disclosure of additional information about past trades, paradoxically, makes the markets more opaque, by reducing market price …

information transfer and stock trading costs. SOX increased abnormal returns for insiders in conjunction with market-maker induced … non-executive directors and intangible rich firms. We reject the notion that SOX provided an information externality to … information externality to less informed non-executive directors (per Fishman and Hagerty 1995) at the expense of increased …

Transparent disclosures of public information might be one natural policy to reduce information inequality among … individuals. We conduct a welfare analysis of such policy by introducing ex-ante heterogeneity in individuals' private information … in a class of economies with dispersed information and externalities. We find that, paradoxically, welfare unambiguously …

This article develops a Bayesian persuasion model examining a manager's incentives to gather information when the … manager can disseminate this information selectively to interested parties (“users”) and when the objectives of the manager … the information, then the manager may gather more precise information. The article identifies conditions under which a …

In reality, the organizational structure of information — describing how information is transmitted to its recipients … — is as important as its content. In this paper, we introduce families of (indirect) information structures, namely meeting …

We analyze a class of dynamic games of information exchange between two players. Each agent possesses information about … sustained in such games and construct equilibria that achieve those payoffs. We show that gradual information exchange dominates …

are voters and politicians becoming more polarized despite the increased availability of information? We consider an … is regarded as information, to infer their own policy preferences. We show that changing distribution of information … more choices. We argue that the distribution of information is important for understanding polarization …

We analyze a model in which the value of a security is comprised of multiple distinct parts and private information … about these pieces is scattered among investors. We show that as information is scattered into smaller, distinctively … informative pieces, endogenous information acquisition activity can increase, even if the acquisition cost does not decrease. Our …

of canonical models of gradual information diffusion and differences of opinion. I use a unique dataset of clicks on news … trading among investors who see the same news but disagree regarding its interpretation. Consistent with gradual information …

Whether lower stock price synchronicity reflects information or noise does not have a conclusive answer yet. From the … following is lower than that of non-star analysts, but star analysts do not own more private information about the stocks from … price synchronicity is due to noise but not private information revealed in these stocks. So the lower price synchronicity …