We consider a multi-period rational expectations model in which risk-averse investors differ in their information on … expected utility than outsiders. Yet, information acquisition by one investor exerts a negative externality on other investors …. Thus, investors’ average welfare is maximal when access to price information is rationed. We show that a market for price …

forecasts are not observable, the diversity in model forecasts can be traced to different modeling assumptions, information sets …

that combines blockholder information, shareholder rights information, debt ratings, accounting information, and financial … markets information. We find that a large fraction of aggregated block ownership negatively affects Tobin's Q. The negative …