Pre-announcement and event-period private information
区分了预公告私有信息和事件期私有信息，指出传统理性交易模型只考虑单一信息类型，导致实证误设。作者构建了包含两种信息的理性交易模型并讨论其含义，对研究市场对公告反应和私有信息获取的学者有参考价值。
Pre-announcement information is private information gathered in anticipation of a public disclosure. Event-period information is private information useful in conjunction with the announcement itself. Typically rational models of trade are based exclusively on one type of information. Such models are less descriptive of real market settings and misspecified empirically. Therefore, we introduce a model of rational trade with both features and discuss its implications.