Informational Asymmetries, Financial Structure, and Financial Intermediation

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Abstract

NUMEROUS MARKETS ARE characterized by informational differences between buyers and sellers. In financial markets, informational asymmetries are particularly pronounced. Borrowers typically know their collateral, industriousness, and moral rectitude better than do lenders; entrepreneurs possess "inside" information about their own projects for which they seek financing.

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Authors

Richard A. Brealey

Regent's University London

Hayne E. Leland

University of California, Berkeley

David H. Pyle

University of Oxford

Journals

The Journal of Finance

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Institutions

London Business School

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Brealey et al. (Sun,) studied this question.

synapsesocial.com/papers/6a09b57a16dfdfe7ed344ede — DOI: https://doi.org/10.1111/j.1540-6261.1977.tb03277.x

Also consider

Synapse has enriched 5 closely related papers on similar clinical questions. Consider them for comparative context:

Information and Economic Analysis· 1974 · 42 citations
Theory of the firm; managerial Behavior, Agency Costs, and Ownership Structure· 1996 · 4,300 citations
Some Notes on Financial Incentive-Signalling Models, Activity Choice and Risk Preferences· 1978 · 36 citations
The Market for "Lemons": Quality Uncertainty and the Market Mechanism· 1970 · 22,579 citations
A Transactions Cost Approach to the Theory of Financial Intermediation· 1976 · 307 citations

Also consider

Synapse has enriched 5 closely related papers on similar clinical questions. Consider them for comparative context:

Information and Economic Analysis· 1974 · 42 citations
Theory of the firm; managerial Behavior, Agency Costs, and Ownership Structure· 1996 · 4,300 citations
Some Notes on Financial Incentive-Signalling Models, Activity Choice and Risk Preferences· 1978 · 36 citations
The Market for "Lemons": Quality Uncertainty and the Market Mechanism· 1970 · 22,579 citations
A Transactions Cost Approach to the Theory of Financial Intermediation· 1976 · 307 citations

Informational Asymmetries, Financial Structure, and Financial Intermediation

Key Points

Abstract

Citation Network

Connected Papers

Discussion

Authors

Journals

Actions

Institutions

References and Citations

Citation Network

Connected Papers

Discussion

Cite this study

Also consider

Also consider