Asset Pricing under Asymmetric Information: Bubbles, Crashes, Technical Analysis, and Herding
Markus K. Brunnermeier
Abstract
Asset prices are driven by public news and information that is dispersed among many market participants. Traditional asset pricing theories have assumed that all investors hold symmetric information. Research in the past two decades has shown that the inclusion of asymmetric information drastically alters traditional results. This book provides a detailed up‐to‐date survey that serves as a map for students and other researchers navigating through this literature.
Keywords: asset prices, asymmetric information, bank runs, bubbles, crashes, financial crises, herding, knowledge, market microstructure, no‐trade theorems
Bibliographic Information
| Print publication date: 2001 | Print ISBN-13: 9780198296980 |
| Published to Oxford Scholarship Online: November 2003 | DOI:10.1093/0198296983.001.0001 |
