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Effects of information asymmetry on cooperation in the prisoners' dilemma game

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Chinese Physics B 2012年第7期21卷 74-79页

作者：王锡朋姜罗罗汪秉宏 Department of Modern Physics University of Science and Technology of China College of Physics and Electronic information Engineering Wenzhou University

Effects of inforination asymmetry on cooperation in the prisoners＇ dilemma game are investigated. The amplitude A is introduced to describe the degree of information asymmetry. It is found that there exists an optimal value of amplitude Aopt at which the fraction of cooperation reaches its maximal value. The reason lies in that cooperators on the two-dimensional grid form large clusters at Aopt. In addition, the theoretical analysis in terms of the mean- field theory is used to understand this kind of phenomenon. It is confirmed that the information asymmetry plays an important role in the dynamics of the dilemma games of spatial prisoners.

关键词： information asymmetry cooperation strategy

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Cooperation Mechanism Design for Integrated Electricity‑Heat Systems with information asymmetry

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Journal of Modern Power Systems and Clean Energy 2023年第3期11卷 873-884页

作者： Jizhong Zhu Haohao Zhu Weiye Zheng Shenglin Li Junwei Fan School of Electric Power Engineering South China University of TechnologyGuangzhou 510641China IEEE

Cooperation between electric power networks(EPNs)and district heating networks(DHNs)has been extensively studied under the assumption that all information exchanged is ***,EPNs and DHNs belonging to different entities may result in marketing *** paper proposes a cooperation mechanism for integrated electricity-heat systems(IEHSs)to overcome information ***,a fraud detection method based on multiparametric programming with guaranteed feasibility reveals the authenticity of the ***,all honest entities are selected to form a ***,to maintain operational independence and distribute benefits fairly,Benders decomposition is enhanced to calculate Shapley values in a distributed ***,the cooperative surplus generated by the coalition is allocated according to the marginal contribution of each *** results show that the proposed mechanism stimulates cooperation while achieving Pareto optimality under asymmetric information.

关键词： information asymmetry integrated electricityheat system Benders decomposition fraud detection Shapley value

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Tunneling, information asymmetry, and Private Placement Discounts

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Frontiers of Business Research in China 2012年第3期6卷 325-346页

作者： Dan He Nana Wang School of Business Southwestern University of Finance and EconomicsChengdu 611130China

Private placement has become an increasingly important method of equity refinancing for regulators, listed companies, and investors. This paper analyzes factors influencing private placement discounts based on the controlling shareholder＇s opportunistic behavior and information asymmetry. Our findings indicate that the type of subscriber is a key determinant of the private placement discount, particularly when the subscriber is the controlling shareholder. Asymmetric information between listed companies and investors is another important determinant： The higher the degree of information asymmetry, the greater the private placement discounts.

关键词： tunneling information asymmetry private placement discount

Empirical Study on information asymmetry Based on Chinese Forward Exchange Rate Market

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China & World Economy 2012年第4期20卷 74-91页

作者： Xi Wang Jiaohui Yang Lingnan College Sun Yat-sen University

Many published studies have considered information asymmetry between domestic and foreign investors about local assets in the stock market, particularly in developed markets. The present study proposes a new perspective to address the issue in the case of China ＂s forward exchange rate market. Following the framework of Clarida and Taylor （1997）, the term structures of exchange rates in the domestic forward and the non-deliverable forward markets are constructed and then applied to predict future spot exchange rates based on a vector equilibrium correction model By comparing the forecast accuracy on the basis of the root mean square error and the mean absolute error, it is shown that dynamic out-of- sample forecasts of the domestic forward market are superior to those of the non-deliverable forward market, suggesting that domestic investors are better informed than foreign investors. The result has several important policy implications, especially for exchange rate determination.

关键词： domestic forward market forward exchange rate information asymmetry non- deliverable forward market term structure

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The impact of XBRL on information asymmetry:evidence from loan contracting

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Journal of Management Analytics 2017年第2期4卷 145-158页

作者： Dazhi Chong Hui Shi Liuliu(Luna)Fu Hao Ji Gongjun Yan School of Management California Lutheran UniversityThousand OaksCAUSA Department of Management and information Sciences University of Southern IndianaEvansvilleINUSA Department of information Systems California State UniversityLos AngelesCAUSA Department of Computer Science California State Polytechnic UniversityPomonaCAUSA

This paper examines whether and how the adoption of eXtensible Business Reporting Language(XBRL)reduces information asymmetry in loan *** hypothesize that the adoption of XBRL can enhance information dissemination and mitigate the information asymmetry problem between borrowers and *** a sample of 554 US bank loan contracts,we find that borrowers who adopt XBRL enjoy more favourable price and nonprice terms of bank loan *** analyses indicate that the relations among XBRL adoption and bank loan price vary with loan ***,this research provides evidence that technology advancements such as XBRL reduce cost of bank loans by decreasing information asymmetry between borrowers and lenders.

