Trading Costs and Informational Efficiency
收藏NBER2019-03-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w25662
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资源简介：
We study the effect of trading costs on information aggregation and acquisition in financial markets. For a given precision of investors' private information, an irrelevance result emerges when investors are ex-ante identical: price informativeness is independent of the level of trading costs. When
提供机构：
美国国家经济研究局
创建时间：
2019-03-01
