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Asymmetric information and financial intermediation

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1. RETURNS FROM INFORMATION PRODUCTION AND ITS CREDIBILITY. Whenever firms ask for some classes of assets, typically those related to individuals, such as mortgages or insurance, they must inform intermediaries about their financial conditions, which are not publicly known, because other intermediaries should pay for them. Moreover, firms often do not want to make information about their financial situation to be public, but they usually allow confidential inspections by a banker, investment officer, or other officer, who can authorise a loan or investment. Thus, secret information is shown directly to the person, who should provide a loan, without publicly revealing trade information, finances or personal facts to the world at large. ( Myers and Majluf, 1984: pp.159-160) This is a typical feature of financial intermediaries, whose aim is to lend and collect confidential information without problems like the appropriability of returns from information and its credibility. (Edmistery, 1992: pp.15-16) They refer to the first problem (i.e. the appropriability of returns from information production) when firms sell information to people, who share or resell it to many others, without diminishing its usefulness to themselves. Therefore, the sellers would get only a fraction of what the buyers in totality would be willing to pay and lose so much money, that they would not gather information yet.

Anteprima della Tesi di Maria Palumbo

Anteprima della tesi: Asymmetric information and financial intermediation, Pagina 2

Tesi di Laurea

Autore: Maria Palumbo Contatta »

Composta da 19 pagine.

 

Questa tesi ha raggiunto 906 click dal 20/03/2004.

Disponibile in PDF, la consultazione è esclusivamente in formato digitale.