全球智库信息集成服务系统(G2TT): Trading, Communication and the Response of Price to New Information

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w3687
来源ID	Working Paper 3687
	Trading, Communication and the Response of Price to New Information
	Gary Gorton; James Dow
发表日期	1991-04-01
出版年	1991
语种	英语
摘要	The dynamic behavior of security prices is studied in a setting where two agents trade strategically and learn over time from market prices. The model introduces an information structure which is intended to capture the notion that information is difficult to interpret. Strategic interaction and the complexity of the information result in a protracted price response. Indeed, equilibrium price paths of the model may display reversals in which the two traders rationally revise their beliefs, first in one direction, and then in the opposite direction, even though no new information has entered the system. A piece of information which is initially thought to be bad news may be revealed, through trading, to be good news.
主题	Financial Economics ; Financial Markets
URL	https://www.nber.org/papers/w3687
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/560998
推荐引用方式 GB/T 7714	Gary Gorton,James Dow. Trading, Communication and the Response of Price to New Information. 1991.