accounting for selective distribution of information. Mutual fund managers overweight firms whose CEOs resemble them in terms of … discrimination according to which in-group bias is a rational response to asymmetric information and has implications for fund …

's private information, then the issuer sells its least information-sensitive assets first. We apply this result to consider … extend these results to consider optimal ex post security design under asymmetric information. We identify a unique … equilibrium when the issuer's information and the return of its portfolio are discrete, and give a sufficient condition for …