The Puzzle of a Unique Instrument in Emerging Markets of South Asia
A unique instrument has been associated with emerging markets of India and Pakistan. We show that the instrument can be considered a market response to the information gaps in these markets. The instrument may credibly transmit information and may eliminate information gaps. Hence, the birth of the instrument is, perhaps, an example of a creative market response to information problems.
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- Berkman, Henk & Eleswarapu, Venkat R., 1998. "Short-term traders and liquidity: a test using Bombay Stock Exchange data," Journal of Financial Economics, Elsevier, vol. 47(3), pages 339-355, March.
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- Danny Ben-Shahar, 2004. "Productive Signaling Equilibria and Over-Maintenance: An Application to Real Estate Markets," The Journal of Real Estate Finance and Economics, Springer, vol. 28(2_3), pages 255-271, 03.
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