Asymmetric Information In Financial Markets
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Author |
: Ricardo N. Bebczuk |
Publisher |
: Cambridge University Press |
Total Pages |
: 176 |
Release |
: 2003-08-21 |
ISBN-10 |
: 0521797322 |
ISBN-13 |
: 9780521797320 |
Rating |
: 4/5 (22 Downloads) |
Synopsis Asymmetric Information in Financial Markets by : Ricardo N. Bebczuk
Asymmetric information (the fact that borrowers have better information than their lenders) and its theoretical and practical evidence now forms part of the basic tool kit of every financial economist. It is a phenomenon that has major implications for a number of economic and financial issues ranging from both micro and macroeconomic level - corporate debt, investment and dividend policies, the depth and duration of business cycles, the rate of long term economic growth - to the origin of financial and international crises. Asymmetric Information in Financial Markets aims to explain this concept in an accessible way, without jargon and by reducing mathematical complexity. Using elementary algebra and statistics, graphs, and convincing real-world evidence, the author explores the foundations of the problems posed by asymmetries of information in a refreshingly accessible and intuitive way.
Author |
: Fabrizio Mattesini |
Publisher |
: Dartmouth Publishing Company |
Total Pages |
: 208 |
Release |
: 1993 |
ISBN-10 |
: UOM:39015029250852 |
ISBN-13 |
: |
Rating |
: 4/5 (52 Downloads) |
Synopsis Financial Markets, Asymmetric Information, and Macroeconomic Equilibrium by : Fabrizio Mattesini
The study of the interaction between the financial sector and the sector of the economy is one of the most recent advances in macroeconomic theory. While mainstream economics assigns a passive role to the financial sector there is a growing body of literature which emphasizes the importance of financial intermediaries in explaining fluctuations and the determination of the process through which monetary policy impulses are transmitted to the rest of the economy. This literature has its origin in the models that rely on asymmetric information to explain imperfections in financial markts and in empirical evidence collected through various econometric techniques and through historical studies. This book surveys the relevant work ion the subject, evaluates the empirical evidence and the explanatory power of the theories proposed and furnishes new and empirical results.
Author |
: Mr.Giovanni Dell'Ariccia |
Publisher |
: International Monetary Fund |
Total Pages |
: 32 |
Release |
: 1998-06-01 |
ISBN-10 |
: 9781451951547 |
ISBN-13 |
: 145195154X |
Rating |
: 4/5 (47 Downloads) |
Synopsis Asymmetric Information and the Market Structure of the Banking Industry by : Mr.Giovanni Dell'Ariccia
The paper analyzes the effects of informational asymmetries on the market structure of the banking industry in a multi-period model of spatial competition. All lenders face uncertainty with regard to borrowers’ creditworthiness, but, in the process of lending, incumbent banks gather proprietary information about their clients, acquiring an advantage over potential entrants. These informational asymmetries are an important determinant of the industry structure and may represent a barrier to entry for new banks. The paper shows that, in contrast with traditional models of horizontal differentiation, the steady-state equilibrium is characterized by a finite number of banks even in the absence of fixed costs.
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Rating |
: 4/5 ( Downloads) |
Synopsis https://books.google.com/books?id=pExdDwAAQBAJ&pri... by :
Author |
: R. Glenn Hubbard |
Publisher |
: University of Chicago Press |
Total Pages |
: 354 |
Release |
: 2009-05-15 |
ISBN-10 |
: 9780226355948 |
ISBN-13 |
: 0226355942 |
Rating |
: 4/5 (48 Downloads) |
Synopsis Asymmetric Information, Corporate Finance, and Investment by : R. Glenn Hubbard
In this volume, specialists from traditionally separate areas in economics and finance investigate issues at the conjunction of their fields. They argue that financial decisions of the firm can affect real economic activity—and this is true for enough firms and consumers to have significant aggregate economic effects. They demonstrate that important differences—asymmetries—in access to information between "borrowers" and "lenders" ("insiders" and "outsiders") in financial transactions affect investment decisions of firms and the organization of financial markets. The original research emphasizes the role of information problems in explaining empirically important links between internal finance and investment, as well as their role in accounting for observed variations in mechanisms for corporate control.
Author |
: Douglas Cumming |
Publisher |
: OUP USA |
Total Pages |
: 937 |
Release |
: 2012-03-22 |
ISBN-10 |
: 9780195391244 |
ISBN-13 |
: 0195391241 |
Rating |
: 4/5 (44 Downloads) |
Synopsis The Oxford Handbook of Entrepreneurial Finance by : Douglas Cumming
Provides a comprehensive picture of issues dealing with different sources of entrepreneurial finance and different issues with financing entrepreneurs. The Handbook comprises contributions from 48 authors based in 12 different countries.
