Articles

Cross-border acquisitions in the European strategy of French banks

B. MAROIS, X. Farde

Bank Archiv, Vienne

novembre 1994, n°11, pp.839-849

Départements : Finance


How long do Unilateral Target Zones Last ?

B. DUMAS, L. E. O. Svensson

Journal of International Economics

1994, vol. 36, pp.467-481

Départements : Finance


Insider and liquidity trading in stock and options markets

B. BIAIS, P. HILLION

Review of Financial Studies

hiver 1994, vol. 7, n°4, pp.743-780

Départements : Finance

https://www.jstor.org/stable/2962250


We analyze the introduction of a nonredundant option, which completes the markets, and the effects of this on information revelation and risk sharing.The option alters the interaction between liquidity and insider trading. We find that the option mitigates the market breakdown problem created by the combination of market incompleteness and asymmetric information. The introduction of the option has ambiguous consequences on the informational efficiency of the market. On the one hand, by avoiding market breakdown, it enables trades to occur and convey information. On the other hand, the introduction of the option enlarges the set of trading strategies the insidercan follow. This can make it more difficult the market makers to interpret the information content of trades and consequently can reduce the informational efficiency of the market. The introduction of the option also has an ambiguous effect on the profitability of insider trades, which can either increase or decrease depending on parameter values

On Stock Market Returns and Returns on Real Investment

F. Restoy, M. ROCKINGER

The Journal of Finance

juin 1994, vol. 49, n°2, pp.543-556

Départements : Finance


Redistribution and Welfare

M. Donsimoni, H. M. POLEMARCHAKIS

Journal of Mathematical Economics

1994, n°23

Départements : Finance


Some Models of the International Capital Market, proceedings of the EEA

B. DUMAS

European Economic Review

1994, n°38, pp.923-931

Départements : Finance


To the Estimation of Statistical Characteristics of the General Process of Radiointerference on Railroads

V. Eremeev, K. Livshits, D. LESHCHINSKII

Optika Atmosfery

1994, n°8, pp.15-20

Départements : Finance



JavaScriptSettings