Private Information, Stock Markets, and Exchange Rates
نویسندگان
چکیده
منابع مشابه
Heterogeneous speculators, endogenous fluctuations and interacting markets: a model of stock prices and exchange rates
We develop a discrete-time model in which the stock markets of two countries are linked via and with the foreign exchange market. The foreign exchange market is characterized by nonlinear interactions between technical and fundamental traders. Such interactions may generate complex dynamics and recurrent switching between “bull” and “bear” market phases via a well-known pitchfork and period-dou...
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Stock exchanges are considered major players in financial sectors of many countries. Most Stockbrokers, who execute stock trade, use technical, fundamental or time series analysis in trying to predict stock prices, so as to advise clients. However, these strategies do not usually guarantee good returns because they guide on trends and not the most likely price. It is therefore necessary to expl...
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The current study aims to investigate the relationship between stock liquidity risk and financial information quality criteria (i.e. the timely dividends announcement, accruals quality and the percentage of profitability prediction error) of companies listed on the Tehran Stock Exchange. For this purpose, 148 cases of data from listed companies, collected from 2007 to 2012, were employed in ord...
متن کاملMarkets with Multidimensional Private Information
Impose Assumption 1 and assume there exists a β ∈ B with βΓ(v) > v. The semi-separating equilibrium is characterized by a discount factor for the marginal buyer, β̂ ∈ B, which is determined in equation (A1) below. For now, fix β̂ and assume, as we verify below, that β̂Γ(v) > v. We next define two critical prices. The lowest price with trade is p ≡ β̂Γ(v), the value that the marginal buyer places on...
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Unlike conditional volatility that has been investigated intensively, conditional correlations between financial assets have received only little attention in literature. Researchers have, for so long, focused mainly on estimating returns and risk, and have assumed that the correlations are constant and have therefore paid less attention on them. However, recent studies uncover that such correl...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2009
ISSN: 1556-5068
DOI: 10.2139/ssrn.1438504