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A stock-flow approach to a general theory of pricing
Pilkington, Philip - 2013
The paper seeks to lay out a stock-flow-based theoretical framework that provides a foundation for a general theory of … properly general theory of pricing that can be applied to any market - whether financial, real, or a real market that has been …
Persistent link: https://www.econbiz.de/10010211946
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Liquidity and Asset Prices : A Unified Framework
Vayanos, Dimitri - 2010
We examine how liquidity and asset prices are affected by the following market imperfections: asymmetric information, participation costs, transaction costs, leverage constraints, non-competitive behavior and search. Our model has three periods: agents are identical in the first, become...
Persistent link: https://www.econbiz.de/10013151970
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Does Insider Trading Always Increase Financial Friction? A Model of Equity Market with Information Asymmetry
Jiang, Ying - 2017
This paper explores the interaction between insider trading and seasoned equity offering in the context of Myers and Majluf (1984). Private information conveyed through trading activities may mitigate information asymmetry and improve capital market efficiency. Moreover, an insider has less...
Persistent link: https://www.econbiz.de/10012946005
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Accounting and the Financial Accelerator
Bertomeu, Jeremy - 2020
inefficient forced liquidations. The theory offers a stylized paradigm to evaluate accounting policies in the aggregate …
Persistent link: https://www.econbiz.de/10012854812
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Pricing and Design of Financial Innovations : The Role of Investor Information
Ammann, Manuel - 2019
This paper investigates the role of incomplete investor information in financial innovations. By analyzing the information that structured product issuers provide to the investors of those products, we find that issuers have an information advantage over investors regarding two important...
Persistent link: https://www.econbiz.de/10012902169
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Money, Credit, and Financial Intermediation with Private Information and Costly Monitoring
Kim, Duhyeong - 2021
I construct a model of money and credit where financial intermediaries write deposit contracts with economic agents to intermediate credit transactions. A preference shock is private information to a depositor, which is costly for intermediaries to observe. Financial intermediaries create...
Persistent link: https://www.econbiz.de/10013217429
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Asymmetric Information and Financial Markets
Estrada, Fernando - 2012
This paper aims to explore the relevance of the Asymmetric Information and the Theory of Argumentation TA in the …
Persistent link: https://www.econbiz.de/10013105100
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"Less is more" or "more is better"? : the effect of asymmetric information distribution on market efficiency and wealth inequality
Caferra, Rocco; Nuzzo, Simone; Morone, Andrea - In: Journal of economic interaction and coordination 18 (2023) 2, pp. 233-250
Persistent link: https://www.econbiz.de/10014253238
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Liquidity and ambiguity : banks or asset markets?
Eichberger, Jürgen; Spanjers, Willy - 2007 - This version June 2007
: a secondary asset market and a bank deposit contract. For full confidence we obtain the well-known result that consumers … prefer the bank deposit contract over the asset market, since the former can provide the optimal cross subsidy for consumers … it avoids inefficient liquidation if the bank reserve holdings turn out to be suboptimal. …
Persistent link: https://www.econbiz.de/10003592776
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Limits of Arbitrage : The State of the Theory
Gromb, Denis - 2010
We survey theoretical developments in the literature on the limits of arbitrage. This literature investigates how costs faced by arbitrageurs can prevent them from eliminating mispricings and providing liquidity to other investors. Research in this area is currently evolving into a broader...
Persistent link: https://www.econbiz.de/10013147062