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Learning and Complementarities: Implications for Speculative Attacks

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  • Kathy Yuan

    (Department of Finance, Ross School, University of Michigan)

  • Emre Ozdenoren

    (Department of Economics, University of Michigan)

  • Itay Goldstein

    (Department of Finance, Wharton School, University of Pennsylvania)

Abstract

actions of heterogeneously informed agents.

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Bibliographic Info

Paper provided by Society for Economic Dynamics in its series 2008 Meeting Papers with number 276.

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Date of creation: 2008
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Handle: RePEc:red:sed008:276

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References

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  1. Hirshleifer, David & Subrahmanyam, Avanidhar & Titman, Sheridan, 1994. " Security Analysis and Trading Patterns When Some Investors Receive Information before Others," Journal of Finance, American Finance Association, American Finance Association, vol. 49(5), pages 1665-98, December.
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  4. Leland, Hayne E, 1992. "Insider Trading: Should It Be Prohibited?," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 100(4), pages 859-87, August.
  5. Emre Ozdenoren & Kathy Yuan, 2008. "Feedback Effects and Asset Prices," Journal of Finance, American Finance Association, American Finance Association, vol. 63(4), pages 1939-1975, 08.
  6. James Dow & Gary Gorton, 1995. "Stock Market Efficiency and Economic Efficiency: Is There a Connection?," NBER Working Papers 5233, National Bureau of Economic Research, Inc.
  7. Iván Werning & George-Marios Angeletos, 2006. "Crises and Prices: Information Aggregation, Multiplicity, and Volatility," American Economic Review, American Economic Association, American Economic Association, vol. 96(5), pages 1720-1736, December.
  8. Lars E.O. Svensson, 2005. "Social Value of Public Information: Morris and Shin (2002) Is Actually Pro Transparency, Not Con," NBER Working Papers 11537, National Bureau of Economic Research, Inc.
  9. Fulghieri, Paolo & Lukin, Dmitry, 2001. "Information production, dilution costs, and optimal security design," Journal of Financial Economics, Elsevier, Elsevier, vol. 61(1), pages 3-42, July.
  10. Dasgupta, Amil, 2007. "Coordination and delay in global games," Journal of Economic Theory, Elsevier, Elsevier, vol. 134(1), pages 195-225, May.
  11. Yuanzhi Luo, 2005. "Do Insiders Learn from Outsiders? Evidence from Mergers and Acquisitions," Journal of Finance, American Finance Association, American Finance Association, vol. 60(4), pages 1951-1982, 08.
  12. Eric van Wincoop & Philippe Bacchetta, 2004. "Can Information Heterogeneity Explain the Exchange Rate Determination Puzzle?," Econometric Society 2004 North American Winter Meetings, Econometric Society 628, Econometric Society.
  13. Wolfers, Justin & Zitzewitz, Eric, 2004. "Prediction Markets," Research Papers, Stanford University, Graduate School of Business 1854, Stanford University, Graduate School of Business.
  14. George-Marios Angeletos & Alessandro Pavan, 2007. "Dynamic Global Games of Regime Change: Learning, Multiplicity and Timing of Attacks," Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science 1497, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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  17. Bru, Lluís & Vives, Xavier, 2001. "Informational Externalities, Herding and Incentives," CEPR Discussion Papers, C.E.P.R. Discussion Papers 3080, C.E.P.R. Discussion Papers.
  18. Aleh Tsyvinski & Arijit Mukherji & Christian Hellwig, 2006. "Self-Fulfilling Currency Crises: The Role of Interest Rates," American Economic Review, American Economic Association, American Economic Association, vol. 96(5), pages 1769-1787, December.
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  20. Barlevy, Gadi & Veronesi, Pietro, 2000. "Information Acquisition in Financial Markets," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 67(1), pages 79-90, January.
  21. Amador, Manuel & Weill, Pierre-Olivier, 2006. "Learning from Private and Public Observation of Other's Actions," MPRA Paper 109, University Library of Munich, Germany.
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  23. Laura Veldkamp, 2004. "Information Markets and the Comovement of Asset Prices," Working Papers, New York University, Leonard N. Stern School of Business, Department of Economics 04-18, New York University, Leonard N. Stern School of Business, Department of Economics.
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  28. George-Marios Angeletos & Guido Lorenzoni & Alessandro Pavan, 2007. "Wall Street and Silicon Valley: A Delicate Interaction," NBER Working Papers 13475, National Bureau of Economic Research, Inc.
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  37. repec:bla:restud:v:75:y:2008:i:1:p:133-164 is not listed on IDEAS
  38. George-Marios Angeletos & Christian Hellwig & Alessandro Pavan, 2007. "Dynamic Global Games of Regime Change: Learning, Multiplicity, and the Timing of Attacks," Econometrica, Econometric Society, Econometric Society, vol. 75(3), pages 711-756, 05.
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Citations

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Cited by:
  1. Eugen Kovac & Jakub Steiner, 2008. "Reversibility in Dynamic Coordination Problems," CERGE-EI Working Papers, The Center for Economic Research and Graduate Education - Economic Institute, Prague wp374, The Center for Economic Research and Graduate Education - Economic Institute, Prague.
  2. Carolina Manzano & Xavier Vives, 2010. "Public and Private Learning from Prices, Strategic Substitutability and Complementarity, and Equilibrium Multiplicity," CESifo Working Paper Series, CESifo Group Munich 3137, CESifo Group Munich.
  3. Philip Bond & Alex Edmans & Itay Goldstein, 2012. "The Real Effects of Financial Markets," Annual Review of Financial Economics, Annual Reviews, Annual Reviews, vol. 4(1), pages 339-360, October.
  4. Kondor, Péter, 2011. "The more we know on the fundamental, the less we agree on the price," CEPR Discussion Papers, C.E.P.R. Discussion Papers 8455, C.E.P.R. Discussion Papers.
  5. George-Marios Angeletos & Guido Lorenzoni & Alessandro Pavan, 2007. "Wall Street and Silicon Valley: A Delicate Interaction," NBER Working Papers 13475, National Bureau of Economic Research, Inc.
  6. Pablo Kurlat, . "Optimal Stopping in a Model of Speculative Attacks," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, Elsevier for the Society for Economic Dynamics.

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