Technological and Institutional Innovations and Their Impact on Information in Financial Markets.

New technological and institutional innovations transform the informational environment of financial markets. Theoretical research is well-positioned to analyze recent and planned economic developments, for which data is scarce or completely absent. The first issue of FTG Insights includes four papers that analyze the likely implications and the potential downsides of four such developments. "Data Abundance and Asset price Informativeness" shows the possible crowding out of information as a result of the emergence of big data. “Back-Running: Seeking and Hiding Fundamental Information in Order Flows" examines the implications of high frequency trading for information incorporated in the trading process. "Proxy advisory firms: The economics of selling information to voters" considers the increasing importance of firms such as Institutional Shareholder Services that provide investors with advice on how to vote in shareholder elections. "The Loser’s Blessing in Securities-Based Crowdfunding" looks at the fast-growing crowdfunding sector, focusing on how threshold funding requirements tempt investors to freeride on the assessments of other investors.