This paper presents an equity market where the value of a new technology is infrequently observable while the equity claim of the asset is continuously traded. We clear the stock market between two optimal asset allocation strategies, speculative vs. fundamental, adopted by risk-averse investors...

Advances in Natural Language Processing (NLP), computing power and data availability are driving an explosion in research about the impact of news on asset prices. However, when relating news to individual assets, this research is based on mentions of specifuc assets or related terms in the news...