haku: @journal_id 789 / yhteensä: 95
viite: 30 / 95
Tekijä: | Spiege, M. Subrahmanyam, A. |
Otsikko: | Asymmetric Information and News Disclosure Rules |
Lehti: | Journal of Financial Intermediation
2000 : OCT, VOL. 9:4, p. 363-403 |
Asiasana: | ASYMMETRIC INFORMATION DISCLOSURE DISCLOSURE INFORMATION |
Kieli: | eng |
Tiivistelmä: | When the imminence of news announcements is not public knowledge, many traders will lack information on both the mean and variance of private information. The authors' analysis of such a setting in both single and multisecurity contexts implies that disclosure of impending information events by firms can bound variance uncertainty and thereby improve investor welfare by mitigating the market breakdown problem. The authors also find that the equilibrium pricing functions are nonlinear; specifically, convex for small trades and concave for larger ones. In addition, the authors predict that large transactions will be followed by large levels of volatility. |
SCIMA