Government agencies routinely allow pre-release access to information to accredited news agencies under embargo … subsequent policy surprises and contain information that predicts the market reaction to the policy announcements. The estimated …

This study analyzes investors' perception of placebic information and its impact on stock price estimates. We initiate … show that placebic information increases the perceived amount of relevant information. Individual participants …' characteristics, such as gender, financial knowledge or overconfidence, do not affect these findings. Placebic information does not …