We provide plausibly identified evidence for the role of investor disagreement in asset pricing. Our natural experiment exploits staggered implementation Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system, which induces a reduction disagreement. Consistent with models disagreement, EDGAR inclusion helps resolve around information events, leading to stock price corrections. The fo...

Members of different social groups often hold widely divergent public beliefs regarding the nature of the world in which they live. We develop a model that can accommodate such public disagreement, and use it to explore questions concerning the aggregation of distributed information and the consequences of social integration. The model involves heterogeneous priors, private information, and rep...