industry-information in their prices. We argue that geographical proximity allows for information spillovers, reducing marginal … cost to information producers. Our evidence supports this view: analysts are more likely to cover stocks inside industry …

Before information φ arrives, market observers must be uncertain whether the stock price conditioned on φ will be … higher or lower than the current price. Otherwise there is an obvious arbitrage opportunity. By assuming this minimal … condition of efficient markets, it is shown under the mean-variance CAPM that information which makes the future value of a firm …

information and agency costs are some of them. The paper is organized as follows. The first section analyses the role of … transaction costs in the resource allocation. The second section aims to examine the role of asymmetric information in the …