We study an entry game under perfect information, with the salient feature that capacity is resalable. We show that an inability to precommit (to final output) can help rather than hurt. In contrast to other analyses of limited commitment (e.g., Maskin-Tirole (1988)), which do not specify the...

We exploit the availability of active single-stock futures on India's National Stock Exchange (NSE) to provide estimates of overall informational efficiency, without conditioning on a public announcement. The key is the estimation of the primitive parameters of an asset pricing model with...