| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2853 |
| DP2853 Mark-ups, Entry Regulation and Trade: Does Country Size Matter? | |
| Marcelo Olarreaga; Hiau Looi Kee | |
| 发表日期 | 2001-07-09 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | This Paper studies the formation of opening prices for German and French stocks, simultaneously traded in Frankfurt and Paris. We analyse theoretically the case where investors and traders based in the same country as the firm have better information on its value than foreign traders. Our model implies that prices set on the domestic market should be informationally more e±cient than prices set on the foreign market. For German stocks, our empirical results are consistent with theory. The informational e±ciency of French stock prices is comparable in the two markets when the Frankfurt specialist can observe Paris preopening prices before opening the market. |
| 主题 | Financial Economics |
| 关键词 | International financial markets integration Information assymeteries Market microstructure |
| URL | https://cepr.org/publications/dp2853 |
| 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/531921 |
| 推荐引用方式 GB/T 7714 | Marcelo Olarreaga,Hiau Looi Kee. DP2853 Mark-ups, Entry Regulation and Trade: Does Country Size Matter?. 2001. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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