Prior studies recognize that information transfers associated with a firm's earnings announcement occur due to shifts in industry's competition balance. In this paper, we examine whether market assigns a lower reward (greater penalty) to a firm meeting (missing) earnings expectations (therefore...

For different purposes, economists may use different topologies on types. We characterize the relationship among these various topologies. First, we show that for any general types, convergence in the uniform-weak topology implies convergence in both the strategic topology and the uniform...

In this paper, we extend the stability notion and Bayesian efficiency notion of Liu (2020) to local ones, as well as his result—that under certain intuitive conditions, stable matchings are Bayesian efficient—to an analogous one for local notions. Furthermore, the extended stability notion,...