Will Coinbase’s latest efforts help to level the user playing field? Perhaps, but more adoption, liquidity and regulation will also be needed. It has long been believed that investors possessing ...

We examine corporate issuance and payout policies in the presence of both adverse selection (in capital markets) and managerial opportunism. Our results establish the importance of the locus of ...

Asset prices are driven by public news and information that is dispersed among many market participants. Traditional asset pricing theories have assumed that all investors hold symmetric information.