Asymmetric Information in Financial Markets: Introduction and Applications

by Ricardo N. Bebczuk

Overview

Within the economist's abstraction of a "Perfect Market" it is assumed that all agents have access to the same timely, accurate and free information, and as a result allocative efficiency will be achieved. In practice this rarely happens and in most cases agents have access to different levels of information so that transactions are characterized by asymmetric information. This book presents the first integrated treatment of asymmetric information as both a macroeconomic and microeconomic phenomenon in financial markets.

Product Details

ISBN-13:	9780521797320
Publisher:	Cambridge University Press
Publication date:	08/21/2003
Edition description:	New Edition
Pages:	172
Product dimensions:	6.93(w) x 9.80(h) x 0.59(d)

About the Author

Ricardo N. Bebczuk is Professor at the Department of Economics, Universidad-Nacional de La Plata, Argentina. He is an International Consultant and Lecturer on financial issues.

Table 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.