Where Has All the Data Gone?
نویسندگان
چکیده
Abstract Since the finance industry is transforming into a data industry, measuring quantity of investors have about various assets important. Informed by structural model, we develop such cross-sectional measure. We show how our measure differs from price informativeness and use it to document new fact: large high-growth firms becoming increasingly abundant, relative other firms. Our model offers an explanation for this divergence: firms’ became more valuable, as big got bigger growth magnified effect these changes in size.
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Acknowledgments We thank Drs. T. Namikawa, Y. Matsuda, M. Mizutani, and Y. Atsumi for providing PNP roosters. Takashi Yoshimura is supported by the Funding Program for Next Generation World Leading Researchers (NEXT Program) initiated by the Council for Science and Technology Policy (CSTP) and Tsuyoshi Shimmura is supported for JSPS fellows 22-4942. WPIITbM is supported by the World Premier Int...
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ژورنال
عنوان ژورنال: Review of Financial Studies
سال: 2021
ISSN: ['0893-9454', '1465-7368']
DOI: https://doi.org/10.1093/rfs/hhab110