{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,10,9]],"date-time":"2026-10-09T14:52:22Z","timestamp":1791557542688,"version":"4.3.4"},"posted":{"date-parts":[[2026]]},"group-title":"SSRN","reference-count":0,"publisher":"Elsevier BV","license":[{"start":{"date-parts":[[2026,1,1]],"date-time":"2026-01-01T00:00:00Z","timestamp":1767225600000},"content-version":"unspecified","delay-in-days":0,"URL":"https:\/\/www.uspto.gov\/ip-policy\/copyright-policy\/copyright-basics"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"abstract":"<jats:p>Investors choose not only how much information to acquire, but also how predictive information is represented for decisions. This paper studies how signal form affects portfolio value. In a mean-variance problem, we consider binary tail-event, ternary range, and continuous level signals, with tail and range boundaries determined endogenously. Optimal signal boundaries may shift away from the prior mean toward more extreme return regions, revealing an exploratory feature of information design that generates more valuable posterior portfolio opportunities. Using LLM-based information extraction in commodity futures markets, we show through alternative prompts that the value of information depends not only on predictive content, but also on how it is represented for subsequent decisions.<\/jats:p>","DOI":"10.2139\/ssrn.7589561","type":"posted-content","created":{"date-parts":[[2026,10,9]],"date-time":"2026-10-09T14:34:29Z","timestamp":1791556469000},"source":"Crossref","is-referenced-by-count":0,"title":["Asking for the Right Signal: Information Design and Portfolio Choice"],"prefix":"10.2139","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-3621-9042","authenticated-orcid":true,"given":"Tingjin","family":"Yan","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Yun","family":"Shi","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Xiangyu","family":"Cui","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"78","container-title":[],"original-title":[],"deposited":{"date-parts":[[2026,10,9]],"date-time":"2026-10-09T14:34:29Z","timestamp":1791556469000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.ssrn.com\/abstract=7589561"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026]]},"references-count":0,"URL":"https:\/\/doi.org\/10.2139\/ssrn.7589561","relation":{},"subject":[],"published":{"date-parts":[[2026]]},"subtype":"preprint"}}