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This paper employs four established market microstructure measures on information-based trade in financial markets. A set of German mid and small caps is used to analyze potential differential information content in real estate stocks compared to other asset classes. After linking substantially...
Persistent link: https://www.econbiz.de/10011709541
We show how decentralized individual investments can efficiently allocate capital to innovating firms via equity crowdfunding. We develop a model where consumers have privately known consumption preferences and may act as investors. Consumers identify worthwhile investments based on their own...
Persistent link: https://www.econbiz.de/10011712594
We prove a no-speculative-trade theorem under unawareness for the infinite case. This generalizes the result for the finite case by Heifetz, Meier, and Schipper (2013).
Persistent link: https://www.econbiz.de/10010318836
We define a generalized state-space model with interactive unawareness and probabilistic beliefs. Such models are desirable for potential applications of asymmetric unawareness. Applying our unawareness belief structures, we show that the common prior assumption is too weak to rule out...
Persistent link: https://www.econbiz.de/10010282100
We generalize the No-trade theorem for finite unawareness belief structures in Heifetz, Meier, and Schipper (2009) to the infinite case.
Persistent link: https://www.econbiz.de/10010282118
This paper presents 12 facts about the mortgage market. The authors argue that the facts refute the popular story that the crisis resulted from financial industry insiders deceiving uninformed mortgage borrowers and investors. Instead, they argue that borrowers and investors made decisions that...
Persistent link: https://www.econbiz.de/10010286941
We explain why central counterparties (CCPs) emerged historically. With standardized contracts, it is optimal to insure counterparty risk by clearing those contracts through a CCP that uses novation and mutualization. As netting is not essential for these services, it does not explain why CCPs...
Persistent link: https://www.econbiz.de/10010290393
We explain why central counterparties (CCPs) emerged historically. With standardized contracts, it is optimal to insure counterparty risk by clearing those contracts through a CCP that uses novation and mutualization. As netting is not essential for these services, it does not explain why CCPs...
Persistent link: https://www.econbiz.de/10003996901
Persistent link: https://www.econbiz.de/10003943569
This paper presents 12 facts about the mortgage market. The authors argue that the facts refute the popular story that the crisis resulted from financial industry insiders deceiving uninformed mortgage borrowers and investors. Instead, they argue that borrowers and investors made decisions that...
Persistent link: https://www.econbiz.de/10009530746