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That’s News to Me! Information Revelation in Professional Certification Markets
Professional Certification Markets Information Revelation
2015/9/21
Using sportscard grading as an example, we employ field experiments to investigate
empirically the informational role of professional certifiers. In the past 20 years, professional
grading of spor...
Is No News (Perceived As) Bad News? An Experimental Investigation of Information Disclosure
market Information economics
2015/9/21
A central prediction of information economics is that market forces can lead businesses
to voluntarily provide information about the quality of their products, yet little
voluntary disclosure is o...
We estimate the impact of coups and top-secret coup authorizations on asset
prices of partially nationalized multinational companies that stood to benefit
from U.S.-backed coups. Stock returns of hi...
Using Information to Improve the Effectiveness of Nonlinear Pricing: Evidence from a Field Experiment
Nonlinear Pricing Effectiveness
2015/7/31
This paper reports on the results of two field experiments examining the impact of
providing information on how a consumer’s own electricity use translates into its monthly
electricity bill on how...
Private Information in an Auction‑Like Securities Market
Private Information Auction Securities Market
2015/7/21
Private Information in an Auction‑Like Securities Market.
This article revisits Akerlof’s (1970) classic adverse-selection market and asks the following
question: do greater information asymmetries reduce the gains from trade? Perhaps surprisingly,
the ans...
Asset Markets with Heterogeneous Information
Asymmetric information competitive equilibrium
2015/7/20
This paper studies competitive equilibria of economies where assets are heterogeneous and traders have heterogeneous information about them. Markets are defined by
a price and a procedure for c...
Market Interest in Nonfinancial Information
Integrated Corporate Reporting Corporate Governance Markets Corporate Social Responsibility and Impact Environmental Sustainability Social Issues
2015/4/24
Market interest in nonfinancial (e.g., Environmental, Social, and Governance [ESG]) information, including data produced by the Carbon Disclosure Project (CDP), is growing. Using data from Bloomberg w...
Decentralized Trading with Private Information
Decentralized Trading Private Information asset prices
2014/3/18
The paper studies how asset prices are determined in a decentralized market with asymmetric information about the assets' value. We consider an economy in which a large number of agents trade two asse...
In the information-based approach to asset pricing the market filtration is modelled explicitly as a superposition of signals concerning relevant market factors and independent noise. The rate at whi...
On the Pricing of Corporate Value under Information Asymmetry
option pricing principal-agent conflicts information asymmetries
2010/12/7
This paper examines the corporate value of a decentralized firm in the presence of principal-agent conflicts due to information asymmetries. When owners delegate the management to managers, contracts ...