This study analyzes information production and trading behavior of banks with lending relationships. We combine trade … trading pattern is more pronounced in situations when banks are likely to possess private information about their borrowers …-by-trade supervisory data and credit-registry data to examine banks' proprietary trading in borrower stocks around a large number of …

We analyze a model of informed trading where an activist shareholder accumulates shares in an anonymous market and then …, price impact has two components: one due to asymmetric information (as in the seminal Kyle (1985) model) and one due to … corresponds to a more productive activist. We thus obtain a trade-off: with more noise trading (less `price efficiency') the …

government mandate disclosure? and (iii) Do certifiers necessarily report unbiased and accurate information? We further review … empirical evidence on these issues, with a particular focus on healthcare, education, and finance. The empirical review covers …

rise to a separate information-risk factor. These points are important to empirical research in accounting and finance, as …The consequences of information differences across investors in capital markets are still much debated. This paper … examines the relation between information differences across investors and the cost of capital, and makes three points. First …

I study how policymakers can access and act on the information about climate change damages that is dispersed …) efficiently price emissions conditional on information, ii) efficiently incentivize removal of past emissions conditional on … information, and iii) efficiently aggregate dispersed information about the social cost of emissions. Conventional emission taxes …

-provision of information; while if the issuer-pays can force disclosure, it is efficient, but otherwise it leads to less revealing … information because of the systematic distortion in revealed information along with over-investment in information. We show that …

We evaluate the role of insider ownership in shaping banks' equity issuances in response to the global financial crisis … greater insider ownership leads to less equity issuances. Several tests are consistent with the view that bank insiders are …

information advantage, and that past aggressiveness of institutional trading in a stock positively predicts institutions' future …Does information asymmetry affect the cross-section of expected stock returns? We explore this question using … information advantage in this stock. Sorting stocks on this predictor and controlling for other correlates of expected returns, we …