Short-selling constraints are common in financial markets, while physical assets such as
housing often lack markets for short-selling altogether. As a result, investment decisions are …

In this paper, we provide a wide-ranging survey of the state of the art in the area of
communication and asset price dynamics. We start out by documenting empirical evidence …

By (3), λt, h=−(Et, h [pt+ 1]+ Et, h [dt+ 1]−(1+ r) pt− aσ2zt, h). Note that λt, h= 0 if and only if zt,
h=(aσ2)− 1 (Et, h [pt+ 1]+ Et, h [dt+ 1]−(1+ r) pt). This zt, h satisfies (5)(given λt, h= 0) and …