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Positive asymmetric information in volatile environments: The black market dollar and sovereign bond yields in Venezuela

Author

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  • Sarmiento, Julio
  • Cayon, Edgardo
  • Collazos, María
  • Sandoval, Juan S.

Abstract

We test the informational efficiency of Venezuelan USD sovereign bond yields when the black market exchange-rate premium (BMERP) changes.

Suggested Citation

  • Sarmiento, Julio & Cayon, Edgardo & Collazos, María & Sandoval, Juan S., 2017. "Positive asymmetric information in volatile environments: The black market dollar and sovereign bond yields in Venezuela," Research in International Business and Finance, Elsevier, vol. 41(C), pages 547-555.
    • Handle: RePEc:eee:riibaf:v:41:y:2017:i:c:p:547-555
    DOI: 10.1016/j.ribaf.2017.04.047
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    More about this item

    Keywords

    Venezuela; Sovereign bonds; Black markets exchange rate;
    All these keywords.

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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