Public and Private Information about Short- and Long-Lived Assets
用世代交叠模型分析投资者获取资产未来收益信号的技术改进对回报可预测性和福利的影响，发现效果取决于资产是短期还是长期、信号是公共还是私人。
Using an overlapping generations model, this paper considers the impact of an improvement in the technology that investors use to obtain signals about future payouts of a risk asset. It is shown that the effects of such a change on the predictability of the gross return on the asset and on the welfare of the agents depend on whether the asset will make multiple future payouts (is long-lived) or a single future payout (is short-lived) and whether the signals about the payoffs are public or private. Copyright 1990 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.