This study reveals previously undocumented geography-related diversity in information acquisition. Exploiting the Security and Exchange Commission (SEC)'s Electronic Data Gathering and Retrieval (EDGAR) server log, which tracks use by Internet Protocol (IP) address, we find that acquisition of...

Large orders, particularly from institutions, are quite common these days and hence there is interest to know if institutional trading has any bearing on the price effect associated with large trades. Recent empirical studies contradict earlier evidence of negative price effect on selling large...

Security indices are central to modern finance. Because corporate bonds trade infrequently – often less than once a month – corporate bond indices cannot rely exclusively on real time prices, and must instead estimate the value of the market portfolio. While commercial indices do this using...

We analyze how public disclosure of informed investors' trades results in manipulation, which in turn affects coordination and competition in a duopolistic setting. We show that disclosure always increases market efficiency but its effect on informed investors' profit is ambiguous. When informed...

How do banks choose their debt maturity structure when credit markets are subject to information frictions? This paper proposes a model of equilibrium maturity choice with asymmetric information and endogenous roll-over risk. We show that in the presence of public signals about firms'...

We study a general static noisy rational expectations model, where investors have private information about asset payoffs, with common and private components, and about their own exposure to an aggregate risk factor, and derive conditions for existence and uniqueness (or multiplicity) of...

This paper examines a class of signaling games with multi-dimensional private information to study how the prior, joint distribution of the private information variables affect a signal's effectiveness in revealing information about these variables. To illustrate the general problem investigated...

The impact finance market has sought to 'internalise externalities and adjust risk perceptions' (G20 Green Finance Study Group, 2016), demonstrating the private sector's capability in resolving the climate free-rider problem through the 'greening' of economic activities, partially bypassing...