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SUMMARY:News\, Competition and Trade Dynamics
DTSTART:20160318T103000
DTEND:20160318T120000
DTSTAMP:20260509T054550Z
UID:9e2810fcbd754c7a63da1c313759270ad1e1faab56c4f168bb4bc603
CATEGORIES:Conferences - Seminars
DESCRIPTION:Brendan DALEY (Duke University)\nWe study the effect of news o
 n the trade dynamics of an asset whose owner possesses private information
  about its value. We pay particular attention to how these effects depend 
 on the degree of competition among buyers. Because traders in our model ar
 e fully strategic\, it is not only the realization of news\, but also anti
 cipation of news that determine the likelihood and terms of trade\, leadin
 g to several novel results. In particular\, there exists states in which m
 ore accurate news or greater competition among buyers impedes efficient tr
 ading. A key insight is that changes in the level of buyer competition alt
 er the relative market/bargaining power of buyers vs. sellers\, who have d
 ifferent expectations about the realization of future news.
LOCATION:UNIL\, Extranef\, room 126 https://planete.unil.ch/plan/?local=EX
 T-126
STATUS:CONFIRMED
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