Going public and the ownership structure of the firm

Article Abstract:

Price discrimination that is favorable to active investors can lead to an increase in the market value of the firm for all the stockholders. Large stockholders must be actively involved in the stock sale because they deliver the public good corresponding to the monitoring activity. The added value of having a large investors can be gained back by the sellers via higher bids presented by minor investors who gain from the large investors' monitoring activities.

Capital Management-Stock Sales, Management, Stocks, Going public (Securities), Initial public offerings, Stock offerings

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The evolution of type communication in a sender/receiver game of common interest with cheap talk

Article Abstract:

A simulation of a sender/receiver game with common interest where players engage in anonymous, pairwise interactions reveals that there is a dynamic process where players climb an equilibrium payoff ladder. Moreover, the study finds that the players move successively from an equilibrium of one order to the next and eventually converging to an equilibrium on the highest possible order.

Economics, Research and Development in the Social Sciences and Humanities, Communication, Communications, Efficient market theory

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Financially constrained arbitrage in illiquid markets

Article Abstract:

A study on the financial limitations on attaining arbitrage profits in a market with no liquidity is presented.

United States, Liquidity (Finance), Arbitrage

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