Information, market power and welfare
研究了异质交易者（知情与不知情）在风险资产市场中的策略行为，分析了投资者群体规模和构成变化对价格信息含量、流动性和福利的影响，适用于被动投资兴起和ESG标准采用等场景。
We study the market for a risky asset in which traders are heterogeneous both in terms of their value for the asset and the information that they have about this value. Traders behave strategically and use the equilibrium price to extract information that is relevant to them. Due to adverse selection, uninformed traders are less willing than the informed to provide liquidity. We evaluate the impact of a change in the size or composition of the investor population on price informativeness, liquidity and welfare, with applications to the rise of passive investing and the adoption of ESG standards.