This paper empirically studies how less informed lender wins the position of lead arranger in syndicated loans. We investigate the hypothesis that such lender signals loan quality by restricting deal size to less than that of the most informed lender. Since the less informed lender has smaller...

This paper proposes and tests the private information explanation for the time series of pre-FOMC announcement drift through risk reduction. Using transaction-level data, I document the informed trading is in the same direction of the realized returns in the 24-hour window before FOMC...

Using sportscard grading as an example, we employ field experiments to investigate empirically the informational role of professional certifiers. In the past 20 years, professional grading of sportscards has evolved in a way that provides a unique opportunity to measure the information provision...