We study information sales in financial markets with strategic risk-averse traders. The
optimal selling mechanism is one of the following two:(i) sell to as many agents as possible …

This article endogenizes information acquisition and portfolio delegation in a one-period
strategic trading model. We find that, when the informed portfolio manager is relatively risk …

Exchanges sell both trading services and price information. We study how the joint pricing of
these products affects price discovery and the distribution of gains from trade in an asset …

We study information sales in financial markets with strategic risk-averse traders. Our main
result establishes that the optimal selling mechanism is one of the following two:(i) sell to as …

We study information acquisition in a strategic setting where traders can produce either
fundamental information or non-fundamental information. Fundamental information is …