Employment matches under uncertainty are typically accompanied by opportunities for information acquisition. Workers … can acquire specific information about productivity lotteries at the firm or general information affecting their … probabilistic beliefs about work elsewhere. Enterprises can acquire specific information concerning the productivity of a particular …

In recent years there has been a growing interest in macro models with heterogeneity in information and complementarity … there is room for policies that correct the way agents use information in equilibrium, and what are the welfare effects of … the information disseminated by the media or policy makers. We argue that a key to answering all these questions is the …

We consider the strategic timing of information releases in a dynamic disclosure model. Because investors don't know … trigger the immediate release of information by firms. Conversely, good market news slows the release of information by firms … preemptively disclose their own information prior to the arrival of external information. These results have implications for …

information. Over time, agents are privately informed by bids and offers. Investors are segmented into groups that differ with … respect to characteristics determining information quality, including initial information precision as well as market … "connectivity," the expected frequency of their trading opportunities. Investors with superior information sources attain strictly …

Using a comprehensive sample of trades by Schedule 13D filers, who possess valuable private information when they …

complementarity or substitutability, and incomplete information. In equilibrium, complementarity amplifies aggregate volatility by … increasing the sensitivity of actions to public information; substitutability raises cross-sectional dispersion by increasing the … sensitivity to private information. To address whether these effects are undesirable from a welfare perspective, we characterize …

determination. There are two types of heterogeneity: dispersed information about fundamentals and non-fundamentals based … heterogeneity (e.g., liquidity traders). We show that information dispersion leads to magnification and endogenous persistence of …

Standard models of informed speculation suggest that traders try to learn information that others do not have. This …, we show that if speculators have short horizons, they may herd on the same information, trying to learn what other … information that is completely unrelated to fundamentals. These equilibria are informationally inefficient …