consistent with optimal learning theories that posit that individuals will place greater weight on new information in … environments with greater uncertainty, such as down markets, which implies that information will be reflected in asset prices more …

This paper investigates whether the business press serves as an information intermediary. The press potentially shapes … firms' information environments by packaging and disseminating information, as well as by creating new information through … journalism activities. We find that greater press coverage reduces information asymmetry (i.e., lower spreads and greater depth …

Whether lower stock price synchronicity reflects information or noise does not have a conclusive answer yet. From the … following is lower than that of non-star analysts, but star analysts do not own more private information about the stocks from … price synchronicity is due to noise but not private information revealed in these stocks. So the lower price synchronicity …

We develop a model of investor information choices and asset prices where the availability of information about … fundamentals is time-varying. A competitive research sector produces more information when more investors are willing to pay for … that research. This feedback, from investor willingness to pay for information to more information production, generates …

In this paper we address three main objections of behavioral finance to the theory of rational finance, considered as … “anomalies” the theory of rational finance cannot explain: (i) Predictability of asset returns; (ii) The Equity Premium; (iii … are the only possible explanations of the “anomalies”, but offer statistical models within the rational theory of finance …

The purpose of this article is to propose a new “theory,” the Strategic Analysis of Financial Markets (SAFM) theory … lead to market prices. Thus are there three parts to the model: gambling theory, human decision making and strategic … problem solving. A new theory is necessary because at this writing in 2017, there is no theory of financial markets acceptable …