Pricing, issuance volume, and design of innovative securities: The role of investor information

IF 3.1 1区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Intermediation Pub Date : 2023-07-01 DOI:10.1016/j.jfi.2023.101041

Manuel Ammann , Marc Arnold , Simon Straumann

引用次数: 2

Abstract

This study investigates the role of asymmetric information for the pricing, issuance volume, and design of innovative securities. By analyzing the information that structured product issuers provide to the investors of those products, we can identify specific sources of asymmetric information between the issuers and investors in this market. We show that issuers exploit this information friction to offer products to investors that appear more profitable for the issuer. In addition, we find that the friction induces issuers to design products with higher information asymmetry. Our results suggest that product issuers’ behavior increases information frictions in the financial system.

查看原文本刊更多论文

创新证券的定价、发行量和设计：投资者信息的作用

本研究探讨了非对称信息在创新证券定价、发行量和设计中的作用。通过分析结构性产品发行人向这些产品的投资者提供的信息，我们可以确定该市场中发行人和投资者之间不对称信息的具体来源。我们表明，发行人利用这种信息摩擦向投资者提供的产品对发行人来说似乎更有利可图。此外，我们发现摩擦促使发行人设计具有更高信息不对称性的产品。我们的研究结果表明，产品发行人的行为增加了金融系统中的信息摩擦。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Journal of Financial Intermediation BUSINESS, FINANCE-

CiteScore

8.60

自引率

7.70%

发文量

期刊介绍： The Journal of Financial Intermediation seeks to publish research in the broad areas of financial intermediation, financial market structure, corporate finance, risk management, and valuation.