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We study the effect of trading costs on information aggregation and acquisition in financial markets. For a given precision of investors' private information, an irrelevance result emerges when investors are ex-ante identical: price informativeness is independent of the level of trading costs....
Persistent link: https://www.econbiz.de/10012890471
We study the effect of trading costs on information aggregation and acquisition in financial markets. For a given precision of investors' private information, an irrelevance result emerges when investors are ex-ante identical: price informativeness is independent of the level of trading costs....
Persistent link: https://www.econbiz.de/10012854306
We study the effect of trading costs on information aggregation and information acquisition in financial markets. For a given precision of investors' private information, an irrelevance result emerges when investors are ex-ante identical: price informativeness does not depend on the level of...
Persistent link: https://www.econbiz.de/10012967735
We study the effect of trading costs on information aggregation and acquisition in financial markets. For a given precision of investors' private information, an irrelevance result emerges when investors are ex-ante identical: price informativeness is independent of the level of trading costs....
Persistent link: https://www.econbiz.de/10012479613
Persistent link: https://www.econbiz.de/10012001995