This paper studies information blockages and the asymmetric release of information in a security market with fixed …) a lack of correspondence between large price changes and the arrival of external information, and 3) increases in …

accruals contain information about changes in discount rates, or that firms manage earnings in response to market …

This paper models firms' choices between alternative means of presenting information, and the effects of different …

Prevailing models of capital markets capture a limited form of social influence and information transmission, in which … the beliefs and behavior of an investor affect others only through market price, information transmission and processing …. Social influence is central to how information and investor sentiment are transmitted, so thought and behavior contagion …

ability to evaluate securities, in the sense that they overestimate the precision of their private information signals. The … implies overreaction to private information arrival and underreaction to public information arrival. This is consistent with …

over-reaction to different earnings components. Investor neglect of information in current-period earnings about future …, accruals, cash flows, and pro fit anomalies to the forecasting power of current earnings-related information for future … earnings, the degree of investor attention to different types of information, and the volatilities of and correlation between …