Arbeitspapier
Trading motives in asset markets
I study how trading motives in asset markets affect equilibrium outcomes and welfare. I focus on two types of trading motives - informational and allocational. I show that while a fully separating equilibrium is the unique equilibrium when trading motives are known, multiple equilibria exist when trading motives are unknown. Moreover, forcing traders to reveal their trading motives may harm welfare. I also use this model to study how an asset market may exit a fire sale equilibrium and how government programs may eliminate private information and improve agents' welfare.
- Sprache
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Englisch
- Erschienen in
-
Series: Research Report ; No. 2019-1
- Klassifikation
-
Wirtschaft
Asset Pricing; Trading Volume; Bond Interest Rates
Asymmetric and Private Information; Mechanism Design
Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
General Financial Markets: Government Policy and Regulation
- Thema
-
asset markets
private information
competitive search
government intervention
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Wang, Zijian
- Ereignis
-
Veröffentlichung
- (wer)
-
The University of Western Ontario, Department of Economics
- (wo)
-
London (Ontario)
- (wann)
-
2019
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Wang, Zijian
- The University of Western Ontario, Department of Economics
Entstanden
- 2019
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