Edelen, Roger M. (contributor); Gervais, Simon (contributor) - 2001 - [Elektronische Ressource]
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WeuseasampleofNYSEhaltsandaproxyfortheexchange-specialistinformationasymmetryto
test this theory. As predicted, we find a significant increase in estimated information …
profitscanincreasewhenthespecialistscollectivelyagreetorulesandmonitoringdesignedtopre-
vent opportunistic actions. However, given the tremendous amount of stock-specific information
that is surely …-
estswhenmonitoringislikelytoresultinpunishmentevenwhenthespecialistquotestheefficient
pricing schedule given his information, i.e. that which maximizes expected exchange profits.
The two main implications …