Suchergebnisse

AbstractIn this paper I address several phenomena that arise from the limited information possessed by individual investors. This limitation focuses attention on the channels by which investors receive information about securities. I find this perspective to have implications for the marketing of financial products, the dissemination of information by brokers, the commissions of brokerages, the role of investment analysis in the pricing of securities, the pricing of the services provided by financial intermediaries, and the equilibrium of pricing of capital assets.