Essays on Financial Markets with Asymmetric Information
Author: Robert Lee Heinkel
Publisher:
Published: 1978
Total Pages: 362
ISBN-13:
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Author: Robert Lee Heinkel
Publisher:
Published: 1978
Total Pages: 362
ISBN-13:
DOWNLOAD EBOOKAuthor: Shino Takayama
Publisher:
Published: 2006
Total Pages: 324
ISBN-13:
DOWNLOAD EBOOKAuthor: Lewis Gaul
Publisher: CreateSpace
Published: 2015-01-01
Total Pages: 32
ISBN-13: 9781505310306
DOWNLOAD EBOOKIn 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: Iván Blanco
Publisher: Ed. Universidad de Cantabria
Published: 2019-02-15
Total Pages: 90
ISBN-13: 8481028770
DOWNLOAD EBOOKDo financial derivatives enhance or impede innovation? We aim to answer this question by examining the relationship between equity options markets and standard measures of firm innovation. Our baseline results show that firms with more options trading activity generate more patents and patent citations per dollar of R&D invested. We then investigate how more active options markets affect firms' innovation strategy. Our results suggest that firms with greater trading activity pursue a more creative, diverse and risky innovation strategy. We discuss potential underlying mechanisms and show that options appear to mitigate managerial career concerns that would induce managers to take actions that boost short-term performance measures. Finally, using several econometric specifications that try to account for the potential endogeneity of options trading, we argue that the positive effect of options trading on firm innovation is causal.
Author: Ricardo N. Bebczuk
Publisher: Cambridge University Press
Published: 2003-08-21
Total Pages: 176
ISBN-13: 9780521797320
DOWNLOAD EBOOKAsymmetric 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: Klaus Hammes
Publisher: Department of Economics School of Economics and Commercial Law Go
Published: 2003
Total Pages: 188
ISBN-13:
DOWNLOAD EBOOKAuthor: Mr.Giovanni Dell'Ariccia
Publisher: International Monetary Fund
Published: 1998-06-01
Total Pages: 32
ISBN-13: 145195154X
DOWNLOAD EBOOKThe 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.
Author: Thomas Hellmann
Publisher:
Published: 1994
Total Pages: 350
ISBN-13:
DOWNLOAD EBOOKAuthor: Fredrik Andersson
Publisher:
Published: 1995
Total Pages: 136
ISBN-13:
DOWNLOAD EBOOKAuthor: Han Nazmi Ozsoylev
Publisher:
Published: 2004
Total Pages: 272
ISBN-13:
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