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Party identification plays a large role in voters decisions but what happens when the party affiliations of candidates are not readily available, as in many state supreme court and local elections? Voters are no longer able to rely on this efficient cue for making decisions and have to search...
Persistent link: https://www.econbiz.de/10013140249
We study information acquisition and dynamic withdrawal decisions when a spreading rumor exposes a solvent bank to a run. Uncertainty about the bank's liquidity and potential failure motivates depositors who hear the rumor to acquire additional noisy signals. Depositors with less informative...
Persistent link: https://www.econbiz.de/10013098473
Using the language of mathematics, Professor Polk Wagner has recently argued that the impossibility of fully appropriating the value of information in a rights holder leads to the surprising conclusion that expanding the degree of control of intellectual property rights will, in the long run,...
Persistent link: https://www.econbiz.de/10013159373
Using several measures of information share, we examine price discovery across the inter-dealer and dealer-customer market tiers in the currencies market. In the spot market, the information share of the inter-dealer tier is higher than that of the dealer-customer one for non-financial sector...
Persistent link: https://www.econbiz.de/10012902880
I extend the Kyle (1985) model of strategic trading to a case in which the public announcement arrives at a random time. The insider does not perfectly observe the true value of the security, but he continues to hone his knowledge by using private source of information. Two types of equilibrium...
Persistent link: https://www.econbiz.de/10012895841
, is legal. The logic, supported by theory, is that collusion is difficult if the identity of a price cutting firm cannot …
Persistent link: https://www.econbiz.de/10012898795
techniques - we document a range of trends in recent autocracies that fit the theory: a decline in violence, efforts to conceal …
Persistent link: https://www.econbiz.de/10012898877
This paper proposes an approach that demands fewer data to estimate the effect of social interaction on stock market participation. Using data available publicly, we construct a sequence of measures of aggregated stock returns that are based on the same stock returns information and embed social...
Persistent link: https://www.econbiz.de/10012938506
We analyze how reputation concerns for expertise of a partially informed decision maker affect her ability to extract information from reputation-concerned advisors. Very high reputation concerns of the decision maker destroy her incentives to seek advice. Yet, when such concerns are not high...
Persistent link: https://www.econbiz.de/10012969117
We study a model where some investors ("hedgers") are bad at information processing, while others ("speculators") have superior information-processing ability and trade purely to exploit it. The disclosure of financial information induces a trade externality: if speculators refrain from trading,...
Persistent link: https://www.econbiz.de/10013007859