strategically choose to be silent when they possess private information not yet reflected in stock prices. Consistent with our … return predictability of insider silence is stronger among firms with poor information environment and facing higher …

information about future events, they are contrarian and heavily depend on past returns. Corporate transactions in hard …' perception of mispricing, rather than private information, being a key motivator of their transactions …

conclude that it might be better to reduce the precision of public signals or entirely withhold information. This paper shows … that public information should always be provided with maximum precision, but under certain conditions not to all agents …

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 …

information with heterogenous hedging motives. We model that an informed buyer (informed trader) sequentially trades with a series …, paradoxically, makes it easier for the informed party to hide her private information and offer opaque prices. (ii) Post-trade price … transparency delays price discovery, but once it happens, it is always perfect. (iii) In contrast, when only past order information …

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 …

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 …

Large investors often advertise private information at private talks or in the media. To analyse the incentives for … information disclosure, I develop a two-period Kyle (1985) type model in which an informed short-horizon investor strategically … discloses private information to enhance price efficiency. I show that information disclosure is optimal when the scope of …

This paper performs a welfare analysis of markets with private information in which agents can condition on noisy … information: a payoff (pecuniary) externality related to aggregate volatility and a learning externality. The impact of the first … little weight on private information. We find that with strategic substitutes and when the learning externality is not very …