Asymmetric Information In Emerging Markets PDF Download
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Author | : Sara Xiaoya Ding |
Publisher | : |
Total Pages | : 290 |
Release | : 2011 |
Genre | : |
ISBN | : |
Download Asymmetric Information in Emerging Markets Book in PDF, ePub and Kindle
Asymmetric information has crucial implications for various market participants in financial markets, including investors (local and foreign), firms, and governments. The information asymmetry problem is especially severe in emerging markets. My dissertation attempts to address a few information-related questions that interest both academicians and practitioners. The first study adds some new evidence to the on-going debate of whether local or foreign investors are better informed. I offer a new perspective to the issue by examining two market segments within one country but separated by the relevance of local knowledge measured by state ownership. I find that state ownership has a dramatic asymmetric effect on local and foreign institutional investors in China's stock market. Local (foreign) institutional investors have an informational advantage in state-owned enterprises (SOEs), while foreign institutional investors have an informational advantage in non-state-owned enterprises (non-SOEs). Moreover, the informational advantage of local institutional investors is less evident in SOEs with high board independence and better audit quality. Building on these results, the second study further uses local and foreign institutional ownership as a measure of private information and examines whether firm-specific return volatility proxies for price informativeness. I find firm-specific return volatility is positively related to private information. Therefore the results support the notion that firm-specific return volatility measures the rate of private information impounded into stock prices. My research contributes to the literature in at least four important ways. My findings reconcile the two opposing views on local and foreign investors in the literature and suggest that the informational advantages of local and foreign investors vary with the relevance of local knowledge. Examining only the whole market in past research masks important variation in the relative advantages of local and foreign investors in market segments within a country. My study also suggests that taking into account firm-level characteristics, especially corporate governance measures, can enhance our understanding of the behavior of institutional investors. Additionally I provide some of the first evidence to show that local political institutions can create barriers faced by international investors. Finally, my research confirms the merit of firm-specific return volatility as a measure of price informativeness. Together, these studies provide new insights into research on asymmetric information in emerging markets and have important implications for local and foreign investors, firms, and governments.
Author | : Mr.Giovanni Dell'Ariccia |
Publisher | : International Monetary Fund |
Total Pages | : 32 |
Release | : 1998-06-01 |
Genre | : Business & Economics |
ISBN | : 145195154X |
Download Asymmetric Information and the Market Structure of the Banking Industry Book in PDF, ePub and Kindle
The paper analyzes the effects of informational asymmetries on the market structure of the banking industry in a multi-period model of spatial competition. All lenders face uncertainty with regard to borrowers’ creditworthiness, but, in the process of lending, incumbent banks gather proprietary information about their clients, acquiring an advantage over potential entrants. These informational asymmetries are an important determinant of the industry structure and may represent a barrier to entry for new banks. The paper shows that, in contrast with traditional models of horizontal differentiation, the steady-state equilibrium is characterized by a finite number of banks even in the absence of fixed costs.
Author | : Ricardo N. Bebczuk |
Publisher | : Cambridge University Press |
Total Pages | : 176 |
Release | : 2003-08-21 |
Genre | : Business & Economics |
ISBN | : 9780521797320 |
Download Asymmetric Information in Financial Markets Book in PDF, ePub and Kindle
Asymmetric information (the fact that borrowers have better information than their lenders) and its theoretical and practical evidence now forms part of the basic tool kit of every financial economist. It is a phenomenon that has major implications for a number of economic and financial issues ranging from both micro and macroeconomic level - corporate debt, investment and dividend policies, the depth and duration of business cycles, the rate of long term economic growth - to the origin of financial and international crises. Asymmetric Information in Financial Markets aims to explain this concept in an accessible way, without jargon and by reducing mathematical complexity. Using elementary algebra and statistics, graphs, and convincing real-world evidence, the author explores the foundations of the problems posed by asymmetries of information in a refreshingly accessible and intuitive way.
