We examine whether finance professionals deviate from Bayes’ theorem on the processing of nondiagnostic information …

In this paper we examine the question of whether knowledge of the information contained in a limit order book helps to … provide economic value in a simple trading scheme. Given the greater information content of the order book, over simple price … information, it might naturally be expected that the order book would dominate. The literature however is divided and it is still …

managers rely on information in stock prices for their decisions. This informational cost of differentiation induces conformity …

suppress information. Inconsistent with the “more-information-is-better principle,” we find that people who learn that a … newspaper is less likely to suppress information have a lower demand for news from this newspaper. Our results demonstrate that …

We evaluate the impact of complexity and content of new information on stock return volatility dynamics around 10-K … of complexity and content of new information on asset prices …

Individual investors' processing of information is conventionally considered to be less efficient than that of more … individual investors' attention to accounting information, such as financial reports and earnings, relative to other value …-relevant information, such as price trends. I investigate whether capital market anomalies are attenuated or exacerbated when individual …

available EDGAR log data about accounting information acquisition activity. This approach allows us to provide unique empirical …

managers rely on information in stock prices for their decisions. This informational cost of differentiation induces conformity …

the thirty days after the announcement. We focus on the information conveyed to the market by these bold, leading …