Have Financial Markets Become More Informative?
NBER Working Paper No. 19728
---- Acknowledgments ----
The Smith Richardson Foundation provided financial support for this project.We thank Alex Edmans, Itay Goldstein, Harrison Hong, Wei Jiang, Liyan Yang, and Kathy Yuan, and conference and seminar participants at EFA (Cambridge), the NBER Summer Institute Asset Pricing Workshop, the Texas Finance Festival, the Five-Star conference, the Society for Economic Dynamics conference, the Federal Reserve Bank of New York, Columbia University, New York University, Yale University, Southern Methodist University, the University of Texas at Dallas, Georgetown University, and Baruch college at CUNY. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.