This study provides evidence on the role of public firms’ financial reports in the state-bond secondary market. I investigate the informational role of corporate earnings announcements and find that public firms’ monthly earnings signals aggregated to the state level are positively...

The object of research is information inequality. Information inequality is seen as a socio-economic problem that can be solved with the help of confident actions of the state. Data analysis confirmed the problem of the «digital divide» at the global and regional levels. The transformation of...

We propose a deterrence mechanism that utilizes insider information contained in criminal networks. Under this mechanism, a suspect, identified by the regulator, can nominate a connected person from the network for the crime, and only the more severe offender is penalized. We show theoretically...

Firms and other institutions frequently evaluate their employees. Some firms ask for their employees to complete self-evaluation reports (SERs). The consensus in the business literature is that SERs are not credible and should only be used as a developmental tool. I discuss when SERs are useful...

We consider a group of receivers who share a common prior on a finite state space and who observe private correlated signals that are contingent on the true state of the world. We show that, while necessary, Bayes plausibility is not sufficient for a distribution over posterior belief vectors to...

We study third-degree price discrimination in the presence of uninformed buyers who extract noisy information from observing prices. In a noisy learning environment, price discrimination can be detrimental to the firm and beneficial to the consumers. On the one hand, discriminatory pricing...

We examine the effect of learning of uninformed traders in a dynamic limit order market with asymmetric and short-lived information. We show that the learning is effective and valuable with respect to information acquisition, forecasting and buy-sell decision accuracies, and profit opportunity...

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 schemes and delegated hierarchies, that capture...