divisions that can arise from all possible information consumers have about their valuation. By extending the techniques … of information structures that induce Pareto-distributed interim expected values. Unlike the linear model as in Roesler … information structures and there are environments in which a (nontrival) subset of the feasible surplus divisions collapses to a …

We propose a rational theory of momentum and reversal based on delegated portfolio management. A competitive investor …

We propose a rational theory of momentum and reversal based on delegated portfolio management. Flows between investment …