Have Financial Markets Become More Informative?
---- Acknowledgements -----
The Smith Richardson Foundation provided financial support for this project. We thank Alex Edmans, Itay Goldstein, Wei Jiang, Leonid Kogan, Liyan Yang, Kathy Yuan, and seminar participants at Columbia University, the Federal Reserve Bank of New York, the NBER 2012 Summer Institute Asset Pricing Workshop, New York University, SED 2012, Southern Methodist University, University of Texas at Dallas, and Yale University. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.