Information Diversity and Complementarities in Trading and Information Acquisition
研究了不同交易者掌握影响证券价值的不同基本面信息时，交易和信息获取中的战略互补性来源，发现信息多样性提升价格信息含量，并推导出可检验的实证含义。
ABSTRACT We analyze a model in which different traders are informed of different fundamentals that affect the security value. We identify a source for strategic complementarities in trading and information acquisition: aggressive trading on information about one fundamental reduces uncertainty in trading on information about the other fundamental, encouraging more trading and information acquisition on that fundamental. This tends to amplify the effect of exogenous changes in the underlying information environment. Due to complementarities, greater diversity of information in the economy improves price informativeness. We discuss the relation between our model and recent financial phenomena and derive testable empirical implications.