Informational Asymmetries in Financial Market(信息不对称) nformational Asymmetries:指某些市场参与者拥有另一些市 场参与者所不拥有的信息。 Asymmetry can create many difficulties in the availability and distribution information cause two problems
Informational Asymmetries in Financial Market(信息不对称) Informational Asymmetries：指某些市场参与者拥有另一些市 场参与者所不拥有的信息。 Asymmetry can create many difficulties in the availability and distribution information cause two problems
今 adverse selection逆向选择 a problem of asymmetric information that occurs in the case of a debt contract, at the origination stage because lenders can not differentiate between high and low quality borrowers 过高的利率使逆向选择的概率增加。为升么?
vadverse selection 逆向选择 A problem of asymmetric information that occurs, in the case of a debt contract, at the origination stage because lenders can not differentiate between high and low quality borrowers. 过高的利率使逆向选择的概率增加。为什么？
☆ Moral hazard道德风险 a problem of asymmetric information occurring after a loan is made In particular, the borrower may become riskier without being detected by the lender
vMoral hazard 道德风险 A problem of asymmetric information occurring after a loan is made. In particular, the borrower may become riskier without being detected by the lender
防范风险的根本措施就是保证信息的 Availabilit可得性 Transparency透明度 accountability可靠性 Sound financial decisions require adequate and accurate financial information
防范风险的根本措施就是保证信息的 Ø Availability可得性 Ø Transparency透明度 Ø Accountability 可靠性 Sound financial decisions require adequate and accurate financial information
3.2 financial instruments and markets 3.2.1 Financial instruments:是以货历计值的,载有 金融交易杀件、金融交冕双方各自权利义參的詹用 工具,或金融合约。是偾权偾參关系并誉以选行货 币资金交易的法律凭证
3.2.financial instruments and markets 3.2.1 Financial instruments：是以货币计值的，载有 金融交易条件、金融交易双方各自权利义务的信用 工具，或金融合约。 是债权债务关系并借以进行货 币资金交易的法律凭证