, anonymity may improve liquidity but it comes at the cost of reduced price efficiency …

-time position adjustments suggests this quarterly pattern might reduce price informativeness. Consistent with this possibility, we … find that quarter-ends are associated with greater subsequent return reversals and lower price efficiency. Additional tests … support a link between disclosure-driven trades and lower price efficiency …

functioning and efficiency of financial markets. In this paper, we develop a general equilibrium theory to study the … distributional effects of asset ownership for price informativeness when investors (oligopolists) have price impact and can learn … about individual assets' payoffs. We find that price informativeness is non-monotonic in the oligopolists' aggregate size …

information passthrough channel, which we show is the quantitatively largest of the three. We find that price informativeness is …

apply risk measurements based on a) market and b) accounting data. We find that price and value co-move from 1983 to 2014 on … co-movement of price and value. However, conditioning on a co-movement of price and value, more conservatism is helpful …