IDEAS home Printed from https://ideas.repec.org/a/prs/reveco/reco_0035-2764_1998_num_49_1_409971.html
   My bibliography  Save this article

Asymétrie d'information, marchés financiers et pays émergents d'Asie du Sud-Est

Author

Listed:
  • Laurent Augier
  • Mahdi Mokrane

Abstract

[eng] ASYMMETRIC INFORMATION AND SECURITY DESIGN IN SOUTH-EAST ASIAN EMERGING MARKETS . In this paper we analyze the choice of the type of optimal financial instrument (equity, debt, or hybrid) to issue for a firm that takes into account the informational asymmetries that exist in credit relationships, particularly in emerging markets. Investors are assumed heterogenous in the sens that they do not all have access to the same information concerning the quality of firms seeking funds. We adopt, and generalize, Boot and Thakor's (1993) approach, for whom the motivation to innovate emanates from the issuer who has the option to split its asset's revenues and thus create complex securities. We show that splitting assets is not always optimal for a good quality firm and that one of the determinant factors is the shape of the random demand from the least informed investors in the market. However, in certain cases, issuing complex securities may enhance the quality of available market information. The market thus becomes more liquid and efficient. We discuss the link between financial market informativeness and economic growth. [fre] Cet article présente un modèle de choix optimal du mode de financement (investissement direct ou appel au marché) pour une entreprise qui doit tenir compte des asymétries d'information présentes dans les relations de crédit des pays à économies émergentes de l'Asie du Sud-Est. Dans un contexte où les investisseurs sont supposés « hétérogènes » car ne disposant pas tous de la même information concernant la qualité des entreprises, nous montrons que le financement par le marché n'est pas toujours une stratégie optimale. Nous donnons cependant des conditions pour que la diversité des titres financiers rende les placements suffisamment attractifs pour permettre la coexistence d'investisseurs diversement informés. Dans ce cas, la présence d'actifs complexes améliore la qualité de l'information disponible sur le marché financier, qui devient alors plus informatif et donc plus liquide. Ceci nous permet d'établir un lien entre liquidité des marchés financiers et croissance économique.

Suggested Citation

  • Laurent Augier & Mahdi Mokrane, 1998. "Asymétrie d'information, marchés financiers et pays émergents d'Asie du Sud-Est," Revue Économique, Programme National Persée, vol. 49(1), pages 181-194.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1998_num_49_1_409971
    as

