Ditapis dengan
Speculation and Hedging in Segmented Markets
We analyze a model in which traders have different trading opportunities and learn information from prices. The difference in trading opportunities implies that different traders may have different trading motives when trading in the same market—some trade for speculation and others for hedging—and thus they may respond to the same information in opposite directions. This implies that addin…
- Edisi
- Vol. 27 No. 3, Mar 2014
- ISBN/ISSN
- 1465-7368
- Deskripsi Fisik
- 956 p.
- Judul Seri
- The Review of Financial Studies
- No. Panggil
- TRFS2703
Information Diversity and Complementarities in Trading and Information Acquis…
We analyze a model in which different traders are informed of different fundamentals that affect the security value..Printed Journal
- Edisi
- -
- ISBN/ISSN
- 221082
- Deskripsi Fisik
- -
- Judul Seri
- -
- No. Panggil
- JOF7004
Directors' ownership in the U.S. mutual fund industry
This paper empirically investigates directors' ownership in the mutual fund industry. Our results show that, contrary to anecdotal evidence, a significant portion of directors hold shares in the funds they oversee. Ownership patterns are broadly consistent with an optimal contracting equilibrium. That is, ownership is positively and significantly correlated with most variables that are predicte…
- Edisi
- -
- ISBN/ISSN
- 221082
- Deskripsi Fisik
- -
- Judul Seri
- -
- No. Panggil
- -
Demand-deposit contracts and the probability of bank runs
show that while demand?deposit contracts let banks provide liquidity, they expose them to panic-based bank runs. However, their model does not provide tools to derive the probability of the bank-run equilibrium, and thus cannot determine whether banks increase welfare overall. We study a modified model in which the fundamentals determine which equilibrium occurs. This lets us compute the ex ant…
- Edisi
- -
- ISBN/ISSN
- 221082
- Deskripsi Fisik
- -
- Judul Seri
- -
- No. Panggil
- -
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