This paper investigates whether the business press serves as an information intermediary. The press potentially shapes … firms' information environments by packaging and disseminating information, as well as by creating new information through … journalism activities. We find that greater press coverage reduces information asymmetry (i.e., lower spreads and greater depth …

than those with lower preference on average. It is consistent with the theory that if investors delegate their information …

anticipated. Skilled investors, when producing information under a limited attention capacity, optimally allocate more of their … attention to analyzing the idiosyncratic risk factor when they anticipate more precise public information about the systematic …

Using a shock to transparency in a parimutuel betting market, we show that capital flows increase in public information …

information propagates in traders’ social networks and how it affects their trading decisions and performance. Traders are more … likely to incorporate information about losses into their subsequent trading decisions. Receiving a message about a stock …

evolutionary model of asset pricing and population game, we incorporate social interaction among investors with information …