Various extensions of public announcement logic have been proposed with quantification over announcements. The best-known extension is called arbitrary logic, APAL. It contains a primitive language construct Box phi intuitively expressing that "after every formula, formula true". APAL undecidable and it has an infinitary axiomatization. Now consider restricting the to announcements Boolean form...

In van Benthem [2007] the concept of a public announcement is used to study the effect of the iterated elimination of strictly dominated strategies. We offer a simple generalisation of this approach to cover arbitrary strategic games and many optimality notions. We distinguish between announcements of optimality and announcements of rationality.

We show the cost of trading on negative news relative to positive news increases prior to earnings announcements. Our evidence suggests this asymmetry is due to financial intermediaries’ preference to reduce their exposure to risks associated with the announcements. The asymmetry creates a predictable upward bias in prices that increases pre-announcement and subsequently reverses, which confoun...

Comments from the Editors Jennifer Erway & Stefan M. Wild . . . . . . . . . . . . . . . . . . . . . 1 Article PDE-Constrained Optimization under Uncertainty Drew P. Kouri and Thomas M. Surowiec . . . . . . . . . . . . . . . 1 Bulletin Event Announcements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Book Announcements . . . . . . . . . . . . . . . . . . . . . . . . . ....