| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2295 |
| DP2295 Risk Sharing and Industrial Specialization: Regional and International Evidence | |
| Oved Yosha; Bent E Sørensen | |
| 发表日期 | 1999-11-30 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | We compare competitive equilibrium outcomes with and without trading by a privately informed 'monopolistic' insider, in a model with real investment portfolio choices ex ante, and noise trading generated by aggregate uncertainty regarding other agents' intertemporal consumption preferences. The welfare implications of insider trading for the ex ante expected utilities of outsiders are analyzed. The role of interim information revelation due to insider trading, in improving the risk-sharing among outsiders with stochastic liquidity needs, is examined in detail. |
| 主题 | Financial Economics |
| 关键词 | Incomplete markets Portfolio choice Private information Rational expectations |
| URL | https://cepr.org/publications/dp2295 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531387 |
| 推荐引用方式 GB/T 7714 | Oved Yosha,Bent E Sørensen. DP2295 Risk Sharing and Industrial Specialization: Regional and International Evidence. 1999. |
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