Default effects, transaction costs, and imperfect information
نویسندگان
چکیده
منابع مشابه
Full - information transaction costs ∗
In a world with private information and learning on the part of the market participants, the (positive) difference between the observed transaction price of an asset and the corresponding unobserved full-information price (the price that reflects private and public information about the asset) represents an ideal measure of market quality. We call this difference “full-information transaction c...
متن کاملTransaction costs and information systems
Transaction cost theory has often been used to support to support the idea that information and communication technology (ICT) can reduce imperfection in the economic system. Electronic markets and hierarchies have repeatedly been described as solutions to inefficiencies in the organisation of transactions in complex and uncertain settings. Far from criticising this assumption, this paper highl...
متن کاملTransaction costs, information technology and development
Purpose – The purpose of this paper is to examine the impact of transaction costs on economic welfare and development, and the role of information technology (IT) in reducing transaction costs. Design/methodology/approach – The paper extends the static model of Romer, in which transaction costs reduce welfare by reducing the equilibrium number of intermediate goods, and estimate the welfare los...
متن کاملThe effects of outside board on firm value in Tehran Stock Exchange from the perspective of information transaction costs
The aim of this study is to investigate the effects of outside board on rm value in Tehran Stock Exchange (TSE) from the perspective of information transaction costs. To do so, a sample of 96 firms listed in TSE is selected to be studied during the period of 2003-2012. Tobin q ratio is used to measure rm's value and bid-ask spread for information transaction costs. In addition to these variable...
متن کاملValuation of default-sensitive claims under imperfect information (Publisher's Erratum)
We propose a valuation method for financial assets subject to default risk, where investors cannot observe the state variable triggering the default but observe a correlated price process. The model is sufficiently general to encompass a large class of structural models and can be seen as a generalization of the model of Duffie and Lando (Econometrica 69:633–664, 2001). In this setting we prove...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Economics Letters
سال: 2013
ISSN: 0165-1765
DOI: 10.1016/j.econlet.2013.02.022