    Download full text from publisher

    File URL: https://www.persee.fr/doc/reco_0035-2764_1998_num_49_1_409971
    Download Restriction: Data and metadata provided by Persée are licensed under a Creative Commons "Attribution-Noncommercial-Share Alike 3.0" License http://creativecommons.org/licenses/by-nc-sa/3.0/
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Boot, Arnoud W A & Thakor, Anjan V, 1993. "Security Design," Journal of Finance, American Finance Association, vol. 48(4), pages 1349-1378, September.
    2. Grossman, Sanford J & Stiglitz, Joseph E, 1980. "On the Impossibility of Informationally Efficient Markets," American Economic Review, American Economic Association, vol. 70(3), pages 393-408, June.
    3. Harvey, Campbell R, 1995. "Predictable Risk and Returns in Emerging Markets," The Review of Financial Studies, Society for Financial Studies, vol. 8(3), pages 773-816.
    4. Franklin Allen, Douglas Gale, 1988. "Optimal Security Design," The Review of Financial Studies, Society for Financial Studies, vol. 1(3), pages 229-263.
    5. Gorton, Gary B & Pennacchi, George G, 1993. "Security Baskets and Index-Linked Securities," The Journal of Business, University of Chicago Press, vol. 66(1), pages 1-27, January.
    6. Levine, Ross & Zervos, Sara, 1998. "Capital Control Liberalization and Stock Market Development," World Development, Elsevier, vol. 26(7), pages 1169-1183, July.
    7. Artus, P. & Kaabi, M. & Sobczak, N., 1993. "Comportement d'endettement et croissance endogene," Papers 1993-15-t, Caisse des Depots et Consignations - Cahiers de recherche.
    8. Copeland, Thomas E & Friedman, Daniel, 1992. "The Market Value of Information: Some Experimental Results," The Journal of Business, University of Chicago Press, vol. 65(2), pages 241-266, April.
    9. Nachman, David C & Noe, Thomas H, 1994. "Optimal Design of Securities under Asymmetric Information," The Review of Financial Studies, Society for Financial Studies, vol. 7(1), pages 1-44.
    10. Bekaert, Geert & Urias, Michael S, 1996. "Diversification, Integration and Emerging Market Closed-End Funds," Journal of Finance, American Finance Association, vol. 51(3), pages 835-869, July.
    11. Bodurtha, James N, Jr & Kim, Dong-Soon & Lee, Charles M C, 1995. "Closed-End Country Funds and U.S. Market Sentiment," The Review of Financial Studies, Society for Financial Studies, vol. 8(3), pages 879-918.
    12. Mayer,Colin & Vives,Xavier (ed.), 1993. "Capital Markets and Financial Intermediation," Cambridge Books, Cambridge University Press, number 9780521443975.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Habib, Michel A. & Johnsen, D. Bruce & Naik, Narayan Y., 1997. "Spinoffs and Information," Journal of Financial Intermediation, Elsevier, vol. 6(2), pages 153-176, April.
    2. Fulghieri, Paolo & Lukin, Dmitry, 2001. "Information production, dilution costs, and optimal security design," Journal of Financial Economics, Elsevier, vol. 61(1), pages 3-42, July.
    3. Al-Jarhi, Mabid, 2014. "Towards an Economic Theory of Islamic Finance Regulation," MPRA Paper 66744, University Library of Munich, Germany, revised 2014.
    4. Al-Jarhi, Mabid Ali M. M., 2016. "An Economic Theory of Islamic Finance Regulation," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 24, pages 1-44.
    5. repec:dau:papers:123456789/6311 is not listed on IDEAS
    6. Bekaert, Geert & Harvey, Campbell R., 2002. "Research in emerging markets finance: looking to the future," Emerging Markets Review, Elsevier, vol. 3(4), pages 429-448, December.
    7. Chemla, Gilles & Hennessy, Christopher, 2011. "Security Design: Signaling versus Speculative Markets," CEPR Discussion Papers 8336, C.E.P.R. Discussion Papers.
    8. Xavier Freixas & Anthony M. Santomero, 2002. "An overall perspective on banking regulation," Working Papers 02-1, Federal Reserve Bank of Philadelphia.
    9. Gersbach, Hans & Uhlig, Harald, 2006. "Debt contracts and collapse as competition phenomena," Journal of Financial Intermediation, Elsevier, vol. 15(4), pages 556-574, October.
    10. Bekaert, Geert & Harvey, Campbell R., 2003. "Emerging markets finance," Journal of Empirical Finance, Elsevier, vol. 10(1-2), pages 3-56, February.
    11. repec:dau:papers:123456789/5521 is not listed on IDEAS
    12. Geert Bekaert & Campbell R. Harvey, 2000. "Foreign Speculators and Emerging Equity Markets," Journal of Finance, American Finance Association, vol. 55(2), pages 565-613, April.
    13. Engstrom, Stefan, 2003. "Costly information, diversification and international mutual fund performance," Pacific-Basin Finance Journal, Elsevier, vol. 11(4), pages 463-482, September.
    14. Inderst, Roman & Mueller, Holger, 2003. "Credit Risk Analysis and Security Design," CEPR Discussion Papers 3686, C.E.P.R. Discussion Papers.
    15. Guembel, Alexander & White, Lucy, 2014. "Good cop, bad cop: Complementarities between debt and equity in disciplining management," Journal of Financial Intermediation, Elsevier, vol. 23(4), pages 541-569.
    16. Axelson, Ulf, 2005. "Security Design with Investor Private Information," SIFR Research Report Series 37, Institute for Financial Research.
    17. Ng, Angela, 2000. "Volatility spillover effects from Japan and the US to the Pacific-Basin," Journal of International Money and Finance, Elsevier, vol. 19(2), pages 207-233, April.
    18. Li, Xiao-Ming & Rose, Lawrence C., 2009. "The tail risk of emerging stock markets," Emerging Markets Review, Elsevier, vol. 10(4), pages 242-256, December.
    19. Stenzel, André, 2018. "Security design with interim public information," Journal of Mathematical Economics, Elsevier, vol. 76(C), pages 113-130.
    20. Viral V. Acharya & Alberto Bisin, 2005. "Optimal Financial-Market Integration and Security Design," The Journal of Business, University of Chicago Press, vol. 78(6), pages 2397-2434, November.
    21. Bruno Biais & Thomas Mariotti, 2005. "Strategic Liquidity Supply and Security Design," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 72(3), pages 615-649.
    22. Goetzmann, William N. & Jorion, Philippe, 1999. "Re-Emerging Markets," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 34(1), pages 1-32, March.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prs:reveco:reco_0035-2764_1998_num_49_1_409971. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Equipe PERSEE (email available below). General contact details of provider: https://www.persee.fr/collection/reco .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.