haku: @indexterm financial market trading / yhteensä: 54
viite: 47 / 54
Tekijä:Sarath, B.
Otsikko:Public information quality with monopolistic sellers
Lehti:Games and Economic Behavior
1996 : OCT, VOL. 16:2, p. 261-279
Asiasana:FINANCIAL MARKET TRADING
ASYMMETRIC INFORMATION
DISCLOSURE
Kieli:eng
Tiivistelmä:The paper shows that in markets with asymmetric information, even if there is full agreement on the choice of optimal information quality, entrusting the choice of (unverifiable) public information quality to traders who benefit from such information leads to inefficiencies. However, delegation of information quality choice to an independent agent who is precluded from sharing in trading profits results in efficient implementation. This result provides a game-theoretical rationale for current institutional agreements where a private organization that is independent of markets traders, the Financial Accounting Standards Board, determines the standards for public disclosure.
SCIMA tietueen numero: 155070
lisää koriin
SCIMA