Testing Financial Market Equilibrium under Asymmetric Information

EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK*

1970 • 15,798 citations

Bid, ask and transaction prices in a specialist market with heterogeneously informed traders

1985 • 6,148 citations

On the impossibility of informationally efficient markets

1980 • 3,972 citations

A Theory of Intraday Patterns: Volume and Price Variability

1988 • 3,251 citations

Theory of Value: An Axiomatic Analysis of Economic Equilibrium

1960 • 1,763 citations

Information, trade and common knowledge

1982 • 1,739 citations

Differences of Opinion Make a Horse Race

1993 • 1,618 citations

ON THE EFFICIENCY OF COMPETITIVE STOCK MARKETS WHERE TRADES HAVE DIVERSE INFORMATION

1976 • 1,388 citations

On the aggregation of information in competitive markets

1980 • 1,192 citations

Information aggregation in a noisy rational expectations economy

1981 • 1,135 citations

The Aggregation of Investor's Diverse Judgments and Preferences in Purely Competitive Security Markets

1969 • 524 citations

Nonlinear Dynamic Structures

1993 • 465 citations

The Folded Normal Distribution

1961 • 404 citations

The Existence of Futures Markets, Noisy Rational Expectations and Informational Externalities

1977 • 326 citations

Errors in the Variables Bias in the Presence of Correctly Measured Variables

1973 • 126 citations

Information Aggregation, Inflation, and the Pricing of Indexed Bonds

1985 • 68 citations