I develop a macroeconomic model of information production in financial markets during asset price booms and busts …. Agents acquire information to decide which firms to fund. In the aggregate, more precise information leads to less capital … misallocation. The source of booms and busts determines their effect on information production. Productivity booms increase …

. We build on this literature by showing that value-relevant information from technology spillovers significantly reduces … findings provide novel evidence that the information externality associated with peer firms' technology activities helps to …

information about the suppliers' future cash flows. We find evidence that supplier earnings announcement abnormal returns are …

tabulations). However, this type of soft information can be subtle, context-specific, and difficult to interpret. Moreover, the … literature suggests cross-sectional variation in information processing skills among investors. Thus, we test whether … investors due to the lack of reliability they place on this soft information results in overpricing of the stock. However, it …

which the market embeds information contained in the tone (i.e. sentiment) of conference call wording is unknown. Using …

This paper shows that in asset pricing the information environment gives rise to a systematic risk factor when the …

asset's value upon observing the price, but only when the price clearly reveals that others obtained private information … that differs from their own private information. Specifically, we assume that investors learn from the price of an asset in … an asymmetric manner -- they learn from the price if they observe good (bad) private information and the price is worse …