This paper examines how well investors distinguish between genuinely novel private information and information that already is priced (labeled "redundant information"). We derive a structural model of stock price returns that identifies investors' non-Bayesian weighting of redundant information...

How well do investors distinguish information that already is priced from genuinely novel and exclusive private information? This paper examines whether investors misweight information that already is in stock prices (labeled “redundant information”) in making their trading decisions. We...

Private organizations that produce public goods commonly accept restricted contributions. We analyze a model in which the voluntary acceptance of a restricted contribution can force an organization to alter the nature of public goods produced, which we call mission capture. Our analysis...

A not-for-profit organization's reported ratio of expenditures on program services to total expenditures is a key performance metric for many donors, which may lead the manager of a not-for-profit organization to manipulate this ratio. This paper presents a theoretical model to examine when and...