The Hirshleifer Effect Revisited : The Case of Disagreement
نویسندگان
چکیده
We analyze the value of public information in a competitive endowment economy. We provide a global result that an early release of information about the future state of the economy is desired by all agents, or Pareto improving, if agents disagree about the prospect of the economy and asset markets are complete. We further prove that for certain levels of agents’ disagreement, all agents prefer an early release of information even if agents cannot trade in asset markets before the information arrives (incomplete asset markets). Thus, the introduction of heterogeneous beliefs reverses the well-known Hirshleifer effect. JEL-Classification: D80, G14, D51.
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