Technology, Information Production, and Market Efficiency

Gene D'Avolio, Efi Gildor and Andrei Shleifer

No 1929, Harvard Institute of Economic Research Working Papers from Harvard - Institute of Economic Research

Abstract: A well functioning securities market relies on the availability of accurate information, a broad base of investors who can process this information, legal protection of these investors’ rights, and a liquid secondary market unencumbered by excessive transaction costs or constraints. When these conditions are satisfied, securities markets are likely to be broader and more efficient, with felicitous consequences for investment and resource allocation. This paper explores the effect of technological advances on these features of the market, emphasizing the incentives facing the producers of financial information.

Date: 2001
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Journal Article: Technology, information production, and market efficiency (2001)
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