摘要
This paper presents a game model in which insiders,selling stock in both the initial public offerings and the secondary market,have private information about their firm’s asset qualities,and outside investors only know the quality distribution.A pooling equilibrium is always resulted from large information asymmetry inherent in Chinese stock primary market.
This paper presents a game model in which insiders,selling stock in both the initial public offerings and the secondary market,have private information about their firm's asset qualities,and outside investors only know the quality distribution.A pooling equilibrium is always resulted from large information asymmetry inherent in Chinese stock primary market.
出处
《统计研究》
CSSCI
北大核心
2000年第11期34-38,共5页
Statistical Research
基金
上海财经大学 2 11工程项目资助
