Il est evident que l'idee selon laquelle un quotidien d'information economique et finnaciere comme Les Echos ou La Tribune est bien, dans le domaine de la gestion sociale en particulier, un vecteur d'information aupres des acteurs surle marche boursier francais, puisque plusieurs effets...

This paper explores environments in which either the revelation or diffusion of information, or its incorporation into stock prices, is gradual, and develops appropriate estimation techniques. This paper has implications both for event study met hodology and for understanding the process by...

We consider the effect of asymmetric information on price formation process in a financial market where private information is held by a market maker. A Byesian game is proposed in which there is price competition between two market makers with two different information partition.

One of the great unknowns in international finance is the process by which new information influences exchange rate behavior. Until recently, data constraints have limited our ability to examine this issue. The Olsen and Associates high-frequency spot market data greatly expand the range of...

Our primary goal is to develop and analyze a dynamic economic model that takes into account several sources of information-based trade-the markets for a stock and options on that stock-and that ultimately accounts for salient features of stock price data, including serial correlation in stock...

We present a two-country OLG economy in which international capital mobility exixts in the presence of moral hazard in financial contracts.

This paper introduces recursive Fama and MacBeth tests to assess the intertemporal significance and pervasiveness of macroeconomic factors and firm-specific characteristics in explaining the cross-section variation of expected returns in a dynamically changing stok market such as the Athens...

Two alternative funding modes for a commercial bank are compared, deposits and securitization. Our model includes the two-sided asymmetric information setup of Diamond and Dybvig (1983) and Jacklin and Bhattacharya (1988) and a dynamic aspect with the introduction of a valuable new investment...

Motivated by relatively recent theoretical contributions on the role played by uncertainty, sunk costs and technological change in influencing entry, exit and industry structure, we conduct an empirical analysis covering 267 U.S. manufacturing industries over the period 1963-1992.

Given standard, transparent assumptions, this paper questions the Wall Street adage that 'timing is everything'. I show that for an Arrow security, a 'small' risk-neutral trader with private information that is conditionally independent of the public information is exactly indifferent about the...