首页 | 本学科首页   官方微博 | 高级检索  
相似文献
 共查询到10条相似文献,搜索用时 203 毫秒
1.
张飞 《经济前沿》2010,(1):124-131
本文采用Brockman and Chung(1999)使用的买卖价差分解技术,将价差分解成逆向选择成本、指令处理成本和指令持续性成本三部分,并运用在上海证券交易所上市的25只封闭式基金2005年9月9日至2006年9月28日期间的高频交易数据进行回归分析。实证结果表明,价差中逆向选择成本仅占27.36%,明显低于沪市股票市场(37.05%,见杨朝军等(2002)),沪市封闭式基金市场的信息不对称程度较沪市股票市场轻。进一步实证分析表明,沪市封闭式基金的买卖价差对收益率波动率较为敏感,而以报价深度度量的市场深度则对价格的变动较为敏感。  相似文献   

2.
This paper examines the impact of corporate governance on the adverse selection component of the bid-ask spread of stocks listed on the Singapore Exchange. These companies have been identified by Credit Lyonnais Securities Asia (CSLA) with the highest level of corporate governance among 25 emerging markets. We measure corporate governance by several criteria: discipline, transparency, independence, accountability, responsibilities, fairness, and social awareness. The results show that corporate governance has an inverse relationship with adverse selection. However, only the transparency dimension exhibits a significant inverse relationship with adverse selection. In addition, Government-Linked Companies (GLCs) are shown to have a smaller adverse selection component than non-GLCs.  相似文献   

3.
Individual, personalized genetic information is increasingly available, leading to the possibility of greater adverse selection over time, particularly in individual-payer insurance markets. We use data on individuals at risk for Huntington disease (HD), a degenerative neurological disorder with significant effects on morbidity, to estimate adverse selection in long-term care insurance. We find strong evidence of adverse selection: individuals who carry the HD genetic mutation are up to 5 times as likely as the general population to own long-term care insurance. This finding is supported both by comparing individuals at risk for HD to those in the general population and by comparing across tested individuals in the HD-risk population with and without the HD mutation.  相似文献   

4.
双边市场与平台理论研究综述   总被引:2,自引:0,他引:2  
有关双边市场和平台理论的研究是近年来产业经济学的最新进展之一.传统的"单边"市场仅涉及商品的交易,但在双边市场中,"平台"则成为核心,它通过实现两种(或多种)顾客之间的接触获取利润.研究中一般将双边市场分为交易中介、媒体、支付工具、软件平台等四种类型,根据这一划分对这四个方面的研究成果进行综述,总结各领域所重点关注的问题、得到的主要结论及研究中的重点,并指出未来可能的研究方向.  相似文献   

5.
Summary. We examine an adverse selection relationship in which the principal may ignore the ex ante distribution of the agent's types. The principal's behavior is described by a disutility function that covers the standard minimax regret and minimax loss criteria. We show that the incentive compatible and individually rational mechanism, which minimizes the maximal (or the minimal) principal's disutility over a set of priors, requires the efficient agents to realize the corresponding first-best actions and may demand actions lower than the first-best ones from less efficient agents. We also analyze the qualitative differences between the case in which the principal considers regrets and the case in which he considers losses. Received: 19 October 1998; revised version: 9 November 1999  相似文献   

6.
The observation that few Americans purchase life annuities has often been attributed to adverse selection. A still unanswered question is whether observable price increases caused by adverse selection can be generated endogenously in a life cycle model. This paper calibrates a pure life cycle model for a characteristic US cohort and reproduces three stylized facts. Adverse selection increases annuity prices by 7–10 percent; the cost of adverse selection rises with the age of the annuitant; and the cost is smaller for females than for males. Social security privatization could reduce annuity prices by between 2 and 3 percent.  相似文献   

7.
崔婷  李晨 《产经评论》2020,11(1):5-16
互联网医药行业中,私人经济与公共利益交叉程度高,同时涉及经济垄断和行政垄断领域,部分适用通过市场机制配置资源的原则。其涉及市场机制的部分,可能会触动反垄断调查。医药实体行为或业务的性质,是界定该行为或业务是否适用市场机制的标准,同时也是判断《反垄断法》适用性的标准。互联网平台经济具有双边市场的特性,会在相关市场的界定和竞争分析的路径方面与传统医药行业案件不同。另一方面,并非所有医药行业与互联网平台的结合都适用双边市场理论,决定双边市场理论适用性的标准是医药实体与互联网平台之间的相互关系。在处理互联网医药行业垄断案件时,需正确区分两个关系:市场机制与非市场机制的关系、医药实体与互联网平台的关系。  相似文献   

8.
本文利用多元对教条件自田归计数模型讨论了交易概率、交易成本以及选择成本等市场微观结构因素对中国证券市场投资者订单选择的影响.实证研究发现:(1)交易成本的增加会削弱投贵者递交指令的积极性,当成交风险较大时,投资者更偏好市价订单;(2)由于中国证券市场订单类型较为单一,逆向选择风险对投资者订单选择行为并无显著性的影响;(3)在同质信息的驱动下不同类型订单之间具有显著的持续和交叉相关性.  相似文献   

9.
《Journal of public economics》2007,91(7-8):1519-1531
We examine optimal taxation and social insurance with adverse selection in competitive insurance markets. In a previous literature, it has been shown that, with perfect insurance markets, social insurance improves welfare since it is able to redistribute without creating distortions. This result has been taken as robust to the introduction of adverse selection as this would only provide additional justifications for social insurance. We show, however, that adverse selection can weaken the case for social insurance compared to a situation with perfect markets. Whenever social insurance mitigates private underinsurance, it also causes welfare-reducing effects by decreasing precautionary labor supply and hence tax revenue. In addition, adverse selection may reduce the redistributive potential of social insurance. We illustrate our general results using different equilibrium concepts for the insurance market. Notably, we derive conditions under which a complete renunciation of social insurance is optimal and the government only relies on income taxation to achieve its redistributive objectives.  相似文献   

10.
Adverse selection as it relates to health care policy will be a key economic issue in many upcoming elections. In this article, the author lays out a 30-minute classroom experiment designed for students to experience the kind of elevated prices and market collapse that can result from adverse selection in health insurance markets. The students should come away from the experiment understanding why adverse selection leads to high prices on good quality insurance and why it forces healthy individuals into low quality plans. Additionally, the experiment helps students think about the market characteristics that make health insurance particularly vulnerable to problems of asymmetric information. Finally, the experiment connects the adverse selection problem with key features of the 2010 Patient Protection and Affordable Care Act.  相似文献   

设为首页 | 免责声明 | 关于勤云 | 加入收藏

Copyright©北京勤云科技发展有限公司  京ICP备09084417号