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Milo Bianchi, and Philippe Jehiel
vol. 157, May 2015, pp. 842–878
We model a financial market in which companies engage in strategic financial reporting knowing that investors only pay attention to a randomly drawn sample from firms' reports and extrapolate from this sample. We investigate the extent to which stock prices differ from the fundamental values,...
Heidi Colleran, Grazyna Jasienska, Ilona Nenko, Andrzej Galbarczyk, and Ruth Mace
vol. 282, n. 1806, May 2015
Bruno Biais, Thierry Foucault, and Sophie Moinas
vol. 116, n. 2, May 2015, pp. 292–313
High-speed market connections improve investors' ability to search for attractive quotes in fragmented markets, raising gains from trade. They also enable fast traders to observe market information before slow traders, generating adverse selection, and thus negative externalities. When investing in...
Robert Evans, and Soenje Reiche
vol. 157, May 2015, pp. 1159–1187
We study a contract design setting in which the contracting parties cannot commit not to renegotiate previous contract agreements. In particular, we characterize the outcome functions that are implementable for an uninformed principal and an informed agent if, having observed the agent's contract...
Olivier Faugeras
vol. 137, May 2015, pp. 179–186
For a vector View the MathML source with a purely discrete multivariate distribution, we give simple short proofs of uniform a.s. convergence on their whole domain of two versions of genuine empirical copula functions, obtained either via probabilistic continuation, i.e. kernel smoothing, or via...
Van Huyen Do, Christine Thomas-Agnan, and Anne Vanhems
May 2015, pp. 27–58
Augustin Landier
May 28, 2015
Claude Crampes, and Thomas-Olivier Léautier
May 27, 2015
Jacques Delpla
May 21, 2015
May 7, 2015
