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 … decompose the determinants of price informativeness into (i) a learning channel and (ii) an information pass-through channel and …

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