| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w8746 |
| 来源ID | Working Paper 8746 |
| Information Aggregation, Security Design and Currency Swaps | |
| Bhagwan Chowdhry; Mark Grinblatt; David Levine | |
| 发表日期 | 2002-01-24 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | A model of security design based on the principle of information aggregation and alignment is used to show that (i) firms needing to finance their operations should issue different securities to different groups of investors in order to aggregate their disparate information and (ii) each security should be highly correlated (closely aligned) with the private information signal of the investor to whom it is marketed. This alignment reduces the adverse selection penalty paid by a firm with superior information. Adverse selection costs are often contingent on ex post publicly observable and contractible state variables such as exchange rates. In such cases, debt contracts are dominated by currency swaps. Moreover, optimal securities are derivative contracts that are contingent on state variables that influence adverse selection costs. This is because the netting of cash flows in these derivative contracts, in effect, alters the state-by-state seniority of different claims in a desirable way. |
| 主题 | Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w8746 |
| 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/566353 |
| 推荐引用方式 GB/T 7714 | Bhagwan Chowdhry,Mark Grinblatt,David Levine. Information Aggregation, Security Design and Currency Swaps. 2002. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w8746.pdf（225KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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