We study information production and diffusion resulting from dynamic interactions between different types of informed investors in financial markets. Using a theoretical framework that exploits the setting of the Q&A section of earnings conference calls, we predict that information production...

We study information production and diffusion resulting from dynamic interactions between different types of informed investors in financial markets. Using a theoretical framework that exploits the setting of the Q&A section of earnings conference calls, we predict that information production...

We develop a model to study the observability of investors' information acquisition in financial markets. Relative to observable information acquisition, unobservable information acquisition leads to more information production if and only if the ratio of the information-acquisition cost to...

This paper studies information sharing between strategic investors who are privately informed about asset fundamental with different precision levels. We find that a coarsely informed investor would always share her information “as is” if her counterparty investor is well informed about the...

We propose a theory of corporate social responsibility by linking it to the characteristics of a firm's product market. The firm's product features a network property in the sense that the value of the product to each consumer increases with the number of consumers. Moreover, with the technology...