This paper provides evidence of price feedback effects in a supply-chain setting using the speed with which information diffuses from customer to supplier stock prices to identify private supply-chain information in prices. We find that the speed of supply-chain information diffusion positively...

We document large cross-sectional variation in the speed of information diffusion between U.S. suppliers and their international principal customers. Based on the rigorous and comprehensive framework of risks in emerging markets from Karolyi (2015), we find that market operating efficiency is...

Analysts cover portfolios of firms. Firms in these analyst portfolios are thus in principle subject to common (integrated) production of information. Nonetheless, this paper documents significant stock return and forecast revision predictability across firms with common analyst coverage. Prices...