Financial Markets And Incomplete Information
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Author | : Michael Magill |
Publisher | : MIT Press |
Total Pages | : 566 |
Release | : 2002 |
Genre | : Business & Economics |
ISBN | : 9780262632546 |
Download Theory of Incomplete Markets Book in PDF, Epub and Kindle
Theory of incompl. markets/M. Magill, M. Quinzii. - V.1.
Author | : Sudipto Bhattacharya |
Publisher | : Rowman & Littlefield Publishers |
Total Pages | : 384 |
Release | : 1989 |
Genre | : Business & Economics |
ISBN | : |
Download Financial Markets and Incomplete Information Book in PDF, Epub and Kindle
Major themes in theoretical financial economics since 1973 are presented through reprinted articles, each followed by a substantial essay by a leading scholar in the field. These original papers were written expressly for these volumes and provide a critical discussion and overview of the topic. The books thus present a broad spectrum of viewpoints with an emphasis on the work on valuation, economics of uncertainty, and taxation which pertains to the problems of financial markets and corporations.
Author | : Emilio Barucci |
Publisher | : Springer Science & Business Media |
Total Pages | : 488 |
Release | : 2002-12-11 |
Genre | : Business & Economics |
ISBN | : 9781852334697 |
Download Financial Markets Theory Book in PDF, Epub and Kindle
A presentation of classical asset pricing theory, this textbook is the only one to address the economic foundations of financial markets theory from a mathematically rigorous standpoint and to offer a self-contained critical discussion based on empirical results. Tools for understanding the economic analysis are provided, and mathematical models are presented in discrete time/finite state space for simplicity. Examples and exercises included.
Author | : Claudia M. Buch |
Publisher | : Springer Science & Business Media |
Total Pages | : 272 |
Release | : 2004-05-26 |
Genre | : Business & Economics |
ISBN | : 9783540406372 |
Download Globalization of Financial Markets Book in PDF, Epub and Kindle
The internationalization of financial markets is one of the focal points in the discussion about recent globalization trends. These discussions suggest that capital can move freely between countries. However, there is ample evidence that national borders do matter and that there are many implicit and explicit barriers to integration. Understanding the factors that unify and that separate financial markets and thus reconciling these two stylized facts is at the core of this book. While the main focus of the empirical work is on banking industry, results are yet informative also with regard to developments in other financial market segments. Also, the book uses European financial integration as a case study for general integration trends.
Author | : Sudipto Bhattacharya |
Publisher | : |
Total Pages | : |
Release | : 1989 |
Genre | : Economics |
ISBN | : |
Download Frontiers of Modern Financial Theory: Financial markets and incomplete information Book in PDF, Epub and Kindle
Author | : Thorsten Hens |
Publisher | : Springer Science & Business Media |
Total Pages | : 313 |
Release | : 2013-03-09 |
Genre | : Business & Economics |
ISBN | : 1475753179 |
Download General Equilibrium Foundations of Finance Book in PDF, Epub and Kindle
The purpose of this book is to give a sound economic foundation of finance. Finance is a coherent branch of applied economics that is designed to understand financial markets in order to give advice for practical financial decisions. This book argues that for a sound economic foundation of finance the famous general equilibrium model which in its modern form emphasizes the incompleteness of financial markets is well suited. The aim of the book is to demonstrate that financial markets can be meaningfully embedded into a more general system of markets including, for example, commodity markets. The interaction of these markets can be described via the well known notion of a competitive equilibrium. We argue that for a sound foundation this competitive equilibrium should be unique. In a first step we demonstrate that this essential goal cannot of be achieved based only on the rationality principle, i. e. on the assumption utility maximization of some utility function subject to the budget constraint. In particular we show that this important lack of structure is disturbing as well for the case of mean-variance utility functions which are the basis of the Capital Asset Pricing Model, one of the cornerstones of finance. The final goal of our book is to give reasonable restrictions on the agents' utility functions which lead to a well determined financial markets model.
Author | : Frederik Lundtofte |
Publisher | : |
Total Pages | : 128 |
Release | : 2004 |
Genre | : Portfolio management |
ISBN | : |
Download Essays on Incomplete Information in Financial Markets Book in PDF, Epub and Kindle
Author | : Mauro F. Roca |
Publisher | : |
Total Pages | : 135 |
Release | : 2007 |
Genre | : |
ISBN | : 9780549057130 |
Download Incomplete Financial Markets and Imperfect Information in Macroeconomics Book in PDF, Epub and Kindle
Chapter 3 studies the welfare effects of varying levels of transparency in a model of price-setting under monopolistic competition and imperfect common knowledge. Our results indicate that more precise public information never leads to a reduction of welfare in this framework. We find that the beneficial effects of decreased imperfect common knowledge due to a more precise common signal always compensates the potential rise in aggregate volatility. Moreover, we show that, in contrast to what has previously been assumed, the variability of the aggregate price level has no detrimental welfare effects in this model.
Author | : Mr.Jose De Gregorio |
Publisher | : International Monetary Fund |
Total Pages | : 34 |
Release | : 1994-06-01 |
Genre | : Business & Economics |
ISBN | : 1451848358 |
Download Financial Markets and Inflation Under Imperfect Information Book in PDF, Epub and Kindle
This paper studies the effect of inflation on the operation of financial markets, and shows how the ability of financial intermediaries to distinguish among heterogenous firms is reduced as inflation rises. This point is illustrated by presenting a simple model where inflation affects firms’ productivity. In particular, productivity differentials narrow as inflation increases. This effect creates incentives for risky and less productive firms to behave as high productivity firms. At high rates of inflation this may result in financial intermediaries being unable to differentiate among customers.
Author | : Alexandre C. Ziegler |
Publisher | : Springer Science & Business Media |
Total Pages | : 205 |
Release | : 2012-11-02 |
Genre | : Business & Economics |
ISBN | : 3540247556 |
Download Incomplete Information and Heterogeneous Beliefs in Continuous-time Finance Book in PDF, Epub and Kindle
After a brief review of the existing incomplete information literature, the effect of incomplete information on investors' exptected utility, risky asset prices, and interest rates is described. It is demonstrated that increasing the quality of investors' information need not increase their expected utility and the prices of risky assets. The impact of other factors is discussed in detail. It is also demonstrated that financial markets in general do not aggregate information efficiently, a fact that can explain the equity premium puzzle.