Asymmetric Information in Financial Markets
Introduction and Applications
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Product details:
- Publisher Cambridge University Press
- Date of Publication 21 August 2003
- ISBN 9780521797320
- Binding Paperback
- No. of pages172 pages
- Size 249x176x15 mm
- Weight 366 g
- Language English
- Illustrations 8 b/w illus. 17 tables 0
Categories
Short description:
Examination of the features and implications of asymmetric information in financial markets.
MoreLong description:
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.
MoreTable of Contents:
Part I. Conceptual Foundations: 1. An introduction to asymmetric information problems in financial markets; 2. Protective mechanisms against asymmetric information; Part II. Applications To Corporate Finance: 3. Information problems and corporate financing; 4. Asymmetric information and dividend policy; Part III. Macroeconomic Applications: 5. Asymmetric information, the financial system and economic growth; 6. Asymmetric information and business cycles; 7. Asymmetric information and the functioning of the financial system; 8. Asymmetric information and international capital flows.
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