Nondissipative Signaling Structures and Dividend Policy
推导了信号无外生成本时均衡存在的条件，并应用于基于生产率配额和工资时间线的劳动力市场模型，以及探讨公司股利信息内容的模型，重点关注跨期一致性和内幕交易的作用。
Existence conditions for signaling equilibria in which the signal is not exogenously costly are derived for the continuum of classes case. Applications to labor market models based on productivity quotas and time-profiles of wages, and an exploratory model of the "information content" of corporate dividends are discussed. The last application focuses on intertemporal consistency requirements and the role of insider trading observations.