id	author	title	date	pages	extension	mime	words	sentences	flesch	summary	cache	txt
work_zxx6htnoxzfbvphjwm627sj534	PINGYANG GAO	Keynesian Beauty Contest, Accounting Disclosure, and Market Efficiency	2008	36	.pdf	application/pdf	9178	1125	68	This paper examines the market efficiency consequences of accounting disclosure in the context of stock markets as a Keynesian beauty contest, an influential metaphor originally proposed public information plays an additional commonality role, biasing stock prices away from the provisions of public information always drive stock prices closer to the fundamental value. of disseminating public information in a Keynesian-beauty-contest stock market. This paper formally evaluates the market efficiency consequences of disseminating public information in a rational Keynesian-beauty-contest stock market. (2006), the paper solves for a closed-form equilibrium of a two-trading-period noisy rational expectations model. the dual role of public information is a hallmark of the rational Keynesian-beauty-contest effect. fundamental value, whereas the commonality role of public information drives the stock price More public information uniformly improves market efficiency, even in the presence of the Keynesian-beauty-contest effect. Keynesian-beauty-contest effect of stock market, the commonality role of public information, and	./cache/work_zxx6htnoxzfbvphjwm627sj534.pdf	./txt/work_zxx6htnoxzfbvphjwm627sj534.txt