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Strategic Supply Function Competition with Private Information

Vives, Xavier - CESifo - 2009

A finite number of sellers (n) compete in schedules to supply an elastic demand. The costs of the sellers have uncertain common and private value components and there is no exogenous noise in the system. A Bayesian supply function equilibrium is characterized; the equilibrium is privately...

Persistent link: https://www.econbiz.de/10008534061

Public and Private Learning from Prices, Strategic Substitutability and Complementarity, and Equilibrium Multiplicity

Manzano, Carolina; Vives, Xavier - CESifo - 2010

We study a general static noisy rational expectations model, where investors have private information about asset payoffs, with common and private components, and about their own exposure to an aggregate risk factor, and derive conditions for existence and uniqueness (or multiplicity) of...

Persistent link: https://www.econbiz.de/10008511613

The Existence of Informationally Efficient Markets When Individuals Are Rational

Muendler, Marc-Andreas - CESifo - 2004

A rational-expectations equilibrium with positive demand for financial information does exist under fully revealing asset price - contrary to a wide-held conjecture. Generalizing the common additive signal-return model with CARA utility to the family of distributions with moment generating...

Persistent link: https://www.econbiz.de/10005406399

A Large-Market Rational Expectations Equilibrium Model

Vives, Xavier - CESifo - 2011

This paper presents a market with asymmetric information where a privately revealing equilibrium obtains in a competitive framework and where incentives to acquire information are preserved. The equilibrium is efficient, and the paradoxes associated with fully revealing rational expectations...

Persistent link: https://www.econbiz.de/10009144882

Asset Auctions, Information, and Liquidity

Vives, Xavier - CESifo - 2010

A model is presented of a uniform price auction where bidders compete in demand schedules; the model allows for common and private values in the absence of exogenous noise. It is shown how private information yields more market power than the levels seen with full information. Results obtained...

Persistent link: https://www.econbiz.de/10008596578

Pro Bono Work and Trust in Expert Fields

Ong, David; Yang, Chun-Lei - CESifo - 2014

aspect of the services of experts (e.g., of doctors, lawyers, and accountants), and the role that voluntary pro bono work … might play. Expert services have un- verifiable quality to non-experts and are subject to moral hazard. Experts who cheat … their customers should crowd out experts who do not, resulting in low trust, prestige, and wages. We ask how pro bono work …

Persistent link: https://www.econbiz.de/10010877904

Consumption, Wealth and Business Cycles in Germany

Hamburg, Britta; Hoffmann, Mathias; Keller, Joachim - CESifo - 2005

This paper studies the long-run relationship between consumption, asset wealth and income in Germany, based on data from 1980 to 2003. While earlier studies — mostly for the Anglo-Saxon economies — have generally documented that departures of these three variables from their common trend...

Persistent link: https://www.econbiz.de/10005765943

Firm Performance, Financial Institutions and Corporate Governance in the Netherlands

Chirinko, Robert S.; Ees, Hans van; Garretsen, Harry; … - CESifo - 1999

This paper analyses the impact of share ownership, creditorship and networking by financial institutions on the performance of 94 Dutch non-financial firms in the period 1992-1996. We find a nonlinear relationship between firm performance and ownership by banks. Because of various defense...

Persistent link: https://www.econbiz.de/10005766022

Early Warning System for Economic and Financial Risks in Kazakhstan

Bhattacharyay, Biswa N.; Dlugosch, Dennis; Kolb, Benedikt; … - CESifo - 2009

This paper proposes a macro-prudential financial soundness analysis that can be used by most developing and transformation countries with or without crisis experience as well as by developed countries with limited data. The objective is to detect economic and financial sector vulnerability,...

Persistent link: https://www.econbiz.de/10008534036

Financial Dollarization and European Union Membership

Neanidis, Kyriakos C. - CESifo - 2010

We analyze the effect of European Union (EU) membership on financial dollarization for the Central and Eastern European countries. Using a unique monthly dataset that spans about two decades, we find that both the accession process toward EU membership and EU entry have a direct impact on...

Persistent link: https://www.econbiz.de/10008572484