We develop a growth model that features the endogenous two-tier innovations of information carrier technology and production technology. Information carrier technology promotes production technology innovation and thus economic growth through improving the preservation and dissemination of...

We study firms' incentives to acquire costly information in booms and recessions to understand the role of endogenous information in explaining business cycles. We find that when the economy has been in a recession in the previous period, and firms enter the current period with a pessimistic...

This paper studies the joint determination of optimal contracts and equilibrium asset prices in an economy with multiple principal-agent pairs. Principals design optimal contracts that provide incentives for agents to acquire costly information. With agency problems, the agents' compensation...

The purpose of the study is to analyse the changing role of tourism intermediaries in the distribution chain. Globalisation and the development of ICTs have undoubtedly changed both business practices and strategies as well as industry structures. They are also creating new rules governing...

This paper analyzes a manager's optimal ex-ante reporting system using a Bayesian persuasion approach (Kamenica and Gentzkow (2011)) in a setting where investors affect cash flows through their decision to finance the firm's investment opportunities, possibly assisted by the costly acquisition...

A decision-maker (DM) faces an intertemporal decision problem, where his payoff depends on actions taken across time as well as on an unknown Gaussian state. The DM can learn about the state from different (correlated) information sources, and allocates a budget of samples across these sources...

I study the question of how much product information should be available to consumers. A monopolist sells one unit of product. The consumer is initially uninformed of the product value but can incur costs to observe a noisy signal of his valuation. I show that consumer surplus can be increasing...

We analyze a limited liability credit market where the borrowers need to borrow to implement their chosen projects with uncertain outcome. We allow borrowers to invest in resolution of the uncertainty in the project outcome before implementing the project. Our paper provides a complete...

We investigate the impact of observing peers’ information acquisition on financial analysts’ attention allocation. Using the timely disclosure mandate by the Shenzhen Stock Exchange as a setting, we find that, when analysts can observe that a firm is visited by other analysts, they allocate...