Author | : Mr.George C. Anayotos |
Publisher | : International Monetary Fund |
Total Pages | : 28 |
Release | : 1994-07-01 |
Genre | : Business & Economics |
ISBN | : 1451955782 |
Download Information Asymmetries in Developing Country Financing Book in PDF, ePub and Kindle
This paper assesses the impact of information asymmetries on developing country financing and considers alternative techniques to reduce the adverse implications of such asymmetries. Following an introduction, Section II examines in general terms the role of information in financial markets and analyzes the incentive and risk sharing properties of alternative financial contracts. Information asymmetries which are present in domestic finance are more prevalent in international finance, in particular in developing country financing. Section III reviews measures aiming to resolve information asymmetries. Borrowing and creditor country regulations and policies, as well as innovative contractual agreements help to resolve a range of issues related to information asymmetries. However, despite their contribution, residual problems remain unresolved. The international financial institutions, and in particular the Fund, have an important role to play in alleviating information asymmetries.
Author | : Han Qiu |
Publisher | : |
Total Pages | : 218 |
Release | : 2002 |
Genre | : Capital market |
ISBN | : |
Download Information Asymmetry in Emerging Markets Book in PDF, ePub and Kindle
Author | : David O. Beim |
Publisher | : Irwin/McGraw-Hill |
Total Pages | : 388 |
Release | : 2001 |
Genre | : Business & Economics |
ISBN | : |
Download Emerging Financial Markets Book in PDF, ePub and Kindle
This is the first text to be written on Emerging Financial Markets. The book is partially the result of a grant given by Citibank to Columbia Business School for the purpose of designing a new course in emerging financial markets for their MBA program. The text reflects the tremendous research in recent years seeking to explain the financial crises in Latin America and Asia during the mid to late 1990's and related issues such as capital flows, currency regimes, legal and regulatory matters, corporate governance, and the functions and structure of financial systems. Emerging Financial Markets suggests and explores three key foundations that explain why emerging markets behave differently than developed markets: (1) law, (2) institutions of information and control, and (3) inflation and currency stability.
Author | : Philip G. Altbach |
Publisher | : BRILL |
Total Pages | : 270 |
Release | : 2019-04-09 |
Genre | : Education |
ISBN | : 9004406158 |
Download Trends in Global Higher Education Book in PDF, ePub and Kindle
Patterns of globalization, the flow of students and scholars across borders, the impact of information technology, and other key forces are critically assessed. This book is a key resource for understanding the present and future of global higher education.
Author | : Douglas Cumming |
Publisher | : OUP USA |
Total Pages | : 937 |
Release | : 2012-03-22 |
Genre | : Business & Economics |
ISBN | : 0195391241 |
Download The Oxford Handbook of Entrepreneurial Finance Book in PDF, ePub and Kindle
Provides a comprehensive picture of issues dealing with different sources of entrepreneurial finance and different issues with financing entrepreneurs. The Handbook comprises contributions from 48 authors based in 12 different countries.
Author | : Indian Economic Association. Annual Conference |
Publisher | : Deep and Deep Publications |
Total Pages | : 248 |
Release | : 2006 |
Genre | : Business & Economics |
ISBN | : 9788176298261 |
Download Economics of Asymmetric Information Book in PDF, ePub and Kindle
Contributed papers presented at the one of the technical sessions of Indian Economic Association's 85th conference held at the Kerala University in 2002.
Author | : Mr.Mohsin S. Khan |
Publisher | : International Monetary Fund |
Total Pages | : 33 |
Release | : 1997-01-01 |
Genre | : Business & Economics |
ISBN | : 1451924941 |
Download Patterns of Capital Flows to Emerging Markets Book in PDF, ePub and Kindle
This paper reviews some of the basic patterns of international capital flows to emerging markets in recent years, including the composition of capital flows, intraregional flow patterns, and the geographical distribution of the flows. A theoretical model that sheds new light on these observed patterns is developed. This model focuses on the cost of financing aspect of capital flows, and shows that the patterns of capital flows are influenced by the combined effects of financial market development and growth potential in the recipient countries. The theoretical predictions of the model are shown to be consistent with the stylized facts.