The Accounting Review Vol. 68 No. 1 1993
On the Optimality of Public Signals in the Presence of Private Information.
Abstract
Presents three different models designed to elucidate how the disclosure of public information can enhance the welfare of traders in a financial market when some or all traders also have access to costly private information. Ex ante expected utility; Reversal of the Diamond model; Use of public signals to enhance the welfare of uninformed traders.
- DOI
- 10.2308/tar-9605305914
- Volume
- 68
- Issue
- 1
- Pages
- 93-112
- Language
- en
- Sources
- openalex crossref