• Essays on Asset Trade
  • Dieler, Tobias <1983>

Subject

  • SECS-P/01 Economia politica

Description

  • The overreaching methodology of my Ph.D. thesis is to substitute noise traders with rational traders. I do so by considering liquidity asymmetry between informed trader and uninformed traders. Liquidity asymmetry creates a motive for trade. Under this new setup, I study the impact of asset trade on the real economy, represented by a firm with an investment opportunity, in chapter 1 ("Efficient Asset Trade - A Model with Asymmetric Information and Asymmetric Liquidity Needs"). I find conditions for which asset trade leads to inefficient investment. Chapter 2 ("(In)Efficient Asset Trade and a Rationale for a Tobin Tax") characterizes a tax which can restore efficient investment. In chapter 3, I show that finitely repeated trade, as in Kyle (1985) and Ostrovsky (2012), does not necessarily lead to information revelation if traders are fully rational.

Date

  • 2014-12-01

Type

  • Doctoral Thesis
  • PeerReviewed

Format

  • application/pdf

Identifier

urn:nbn:it:unibo-13533

Dieler, Tobias (2014) Essays on Asset Trade, [Dissertation thesis], Alma Mater Studiorum Università di Bologna. Dottorato di ricerca in Economia , 25 Ciclo. DOI 10.6092/unibo/amsdottorato/6727.

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