Financial markets with investors who don't know the informational property of their counterparty

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Other Title
  • 取引相手の情報特性を知らない投資家のいる金融市場
  • トリヒキ アイテ ノ ジョウホウ トクセイ オ シラナイ トウシカ ノ イル キンユウ シジョウ

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Abstract

The purpose of this paper is to investigate the effect of asymmetric information on prices and market liquidity in financial markets when uninformed traders are informationally inferior. Using model analysis, the paper examines the question of how the asymmetric information about the fundamentals of risky assets, as well as asymmetric information about the characteristics of their counterparties, affects the prices and market liquidity established at equilibrium in such a market.

Journal

  • 同志社商学

    同志社商学 75 (1), 79-94, 2023-06-30

    The Association of Commerce Doshisha University

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