Author |
: Mr.George C. Anayotos |
Publisher |
: International Monetary Fund |
Total Pages |
: 28 |
Release |
: 1994-07-01 |
ISBN-10 |
: 9781451955781 |
ISBN-13 |
: 1451955782 |
Rating |
: 4/5 (81 Downloads) |
Synopsis Information Asymmetries in Developing Country Financing by : Mr.George C. Anayotos
This paper assesses the impact of information asymmetries on developing country financing and considers alternative techniques to reduce the adverse implications of such asymmetries. Following an introduction, Section II examines in general terms the role of information in financial markets and analyzes the incentive and risk sharing properties of alternative financial contracts. Information asymmetries which are present in domestic finance are more prevalent in international finance, in particular in developing country financing. Section III reviews measures aiming to resolve information asymmetries. Borrowing and creditor country regulations and policies, as well as innovative contractual agreements help to resolve a range of issues related to information asymmetries. However, despite their contribution, residual problems remain unresolved. The international financial institutions, and in particular the Fund, have an important role to play in alleviating information asymmetries.
Author |
: Lewis Gaul |
Publisher |
: CreateSpace |
Total Pages |
: 32 |
Release |
: 2015-01-01 |
ISBN-10 |
: 150531030X |
ISBN-13 |
: 9781505310306 |
Rating |
: 4/5 (0X Downloads) |
Synopsis Ownership and Asymmetric Information Problems in the Corporate Loan Market by : Lewis Gaul
In credit markets, asymmetric information problems arise when borrowers have private information about their creditworthiness that is not observable by lenders. If these informational asymmetries do not negatively affect lenders' profitability, then they are irrelevant to lenders.
Author |
: Markus Konrad Brunnermeier |
Publisher |
: Oxford University Press, USA |
Total Pages |
: 264 |
Release |
: 2001 |
ISBN-10 |
: 0198296983 |
ISBN-13 |
: 9780198296980 |
Rating |
: 4/5 (83 Downloads) |
Synopsis Asset Pricing Under Asymmetric Information by : Markus Konrad Brunnermeier
The role of information is central to the academic debate on finance. This book provides a detailed, current survey of theoretical research into the effect on stock prices of the distribution of information, comparing and contrasting major models. It examines theoretical models that explain bubbles, technical analysis, and herding behavior. It also provides rational explanations for stock market crashes. Analyzing the implications of asymmetries in information is crucial in this area. This book provides a useful survey for graduate students.
Author |
: Patrick Avato |
Publisher |
: GRIN Verlag |
Total Pages |
: 29 |
Release |
: 2012-05 |
ISBN-10 |
: 9783656180869 |
ISBN-13 |
: 3656180865 |
Rating |
: 4/5 (69 Downloads) |
Synopsis Banks, Informal Money Lenders and Asymmetric Information by : Patrick Avato
Seminar paper from the year 2005 in the subject Economics - Monetary theory and policy, grade: A= 1,0, Johns Hopkins University (School of Advanced International Studies (SAIS)), course: Theories and Models of Economic Development, 29 entries in the bibliography, language: English, abstract: Credit markets in developing countries differ substantially from their counterparts in OECD countries. Apart from the obvious differences in institutional development, technology and productivity which are both measures for and causes of underdevelopment, typ ical LDC credit markets have two main characteristics. Firstly, their financial systems are very small compared those in industrial economies. Secondly, developing countries are characterized by very big informal financial sectors that coexist with formal credit institutions. Interestingly, credit contracts differ highly between these two sectors and there seems to be only very limited inter-sector competition. The following paper ventures to explain the persistence of these peculiarities in rural credit markets1 using the model of asymmetric information in credit markets developed by Stiglitz and Weiss. By applying the model specifically to LDC credit markets I show that asymmetric information is among the major reasons for the underdevelopment of rural credit markets. Building on these findings I then explain how Microfinance Institutions (MFI) have lately been able to overcome some of the problems of imperfect information and strive in markets formerly dominated by informal money lenders. The first part of this paper provides an overview of the typical characteristics of credit markets in developing countries, concentrating on the limited size of LDC credit markets and on the apparent dichotomy between formal and informal finance sectors. Then, the importance of financial systems for economic development is briefly outlined in order to explain the relevance of the topic of this essay. The main part of the paper then pre