Information processing filters out the noise in data but it takes time. Hence, low precision signals are available before high precision signals. We analyze how this feature affects asset price informativeness when investors can acquire signals of increasing precision over time about the payoff...

The present paper starts from the classic rule of the Fiscal Code, according to which the delivery operation is the transferring of the right to dispose as a real proprietor. In fact, the transmission of the goods from the seller to the buyer has as a dir