subject to a private information problem. The asset plays the role of a medium of exchange, but this role can be affected by … information, a set of experiments with adverse selection where the terminal value of notes are determined exogenously, and a set …

A rational-expectations equilibrium with positive demand for financial information does exist under fully revealing … average portfolio demand information in equilibrium if they can adjust portfolio size. More information diminishes the … endowments strongly differ from the average portfolio are worse off. Under fully revealing price, information market equilibria …

Activist short-sellers could play an information role in capital markets by disclosing informative short-theses, or, as … investors tend to have low-precision information and thus give short-theses higher weight in their investing decisions. I find … information role does not imply the non-existence of potential manipulation – I find that opaque targets witness more dramatic …

widely agreed that asymmetric timely earnings increase the contractual efficiency of accounting information, I first test … whether firms with more asymmetric timely earnings produce more valuation-useful financial accounting information. Second, I … information. As non-equity stakeholders in general face higher transaction costs when diversifying unsystematic risk compared to …

We ask whether the quality of internal information matters for investment decisions. We predict that investment is more … information. Consistent with recent theoretical and empirical research, we proxy for internal information quality using observable … information properties. We find that the sensitivity of investment to profitability is increasing, while the sensitivity of …

, when inside firm owners make it easier for outside investors to obtain inexpensive biased information from the manager …

insured individuals. Thus, the functioning of social norms depends crucially on information, in particular on what norm … enforcers are able to observe about an insured individual's behavior. Information is also decisive when distinguishing between …

the performance measure and its similarity (congruity, congruence) to the benefit of the manager’s employer. A necessary …

, higher idiosyncratic uncertainty and higher information asymmetry have higher accounting conservatism. Event studies suggest … increased conservatism is a response to increases in information asymmetry and idiosyncratic uncertainty …