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Asymmetric Information in Financial Markets

Author

Listed:
  • Bebczuk,Ricardo N.

Abstract

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.

Suggested Citation

  • Bebczuk,Ricardo N., 2003. "Asymmetric Information in Financial Markets," Cambridge Books, Cambridge University Press, number 9780521797320.
  • Handle: RePEc:cup:cbooks:9780521797320
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    Cited by:

    1. Ricardo Bebczuk & Arturo Galindo, 2011. "Corporate Leverage, the Cost of Capital,and the Financial Crisis in Latin America," Department of Economics, Working Papers 085, Departamento de Economía, Facultad de Ciencias Económicas, Universidad Nacional de La Plata.
    2. Gerba, Eddie, 2013. "Reconnecting investment to stock markets: the role of corporate net worth evaluation," LSE Research Online Documents on Economics 56396, London School of Economics and Political Science, LSE Library.
    3. Rainer Buckdahn & Marc Quincampoix & Catherine Rainer & Yuhong Xu, 2016. "Differential games with asymmetric information and without Isaacs’ condition," International Journal of Game Theory, Springer;Game Theory Society, vol. 45(4), pages 795-816, November.
    4. Arroyo, Martín R., 2007. "Banking concentration, information asymmetries and credit rationing: The Argentinean case," MPRA Paper 29968, University Library of Munich, Germany, revised 30 Mar 2011.
    5. Ricardo Bebczuk & Francisco Haimovich, 2007. "MDGs and Microcredit: An Empirical Evaluation for Latin American Countries," CEDLAS, Working Papers 0048, CEDLAS, Universidad Nacional de La Plata.
    6. Ricardo Bebczuk & Eduardo Cavallo, 2016. "Is business saving really none of our business?," Applied Economics, Taylor & Francis Journals, vol. 48(24), pages 2266-2284, May.
    7. Ricardo N. Bebczuk, 2005. "Corporate Governance and Ownership: Measurement and Impact on Corporate Performance and Dividend Policies in Argentina," Research Department Publications 3212, Inter-American Development Bank, Research Department.
    8. repec:spr:fininn:v:1:y:2015:i:1:d:10.1186_s40854-015-0018-1 is not listed on IDEAS
    9. Ricardo Bebczuk & Edgardo Demaestri, 2014. "Comparing Downpayment and Interest Rate Mortgage Subsidies: An Analytical Approach," CEDLAS, Working Papers 0162, CEDLAS, Universidad Nacional de La Plata.
    10. Ricardo N. Bebczuk, 2008. "Financial Inclusion in Latin America and the Caribbean: Review and Lessons," CEDLAS, Working Papers 0068, CEDLAS, Universidad Nacional de La Plata.
    11. Ricardo N. Bebczuk & Eduardo A. Cavallo, 2014. "Is Business Saving Really None of Our Business?," IDB Publications (Working Papers) 6554, Inter-American Development Bank.
    12. Arturo Galindo & Marcela Melendez, 2013. "Small Is Not Beautiful: Firm-Level Evidence of the Link between Credit, Firm Size and Competitiveness in Colombia," Research Department Publications IDB-WP-395, Inter-American Development Bank, Research Department.
    13. Ricardo Bebczuk & Tamara Burdisso & Jorge Carrera & Máximo Sangiácomo, 2011. "A New Look into Credit Procyclicality: International Panel Evidence," BCRA Working Paper Series 201155, Central Bank of Argentina, Economic Research Department.
    14. Ricardo Bebczuk, 2009. "SME Access to Credit in Guatemala and Nicaragua: Challenging Conventional Wisdom with New Evidence," CEDLAS, Working Papers 0080, CEDLAS, Universidad Nacional de La Plata.
    15. Pablo Herrera & Javier García Fronti, 2014. "Impacto del crédito gubernamental en el sistema financiero," REVISTA FINANZAS Y POLÍTICA ECONÓMICA, UNIVERSIDAD CATOLICA DE COLOMBIA, vol. 6(2), pages 247-268, September.
    16. repec:lap:journl:596 is not listed on IDEAS
    17. Bebczuk, Ricardo N., 2010. "Acceso al financiamiento de las PYMES en Argentina: estado de situación y propuestas de política," Financiamiento para el Desarrollo 227, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    18. Christopher L. Colvin, 2014. "Interlocking directorates and conflicts of interest: the Rotterdamsche Bankvereeniging, Müller & Co. and the Dutch financial crisis of the 1920s," Business History, Taylor & Francis Journals, vol. 56(2), pages 314-334, March.
    19. James Atta Peprah, 2012. "Good Money Chasing Bad Money: Implications for MFIs Management and Governance in Ghana," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 2(3), pages 503-517, July.
    20. Jörg Guido Hülsmann, 2006. "The political economy of moral hazard," Politická ekonomie, University of Economics, Prague, vol. 2006(1), pages 35-47.
    21. repec:eee:riibaf:v:41:y:2017:i:c:p:109-124 is not listed on IDEAS
    22. Ricardo Bebczuk & Máximo Sangiácomo, 2010. "Use of Collateral in the Argentine Banking System," Ensayos Económicos, Central Bank of Argentina, Economic Research Department, vol. 1(59), pages 131-166, July - Se.

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