Being the owner of the corporation, the shareholder supposedly knows what is going on within it. But, for obvious confidentiality reasons and according to the legislation in place, the company will restrict its communication to everything which may be revealed without prejudicing its own future. It will very much limit its communication on future developments (products, R&D, markets, acquisitions). But, its value comes from its ability to perform in the future. As a consequence, investors receive a very small part of the information which would be necessary to help their investment decision process. In the meantime, the company’s managers do have access to this information and they use it on a daily basis: they are insiders. Therefore, there is significant asymmetry between those who own the company and those who run it. This phenomenon can be observed anytime there is a transaction in which the buyer knows much less about the product than the seller. Information asymmetry is one of the most promising research areas of contemporary microeconomics.