Alessandro Innocenti, Pier Malpenga, Lorenzo Menconi and Alessandro Santoni Time Lags in Processing Market-Sensitive information. A Case Study 8 / 2011 DIPARTIMENTO DI POLITICA ECONOMICA, FINANZA E SVILUPPO UNIVERSITÀ DI SIENA DEPFID WORKING PAPERS DEPFID DEPARTMENT OF ECONOMIC POLICY, FINANCE AND DEVELOPMENT UNIVERSITY OF SIENA