed banks with loan exposure, information revelation in the CDS market is …

-term contracts sacrificing managerial selection may be optimal at early stages of economic development and when access to information …

information is endogenous, and jointly determined with policy opinions. We therefore estimate a causal effect of information, with … effect of better information on the willingness to accept reforms that reduce the generosity of the pension system. Finally … we do not find that exposure to media coverage of pension issues significantly improves information, possibly because …

with internal rationality. We also show that equilibrium prices depend on expectations of the discounted price and dividend … about equilibrium prices, so that learning about price behavior, as in Adam, Marcet and Nicolini (2008), is fully consistent …

We investigate the dynamics of prices, information and expectations in a competitive, noisy, dynamic asset pricing … only if traders over- (under-) rely on public information with respect to optimal statistical weights. Both phenomena, in … turn, occur whenever traders speculate on short-run price movements. For a given, positive level of residual payoff …