Para acceder a los documentos con el texto completo, por favor, siga el siguiente enlace:

Speculative securities
Marín, José M.; Rahi, Rohit
Universitat Pompeu Fabra. Departament d'Economia i Empresa
A speculative security is an asset whose payoff depends on a random shock uncorrelated with economic fundamentals (a sunspot) about which some traders have superior information. In this paper we show that agents may find it desirable to trade such a security in spite of the fact that it is a poorer hedge against their endowment risks as the time oftrade, and has an associated adverse selection cost. In the specific institutional setting of innovation of futures contracts, we show that a futures exchange may not have an incentive to introduce a speculative security even when all traders favor it.
Finance and Accounting
information revelation
security design
futures contract
trading volume
L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
Documento de trabajo

Mostrar el registro completo del ítem