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 kn...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.展开更多
文摘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.
