We study information acquisition in dealer markets. We first identify a one-sided strategic complementarity in … information acquisition: the more informed traders are, the larger market makers' gain from becoming informed. When quotes are … observable, this effect in turn induces a strategic complementarity in information acquisition amongst market makers. We then …

Due to the paucity of sources of negative firm-specific information, US capital markets have more difficulty … important proxy for undisclosed bad news, researchers have difficulty ex ante identifying information-based sales due to an … inability to separate liquidity-motivated from information-based insider trades. We hypothesize that when insiders in multiple …

Majluf (1984). Private information conveyed through trading activities may mitigate information asymmetry and improve capital … market efficiency. Moreover, an insider has less incentive to hide information from the market as it may be revealed through …

's incentives to tell the truth depend on the interaction between her investment horizon and the information acquisition decisions … information sharing between investors, thereby accelerating the information capitalization into market prices. Analyzing a dataset …