. It is a bedrock assumption in theory that securities prices reveal how effectively public companies utilize capital. This …, regulation relies pervasively on prices as a proxy for the allocative efficiency of investor capital.Algorithmic trading weakens … the ability of prices to function as a window into allocative efficiency. This Article develops two lines of argument …

increase in market quality translates into greater revelatory price efficiency, where stock prices reveal with greater … fragmentation. Additional findings suggest that (a) market fragmentation increases revelatory price efficiency at least in part by …

discretion in determining the level of investment. What is the link between stock price informational efficiency and economic … efficiency? We present a model of the stock market in which: (i) managers have discretion in making investments and must be given …

discretion in determining the level of investment. What is the link between stock price informational efficiency and economic … efficiency? We present a model of the stock market in which: (i) managers have discretion in making investments and must be given …