A large amount of activity in the financial sector occurs in secondary financial markets,
where securities are traded among investors without capital flowing to firms. The stock …

Two modern economic trends are the increase in firm size and advances in information
technology. We explore the hypothesis that big data disproportionately benefits big firms …

This paper examines the impact of stock liquidity on firm bankruptcy risk. Using the
Securities and Exchange Commission decimalization regulation as a shock to stock liquidity …

The finance industry has grown, financial markets have become more liquid, information
technology has been revolutionized. But have financial market prices become more …

Many argue that home bias arises because home investors can predict home asset payoffs
more accurately than foreigners can. But why does global information access not eliminate …

We study the impact of foreign institutional investors on price efficiency with firm-level
international data. Using additions to the MSCI index and the US Jobs and Growth Tax …

This paper develops a model with a tractable log‐linear equilibrium to analyze the effects of
informational frictions in commodity markets. By aggregating dispersed information about …

An authoritative graduate textbook on information choice, an exciting frontier of research in
economics and finance Most theories in economics and finance predict what people will do …

This chapter studies how incomplete information helps accommodate frictions in
coordination, leading to novel insights on the joint determination of expectations and …

Crises are volatile times when endogenous sources of information are closely monitored.
We study the role of information in crises by introducing a financial market in a coordination …