We develop a growth model that features the endogenous two-tier innovations of information carrier technology and production technology. Information carrier technology promotes production technology innovation and thus economic growth through improving the preservation and dissemination of...

We develop a model linking stock ownership and returns to the distribution of private information and quality of public information. Supporting the model, we find that the firm's information environment affects investors' propensity to hold and trade its stocks, but its effects hinge on...

We investigate the impact of search costs of farmers and traders on prices, by measuring to what extent the introduction of mobile phones in Mozambique has affected maize producer prices, retail market prices and margins. Estimations are based on weekly recorded producer and retail market prices...

How much does firm intangibility amplify CEOs' persistent private information and reduce firms' public listing propensity? We develop a model of competing public and private investors financing firms heterogeneously exposed to persistent private cashflows. Equilibrium financing is driven by...

We investigate search costs for farmers and traders, by measuring how the introduction of mobile phones in Mozambique affected maize producer prices and traders’ margins. Our estimations are based on weekly producer and retail prices of white maize grain, from July 1997 to December 2009, for...

We measure the impact of search costs on farmers' and traders' transaction prices in Mozambique by investigating to what extent the introduction of mobile phones has affected the margin between recorded maize producer and retail market prices, and by exploring if producers or traders benefit...