Asymmetric Information In Financial Economics
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Financial Markets Asymmetric Information And Macroeconomic Equilibrium
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Author : Fabrizio Mattesini
language : en
Publisher: Dartmouth Publishing Company
Release Date : 1993
Financial Markets Asymmetric Information And Macroeconomic Equilibrium written by Fabrizio Mattesini and has been published by Dartmouth Publishing Company this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Business & Economics categories.
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.
The Economics Of Asymmetric Information
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Author : B. Hillier
language : en
Publisher: Bloomsbury Publishing
Release Date : 1997-04-07
The Economics Of Asymmetric Information written by B. Hillier and has been published by Bloomsbury Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-04-07 with Business & Economics categories.
This book presents recent developments in the economics of asymmetric information. The problems of selection and moral hazard, with hidden actions or hidden information, are introduced by examining how they affect the market for investment finance. The ideas are then used to analyse the market for insurance, signalling and screening models of education, efficiency wages, industrial regulation, public procurement and auctions. Coverage is thorough while avoiding excessive mathematical detail. Diagrams and verbal reasoning make the ideas accessible to intermediate level undergraduate students and beyond.
Asymmetric Information Corporate Finance And Investment
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Author : R. Glenn Hubbard
language : en
Publisher: University of Chicago Press
Release Date : 2009-05-15
Asymmetric Information Corporate Finance And Investment written by R. Glenn Hubbard and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-05-15 with Business & Economics categories.
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.
Corporate Finance Under Asymmetric Information
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Author : Ejike Ezejiofor
language : en
Publisher: GRIN Verlag
Release Date : 2014-11-18
Corporate Finance Under Asymmetric Information written by Ejike Ezejiofor and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-11-18 with Business & Economics categories.
Seminar paper from the year 2014 in the subject Economics - Finance, , course: MBA and Engineering, language: English, abstract: The specter of decreased economic activities, financial crisis, unbecoming ethical standards have in the recent past and fore going, characterized asymmetric information on corporate finance. The consequences normally have a ricochet effect and can be generally catastrophic to normal economic activities to mention the least. This paper considers scenario’s where information asymmetry was prevalent or may have had its effects play out. The typical investor mindset and the opportunity cost associated with the preferred capital structure of the capitalizing process were mentioned. A basis for proper appreciation of the concept – Corporate finance under asymmetric information was initiated here, with a detailed explanation of corporate finance and its components, this was succeeded by a summary of scenarios were asymmetric information were prevalent and an intelligent look was also taken at asymmetric information between insiders and investors and the concomitant lemon problem, where the effects were carefully highlighted in a progression to the level of severity - Market breakdown and costly signaling. The fact that asymmetric information has been widely recognized as bad and generally viewed in a negative light must warrant it being viewed with a high level of seriousness. It is widely known that while lot of effort have been put into stemming the tides of the consequences of asymmetric information, a lot of effort too, have been dedicated to innovation and risk assessment, to capture the interest of investors, who have been affected by the consequences of asymmetric information. These may have formed a veritable platform for a recent paper by Pierre Barbaroux (2014), that elucidated the rise of innovation and innovative entrepreneurs based on the management of asymmetric information. An attempt has in any case, been made here to suggest efforts at marginalizing the negative impacts of asymmetric information and also remedies at reducing the far reaching impacts on the lenders and the aggregate economic activity in general.
Asymmetric Information In Financial Markets
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Author : Ricardo N. Bebczuk
language : en
Publisher: Cambridge University Press
Release Date : 2003-08-21
Asymmetric Information In Financial Markets written by Ricardo N. Bebczuk and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-08-21 with Business & Economics categories.
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.
Asymmetric Information In Financial Economics
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Author : Spyros Pagratis
language : en
Publisher:
Release Date : 2005
Asymmetric Information In Financial Economics written by Spyros Pagratis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
Economics Of Asymmetric Information
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Author : Indian Economic Association. Annual Conference
language : en
Publisher: Deep and Deep Publications
Release Date : 2006
Economics Of Asymmetric Information written by Indian Economic Association. Annual Conference and has been published by Deep and Deep Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Business & Economics categories.
Contributed papers presented at the one of the technical sessions of Indian Economic Association's 85th conference held at the Kerala University in 2002.
Asset Pricing Under Asymmetric Information
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Author : Markus K. Brunnermeier
language : en
Publisher: Oxford University Press on Demand
Release Date : 2001
Asset Pricing Under Asymmetric Information written by Markus K. Brunnermeier and has been published by Oxford University Press on Demand this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Business & Economics categories.
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.
Information Asymmetries In Developing Country Financing
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Author : Mr.George C. Anayotos
language : en
Publisher: International Monetary Fund
Release Date : 1994-07-01
Information Asymmetries In Developing Country Financing written by Mr.George C. Anayotos and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994-07-01 with Business & Economics categories.
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.
Asymmetric Information And The Market Structure Of The Banking Industry
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Author : Mr.Giovanni Dell'Ariccia
language : en
Publisher: International Monetary Fund
Release Date : 1998-06-01
Asymmetric Information And The Market Structure Of The Banking Industry written by Mr.Giovanni Dell'Ariccia and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-06-01 with Business & Economics categories.
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.