Ongoing international financial integration has greatly increased foreign asset holdings across countries, enhancing … claims to firm profits in a production economy. For a given level of international financial integration (measured by the … goods, and the persistence of shocks. Finally, moving from less to more international financial integration, risk sharing …

obtained in a complete information setting, where coordination is easy, to those obtained in a setting with strategic risk … deterrent effect under complete information, this does not hold anymore under strategic risk. Rather, we find that increases in …

We analyze two experiments that provided direct information on school test scores to lower-income families in a public … school choice plan. We find that receiving information significantly increases the fraction of parents choosing higher … disadvantaged students when parents have easy access to test score information and have good options to choose from …

This paper analyzes the value of communication in the implementation of monetary policy. The central bank is uncertain … communication strategies are contemplated: i) communicating the precise details of the monetary policy -- that is, the variables and …

The effect of new health information on individuals' expectations about their longevity is examined using a Bayesian …

return is the component of its return attributable to fundamental accounting-performance information, and its intangible …We decompose stock returns into components attributable to tangible and intangible information. A firm's tangible … return is the component which is orthogonal to this information. Our evidence indicates that intangible information reliably …

This paper explores environments in which either the revelation or diffusion of information, or its incorporation into … methodology and for understanding the process by which stock prices incorporate information. Two environments are highlighted …. First, information is often not revealed in one announcement but rather through a process of gradual public revelation …