Annual Conference

|

Investment Finance, Senior Fellows/Fellows

|

May 2015

Information Environment and the Geography of Firms and Investors

Gennaro BERNILE, Johan SULAEMAN, Shimon KOGAN
We develop a model linking stock ownership and returns to the distribution of private information and quality of public information. Supporting the model, we find that the firm’s information environment affects investors’ propensity to hold and trade its stocks, but its effects hinge on investor...
Keywords: Geography, Information Environment, Ownership, Trading, Stock Returns
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Accounting

|

May 2015

Information Dissemination through Embedded Financial Analysts: Evidence from China

T.J. WONG, Zengquan LI, Gwen YU
When emerging market firms disclose relationship-based transactions, they face a tradeoff in which greater transparency may help lower their cost of capital at the cost of revealing proprietary information. We find that firms overcome this challenge by relying on analysts within their private networ...
Keywords: Financial analysts, Information spillover, social networks, Information advantage
  • View
  • Download
  • Bookmark
  •    |   

Senior Fellows/Fellows

|

Senior Fellows/Fellows

Information Cascades and Social Learning

David HIRSHLEIFER, Ivo WELCH, Omer TAMUZ, Sushil BIKHCHANDANI
An information cascade is a situation in which an agent who observes others chooses the same action irrespective of the value of the agent’s private information signal. Theoretical models have found that cascades result in poor information aggregation, inaccurate decisions, and fragility of mass b...
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Real Estate and Urban Economics, Senior Fellows/Fellows

|

May 2019

Information Asymmetries and Learning in Commercial Real Estate Markets

Sumit AGARWAL, Tien Foo SING, Wang LONG
This paper empirically tests information asymmetries and learning in global commercial real estate markets. We find that foreign investors pay a premium of 3.6%, on average, relative to local investors for comparable properties in local markets. The premiums reflect information disadvantages of fore...
Keywords: Learning, Information asymmetry, Foreign Investors, Commercial Real Estate Markets, Cross-border investments
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Accounting

|

May 2021

Information Acquisition and Expected Returns: Evidence from EDGAR Search Traffic

Frank Weikai LI, Chengzhu SUN
Using a novel dataset containing investors' access of company filings through the SEC's EDGAR system, we show that the abnormal number of IPs searching for firms' financial statements strongly predicts future stock returns and firm fundamentals. A long-short portfolio based on our measure of informa...
Keywords: Information Acquisition, EDGAR Search, SEC Filings
  • View
  • Download
  • Bookmark
  •    |