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We are interested in the rate of convergence in L 1 of the approximate solution of a conservation law generated by a monotone finite difference scheme. Kuznetsov has proved that this rate is 1/2 [USSR Comput. We prove, by constructing appropriate initial data for the Cauchy problem, that Kuznetsov's estimates are sharp for a nonlinear flux as well. 1.(More)
Trading in a secondary stock market not only redistributes wealth among investors but also generates information that guides subsequent investment. We provide a positive theory of disclosure that re ‡ects both functions of the secondary stock market. On one hand, disclosure improves …rm value by ameliorating adverse selection among investors. On the other(More)
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