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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 adding more informed traders may reduce price informativeness and therefore provides a source for learning complementarities leading to multiple equilibria and price jumps. Our model is relevant to various realistic settings and helps to understand a variety of modern financial markets. .Printed Journal, baca ditempat

Ketersediaan

Call NumberLocationAvailable
TRFS2703PSB lt.dasar - Pascasarjana1
Penerbit The Society of Financial Studies.,
Edisi -
Subjek Asset pricing
Investment decisions
Trading volume
Portfolio Choice
Asymmetric and private information
Bond interest rates
ISBN/ISSN 8939454
Klasifikasi -
Deskripsi Fisik -
Info Detail Spesifik -
Other Version/Related Tidak tersedia versi lain
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