This thesis consists of three chapters, each with implications on information and trading patterns in financial markets. Chapter 1: In most financial markets, dealers are given trading advantages meant to encourage liquidity provision. However, it is unclear if these advantages truly induce such...

We analyze issues related to proprietary disclosures by specialized investment institutions such as hedge funds to their trading counterparties and creditors. In this paper, disclosure can be costly because of the potential for exploitation through competitive trade or "front-running". In...

(cont.) that threaten to disappear cause decision makers to invest more effort and money in order to keep these options open, even when the options themselves seem to be of little interest. The last experiment provides initial evidence that the mechanism underlying the tendency to keep doors...

The long-run effect of banner advertisements is among the most complex topic in the internet world. Media spending on online marketing has grown from $3 billion in 1999 to $9 billion in 2004. Forecasts (Jupiter Research 2005) expect this growth to double in the next five years. The proportion of...