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Conference Paper: Clientele, Information Sales and Asset Prices
Title | Clientele, Information Sales and Asset Prices |
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Authors | |
Keywords | Clientele formation Information sales Complementarity Market quality |
Issue Date | 2018 |
Publisher | Chinese Association of Finance. |
Citation | 2018 China International Conference in Finance Annual Meeting , Tianjin, China, 10-13 July 2018 How to Cite? |
Abstract | We study the joint determination of information sales and equilibrium asset pricing in an economy with two information sellers and one risky asset with multiple uncertainties. We Önd that the information market structure (e.g., whether the sold information is similar or distinct, and how sellers and investors share the trading proÖt) has important implications for seller-investor clientele formation and asset pricing. First, two sellers could have either orthogonal or overlapping clientele, which depends on the similarity of sellersíinformation. Second, when two sellersíinformation is distinct and they have large bargaining power in sharing trading proÖt, investorsí information purchase exhibits complementarity, and multiple equilibria could occur. Third, information-market structure has non-trivial implications on asset-market qualities. |
Description | Session: Information in Financial Markets |
Persistent Identifier | http://hdl.handle.net/10722/260960 |
DC Field | Value | Language |
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dc.contributor.author | Huang, S | - |
dc.contributor.author | Xiong, Y | - |
dc.contributor.author | Yang, L | - |
dc.date.accessioned | 2018-09-14T08:50:10Z | - |
dc.date.available | 2018-09-14T08:50:10Z | - |
dc.date.issued | 2018 | - |
dc.identifier.citation | 2018 China International Conference in Finance Annual Meeting , Tianjin, China, 10-13 July 2018 | - |
dc.identifier.uri | http://hdl.handle.net/10722/260960 | - |
dc.description | Session: Information in Financial Markets | - |
dc.description.abstract | We study the joint determination of information sales and equilibrium asset pricing in an economy with two information sellers and one risky asset with multiple uncertainties. We Önd that the information market structure (e.g., whether the sold information is similar or distinct, and how sellers and investors share the trading proÖt) has important implications for seller-investor clientele formation and asset pricing. First, two sellers could have either orthogonal or overlapping clientele, which depends on the similarity of sellersíinformation. Second, when two sellersíinformation is distinct and they have large bargaining power in sharing trading proÖt, investorsí information purchase exhibits complementarity, and multiple equilibria could occur. Third, information-market structure has non-trivial implications on asset-market qualities. | - |
dc.language | eng | - |
dc.publisher | Chinese Association of Finance. | - |
dc.relation.ispartof | China International Conference in Finance Annual Meeting | - |
dc.subject | Clientele formation | - |
dc.subject | Information sales | - |
dc.subject | Complementarity | - |
dc.subject | Market quality | - |
dc.title | Clientele, Information Sales and Asset Prices | - |
dc.type | Conference_Paper | - |
dc.identifier.email | Huang, S: huangsy@hku.hk | - |
dc.identifier.authority | Huang, S=rp02052 | - |
dc.description.nature | link_to_OA_fulltext | - |
dc.identifier.hkuros | 290088 | - |
dc.publisher.place | Tianjin, China | - |