Holden, Craig W.; Lundstrum, Leonard L. - In: Journal of Empirical Finance 16 (2009) 1, pp. 126-135
The costly trade theory predicts that it is much more difficult to exploit long-term private information than short-term. Thus, there is less long-term information impounded in prices. The managerial myopia theory predicts that a variety of short-term pressures, including inadequate information...
