Conformism, Public News and Market Effciency.
We study the implications of conformism among analysts in a CARA Gaussian model of the market for a risky asset, where a trader's in- formation is a message sent by an analyst. Conformism increases the weight of the public information in the messages, decreasing their in- formativeness. More pr...
| Main Authors: | , |
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| Format: | Working paper |
| Language: | English |
| Published: |
Oxford Finance
2008
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