We consider a set of asymmetrically informed agents, where the information of each trader is susceptible of being altered when she becomes a member of a coalition. For this, we consider a general rule that depending on the coalition, a signal (or an information partition) is assigned to each...

Introducing assets backed by physical collateral, we extend the Cornet and De Boisdeffre (2002) model of asymmetric information to allow for default. We show that, independently of the financial-informational structure, equilibrium exists.