dc.contributor
Universitat Rovira i Virgili. Departament d'Economia
dc.contributor.author
Frutos, M. Ángeles de
dc.contributor.author
Manzano, Carolina
dc.date.accessioned
2006-03-31T16:31:40Z
dc.date.accessioned
2024-12-10T13:29:05Z
dc.date.available
2006-03-31T16:31:40Z
dc.date.available
2024-12-10T13:29:05Z
dc.identifier.uri
http://hdl.handle.net/2072/1754
dc.description.abstract
This paper analyzes the role of traders' priors (proper versus improper) on the implications of market transparency by comparing a pre-trade transparent market with an opaque market in a set-up based on Madhavan (1996). We show that prices may be more informative in the opaque market, regardless of how priors are modelled. In contrast, the comparison of market liquidity and volatility in the two market structures are affected by prior specification. Key words: Market microstructure, Transparency, Prior information
eng
dc.description.sponsorship
Financial support from the Spanish Ministerio de Educación y Ciencia, through projects SEJ2004-01959 and SEJ2004-07477, and the Departament d’Universitats, Recerca i Societat de la Informació de la Generalitat de Catalunya are gratefully acknowledged.
dc.format.extent
2336454 bytes
dc.format.mimetype
application/pdf
dc.relation.ispartofseries
Documents de treball del Departament d'Economia;2005-4
dc.rights
Aquest document està subjecte a una llicència d'ús de Creative Commons, amb la qual es permet copiar, distribuir i comunicar públicament l'obra sempre que se'n citin l'autor original, la universitat i el departament i no se'n faci cap ús comercial ni obra derivada, tal com queda estipulat en la llicència d'ús (http://creativecommons.org/licenses/by-nc-nd/2.5/es/)
dc.subject
Mercat de capitals
dc.subject
Informació privilegiada
dc.title
Security prices and market transparency: the role of prior information
dc.type
info:eu-repo/semantics/workingPaper
