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The Source of Information in Prices and Investment-Price Sensitivity
This paper shows that real decisions depend not only on the total amount of information in prices, but the source of this information—a manager learns from prices when they contain information notExpand
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Information Production and Market Feedback∗
We analyze the joint information acquisition problem of a firm manager and traders in financial markets, when the firm manager conditions her investment decisions on information revealed throughExpand
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Shock Propagation Through Cross-Learning with Costly Price Acquisition
This paper shows that cross-learning from other firms’ stock prices leads to the propagation of unrelated shocks. Located in a circular network, neighboring firms share a productivity shock. StockExpand
Optimal Volatility Timing: A Life-Cycle Perspective
We study the role of time-varying stock return volatility in a consumption and portfolio choice problem for a life-cycle investor facing short-selling and borrowing constraints. Faced with aExpand
Optimal Disclosure and Fight for Attention
In this paper, firm managers use their disclosure policy to direct speculators' scarce attention towards their firm. More attention implies greater outside information and strengthens the feedbackExpand
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Shock Propagation Through Cross-Learning in Opaque Networks
This paper studies how firms' learning from their neighbor's stock price ("cross-learning") affects the exposure of firm investment and stock prices to local firm-specific shocks. In my framework,Expand
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In Short Supply: Efficiency Implications of Rational Attention Allocation
This paper shows that investors allocate their scarce attention rationally. Our setting exploits the listing of options on a stock as a source of variation in the relative value of acquiringExpand
Firm Investment and Price Informativeness
I theoretically investigate how the informational content of stock prices is affected by the structure of firms' capital investment decisions. The efficiency of stock prices is determined by theExpand
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Shock Propagation through Cross-Learning
I theoretically investigate a feedback model where firms are located in a circular network. Firms are pairwise connected through their exposure to a common productivity shocks. Stock prices aggregateExpand
Optimal Disclosure to a Confirmation-Biased Market
We analyze a manager's optimal disclosure policy in a market in which some traders are confirmation-biased and ignore information inconsistent with their priors. The disclosed signal informs tradersExpand
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