| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8774 |
| DP8774 Smart Buyers | |
| Mike Burkart; Samuel Lee | |
| 发表日期 | 2012 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | In many bilateral transactions, the seller fears being underpaid because its outside option is better known to the buyer. We rationalize a variety of observed contracts as solutions to such smart buyer problems. The key to these solutions is to grant the seller upside participation. In contrast, the lemons problem calls for offering the buyer downside protection. Yet in either case, the seller (buyer) receives a convex (concave) claim. Thus, contracts commonly associated with the lemons problem can equally well be manifestations of the smart buyer problem. Nevertheless, the information asymmetries have opposite cross-sectional implications. To avoid underestimating the empirical relevance of adverse selection problems, it is therefore critical to properly identify the underlying information asymmetries in the data. |
| 主题 | Financial Economics |
| 关键词 | Asymmetric information Bilateral trade Cash-equity offers Commissions Contingent value rights Debt-equity swaps Lemons problem Royalties |
| URL | https://cepr.org/publications/dp8774 |
| 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/537610 |
| 推荐引用方式 GB/T 7714 | Mike Burkart,Samuel Lee. DP8774 Smart Buyers. 2012. |
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