This paper reviews the literature examining how costs of monitoring for, acquiring, and
analyzing firm disclosures–collectively,“disclosure processing costs”–affect investor …

The rational expectations hypothesis is a bedrock of modern macroeconomics. It is often
combined with a strong, complementary hypothesis that all data about the state of the …

This study empirically investigates two effects of alternative data availability: stock price
informativeness and its disciplining effect on managers' actions. Recent computing …

内容提要: 本文借用传播学媒介效果研究中的“沉默的螺旋” 理论, 以金融市场上长期存在的异象—
——资产误定价为切入点, 首次从媒体情绪的视角研究新闻媒体对金融市场运转可能存在的负面 …

Disentangling the causal impact of media reporting from the impact of the events being
reported is challenging. We solve this problem by comparing the behaviors of investors with …

We investigate, in a theoretical framework, the joint role played by investors' attention to
news and learning uncertainty in determining asset prices. The model provides two main …

We study information demand and supply at the firm and market level using data for 30 of
the largest stocks traded on NYSE and NASDAQ. Demand is approximated in a novel …

We provide evidence for the importance of information asymmetry in asset pricing by using
three natural experiments. Consistent with rational expectations models with multiple assets …

We investigate whether increased investor demand for financial information arising from
higher market uncertainty leads to greater media coverage of earnings announcements. We …

Many identify inflated credit ratings as one contributor to the recent financial-market turmoil.
We develop an equilibrium model of the market for ratings and use it to examine possible …