In a financial market where agents trade for short-term profit and where news can increase the uncertainty of the public belief, there are strategic complementarities in the acquisition of private information and if the cost of information is sufficient small, a continuum of equilibrium...

In a financial market where agents trade for prices in the short-term and where news can increase the uncertainty of the public belief, there are strategic complementarities in the acquisition of private information and a continuum of equilibrium strategies if the cost of information is...

England financed its war of the Austrian succession (1743-48) mainly by issuing 3% bonds and 4% callable bonds which were indeed redeemed by Pelham in 1749 through an interest reduction. Implicit policy rules and constraints made the 4% bond a derivative asset of a 3% perpetual. The price data...

In a financial market where agents trade for prices in the short-term and where news can increase the uncertainty of the public belief, there are strategic complementarities in the acquisition of private information and a continuum of equilibrium strategies if the cost of information is...