There is a harmful mismatch between how information published by the government is perceived—as highly trustworthy—and the reality that it is often not. This Article shows that the government frequently collects information from third-party private entities and publishes it with no review or...

We provide a general characterization of the structure of rational expectations equilibria of any degree of revelation for pure exchange, sequential economies, with deffinitely many states of private information, an incomplete financial market and nominal assets. We estimate the dimension of the...

This paper considers the role of foreign investors in developed-country equity markets. It presents a quantitative model of trading that is built around two new assumptions: (i) both the foreign and domestic investor populations contain investors of different sophistication, and (ii) investor...