scholarly journals The Relative Contributions of Private Information Sharing and Public Information Releases to Information Aggregation

2009 ◽  
Author(s):  
Darrell Duffie ◽  
Semyon Malamud ◽  
Gustavo Manso
Keyword(s):  
Information Sharing ◽  
Private Information ◽  
Public Information ◽  
Information Aggregation

scholarly journals Learning from prices: information aggregation and accumulation in an asset market

2020 ◽  
Author(s):  
Michele Berardi
Keyword(s):  
Private Information ◽  
Dynamic Properties ◽  
Public Information ◽  
Information Aggregation ◽  
Time Varying ◽  
Private Signals ◽  
Private And Public ◽  
Fundamental Value ◽  
Over Time

Abstract Can prices convey information about the fundamental value of an asset? This paper considers this problem in relation to the dynamic properties of the fundamental (whether it is constant or time-varying) and the structure of information available to agents. Risk-averse traders receive two potential signals each period: one exogenous and private and the other, prices, endogenous and public. Prices aggregate private information but include aggregate noise. Information can accumulate over time both through endogenous and exogenous signals. With a constant fundamental, the precision of both private and public cumulative information increases over time but agents put progressively more weight on the endogenous signals, asymptotically disregarding private ones. If the fundamental is time-varying, the use of past private signals complicates the role of prices as a source of information, since it introduces endogenous serial correlation in the price signal and cross-correlation between it and innovations in the fundamental. A modified version of the Kalman filter can still be used to extract information from prices and results show that the precision of the endogenous signals converges to a constant, with both private and public information used at all times.

scholarly journals Does CEO tenure influence corporate bond rating properties?

2015 ◽  
Author(s):  
◽  
Xia Zhang
Keyword(s):  
Information Sharing ◽  
Private Information ◽  
Credit Ratings ◽  
Public Information ◽  
Strategic Communication ◽  
Corporate Bond ◽  
Bond Rating ◽  
Rating Agencies ◽  
Ceo Tenure ◽  
The Impact

This study examines whether and how corporate bond rating quality varies with CEO tenure. Due to the expansive roles of credit ratings in capital market, managers have incentives to maintain or improve their ratings. Accumulated firm experience makes longer-tenured CEOs better at strategic communication with rating agencies and thereby more able to achieve the desired rating outcomes, leading to lower rating quality. Consistent with this prediction, I find that ratings are less accurate, less timely, and more volatile for issuers with longer-tenured CEOs. All these results hold after controlling for the impact of CEO tenure through public information sharing, suggesting that longer-tenured CEOs manage credit ratings through private information sharing with rating agencies. Moreover, investors do not understand such rating management by longer-tenured CEOs.

scholarly journals Opponent-Aware Planning with Admissible Privacy Preserving for UGV Security Patrol under Contested Environment

Electronics ◽  
2019 ◽  
Vol 9 (1) ◽  
pp. 5
Author(s):  
Junren Luo ◽  
Wanpeng Zhang ◽  
Wei Gao ◽  
Zhiyong Liao ◽  
Xiang Ji ◽  
...  
Keyword(s):  
Information Sharing ◽  
Private Information ◽  
Public Information ◽  
Privacy Preserving ◽  
Planning Problem ◽  
Unmanned Ground Vehicles ◽  
Ground Vehicles ◽  
Simulation Experiments ◽  
Privacy Leakage ◽  
Planning Algorithms

Unmanned ground vehicles (UGVs) have been widely used in security patrol. The existence of two potential opponents, the malicious teammate (cooperative) and the hostile observer (adversarial), highlights the importance of privacy-preserving planning under contested environments. In a cooperative setting, the disclosure of private information can be restricted to the malicious teammates. In adversarial setting, obfuscation can be added to control the observability of the adversarial observer. In this paper, we attempt to generate opponent-aware privacy-preserving plans, mainly focusing on two questions: what is opponent-aware privacy-preserving planning, and, how can we generate opponent-aware privacy-preserving plans? We first define the opponent-aware privacy-preserving planning problem, where the generated plans preserve admissible privacy. Then, we demonstrate how to generate opponent-aware privacy-preserving plans. The search-based planning algorithms were restricted to public information shared among the cooperators. The observation of the adversarial observer could be purposefully controlled by exploiting decoy goals and diverse paths. Finally, we model the security patrol problem, where the UGV restricts information sharing and attempts to obfuscate the goal. The simulation experiments with privacy leakage analysis and an indoor robot demonstration show the applicability of our proposed approaches.

scholarly journals Updating Awareness and Information Aggregation

2020 ◽  
Vol 0 (0) ◽  
Author(s):  
Spyros Galanis ◽  
Stelios Kotronis
Keyword(s):  
Mild Condition ◽  
Private Information ◽  
Dynamic Environment ◽  
Information Aggregation ◽  
Aggregate Information

AbstractThe ability of markets to aggregate information through prices is examined in a dynamic environment with unawareness. We find that if all traders are able to minimally update their awareness when they observe a price that is counterfactual to their private information, they will eventually reach an agreement, thus generalising the result of Geanakoplos and Polemarchakis (1982). Moreover, if the traded security is separable, then agreement is on the correct price and there is information aggregation, thus generalizing the result of Ostrovsky (2012) for non-strategic traders. We find that a trader increases her awareness if and only if she is able to become aware of something that other traders are already aware of and, under a mild condition, never becomes aware of anything more. In other words, agreement is more the result of understanding each other, rather than being unboundedly sophisticated.

Revaluating Face: A Note on Differences in Private Information Sharing Between Two Communitarian Societies

2009 ◽  
Vol 8 (1) ◽  
pp. 57-65 ◽  
Author(s):  
Axel K.‐D. Schulz ◽  
Stephen B. Salter ◽  
Juan Claudio Lopez ◽  
Philip A. Lewis
Keyword(s):  
Information Sharing ◽  
Private Information

Analysis of LOGINK Service Innovation with Information Technology Based on the Theory of Product Hierarchy

2014 ◽  
Vol 685 ◽  
pp. 715-718
Author(s):  
Kai Di Sun ◽  
Shou Wen Ji
Keyword(s):  
Information Technology ◽  
Information Sharing ◽  
Development Process ◽  
Public Information ◽  
Service Innovation ◽  
Level Of Service ◽  
Three Stages ◽  
Transport Logistics

In this paper, based on the theory of product hierarchy, the service innovation of the national transport logistics public information sharing platform were analyzed. We divide the development process of LOGINK into three stages, summarize the level of service at each stage of each product, and by analyzing the results, obtain the conclusion that LOGINK service innovation is incremental and not radical.

Study on the Transformation of the Development Model of the National Public Information Sharing Platform for Transportation & Logistics

2015 ◽  
Vol 744-746 ◽  
pp. 1902-1905
Author(s):  
Shou Wen Ji ◽  
Qiu Xing Feng
Keyword(s):  
Information Sharing ◽  
Public Information ◽  
Development Trend ◽  
Development Model ◽  
Service Model ◽  
Profit Model ◽  
The Sustainable Development ◽  
Development Status ◽  
The Future ◽  
The Development Trend

The article researches on the development model of the National Public Information Sharing Platform for Transportation& Logistics (LOGINK), in which the author introduces the function orientation of the LOGINK. Based on the current development status of the platform, the article predicts the development trend in the future. Then, it analyzed the necessary of the transformation of the LOGINK’s development model. In order to ensure the sustainable development of the platform, this paper proposes that the development model should be changed from “Charity” to “Charity + Appreciation”. Lastly, the article gives a plan about the service model and profit model of the platform in the future.

Sign in / Sign up

Export Citation Format

Share Document