In this paper we study long-term learning process under the conditions of ambiguous information. We study a unique empirical setting in which pieces of the ambiguous information are sequentially provided to institutional investors. We use parametric and non-parametric models to show that the...

When households make financial decisions, one may expect them to be both informative and rational — just as any other financial agent. In this paper, we question whether this hypothesis is error-free and correct by using a unique large-scale event study. Our results do not support the axioms...