We study the role of information about multiplier in a finitely repeated investment game. A high increases reputational incentives trustee, leading to more repayments. Our perfect Bayesian equilibrium analysis shows that if trustee is privately informed multiplier, both expected frequency investments and repayments as well payoffs players are higher compared situation where public knowledge. te...

This work studies the information content of trades in world’s largest over-the-counter (OTC) market, foreign exchange (FX) market. It analyzes a novel, comprehensive order flow data set, distinguishing among different groups market participants and covering large cross-section currency pairs. We find compelling evidence heterogeneous superior across agents, time, pairs, consistent with asymmet...

We study how asymmetric information affects the set of rationalizable solutions in a linear setup where the outcome is determined by forecasts about this same outcome. The unique rational expectations equilibrium is also the unique rationalizable solution when the sensitivity of the outcome to agents’ forecasts is less than one, provided that this sensitivity is common knowledge. Relaxing this ...

We study the value and optimal strategies for a two-player zero-sum stopping game with incomplete asymmetric information. In our Bayesian setup, drift of underlying diffusion process is unknown to one player (incomplete information feature), but known other (asymmetric feature). formulate problem reduce it fully Markovian setup where uninformed optimises over times informed uses randomised in o...

Investigating the performance of companies is one of the most important issues for the users of accounting information. The purpose of this study was to provide evidence about the effect of asymmetric appropriateness on investors' expectations. The results of the research on accepted companies In the Tehran Stock Exchange during the period from 2012 to 2016. To collect data, a library method wa...

This paper presents a synthesized model of asymmetric information. An empirical analysis of more than 1,400 NYSE common stocks shows that trade direction is more important than volume in revealing the asymmetry. There is also evidence to suggest that signed duration reflects informed trading activity. We use the proposed measure of information asymmetry to study daily changes in the level of in...