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empirical literature on household investors derived from calendar-time portfolios. When we split households into informationally … advantaged (i.e., located near Nokia) and disadvantaged, we find that while the former are the superior traders, both household …
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"We show that the stock market may fail to aggregate information even if it appears to be efficient and that the resulting decrease in the information content of stock prices may drastically reduce welfare. We solve a macroeconomic model in which information about fundamentals is dispersed and...
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We show that the stock market may fail to aggregate information even if it appears to be efficient, and that the resulting decrease in the information content of prices may drastically reduce welfare. We solve a macroeconomic model in which information about fundamentals is dispersed and...
Persistent link: https://www.econbiz.de/10012461631