关键词： information asymmetry XBRL accounting information bank loan price

Bank loan information and information asymmetry in the stock market:evidence from China

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Financial Innovation 2022年第1期8卷 1514-1541页

作者： Yanyi Ye Yun Wang Xiaoguang Yang School of Economics and Management Beijing University of Chemical TechnologyBeijing 100029China School of Banking and Finance University of International Business and EconomicsBeijing 100029China Academy of Mathematics and Systems Science Chinese Academy of SciencesBeijing 100190China University of Chinese Academy of Sciences Beijing 100049China

In this study,we use bank loan information to construct proxies for corporate transparency and examine whether these measures reflect information asymmetry in the stock *** analysis is based on a novel dataset of stock transactions and bank loans of all publicly listed firms on the Shenzhen Stock Exchange,covering January 2008 to June *** find that firms with outstanding loans have a lower level of information asymmetry in the stock market,whereas firms with defaulted loans have a higher level of *** evidence demonstrates that the effect of loan default on information asymmetry in the stock market is more pronounced when these loans are borrowed from joint-equity commercial banks or multiple banks and when the default occurs under inactive market *** results remain robust to a series of endogeneity and sensitivity tests and provide suggestive evidence of a close connection between the credit loan and stock markets.

关键词： Bank loan information information asymmetry Corporate transparency Loan default information PIN

The Impacts of State Ownership on information asymmetry:Evidence from an Emerging Market

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China Journal of Accounting Research 2010年第Z1期3卷 13-50页

作者： Jongmoo Jay Choi Heibatollah Sami Haiyan Zhou Department of Finance Fox School of BusinessTemple University Department of Accounting Lehigh University Department of Accounting and Business Law University of Texas-Pan American

This study examines the effect of corporate ownership on information asymmetry as measured by bid-ask spread in the emerging markets of China. Government ownership has significant and positive impacts on bid-ask spread during the period 1995-2000, but disappears afterward during 2001-2003. The finding that state ownership raised bid-ask spread in the early period is consistent with recent studies on emerging markets including China, which indicate that firms with higher state ownership tend to have a greater deviation between cash flow rights and control rights(eg, Wei et al., 2005). This implies that lower state ownership is associated with lower information asymmetry in the market, an economic consequence of significant economic reform and privatization regarding the market microstructure. However, with more active control transfers andemergence of private controlling shareholders, regulatory changes in ownership structure and corporate governance mechanisms, and thus an improved legal and institutional environment, the link between the government ownership and information asymmetry turns to be insignificant in the later period. These results have important implications for transparency and information disclosure policies as well as privatization in emerging markets.

关键词： Bid-ask spread information asymmetry Transparency Adverse selection Government(State) ownership Foreign ownership Emerging market(China)

A Theoretical Analysis of Financial Agglomeration in China Based on information asymmetry

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Journal of Systems Science and information 2014年第2期2卷 111-129页

作者： Xinwei CHE Hui BU John J.LIU School of Economics and Management Beihang University School of Business Centre for Transport Renmin University of China Trade and Financial Studies (CTTFS) College of Business City University of Hong Kong

The development of financial centers can illustrate continuous significance of *** paper regards financial services industry as a special kind of industry, and establishes a multiregion model to discuss the formation mechanism and equilibrium of finance agglomeration. Our findings suggest emergence of finance agglomeration depends on opportunity costs caused by information asymmetry,economies of scale,the share of financial services industry in economy and the amount of financial information. The results of numerical examples declare the same conclusions that effects of information asymmetry would push financial firms closer to an information source in order to find and interpret non-standardized information that a financial firm can use to make profit. And the agglomeration of real sector industry will enhance the agglomeration of finance. Finally, this paper puts forward a ratio, related with the opportunity costs, which could be regarded as a measure of whether the central area is an information center.

关键词： financial centers information asymmetry agglomeration equilibrium multi-region model

Survey on Resistance Emotion of NCMS in information asymmetry and Countermeasures

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Asian Agricultural Research 2011年第10期3卷 22-25页

作者： ZHAO Lu-gui CHEN Lu-qing Guangxi University of Finance and Economics Nanning 530003 China Guangxi Economic Management Cadre College Nanning 530003 China

Through survey on current situation of NCMS construction in Guangxi, we analyze deep reasons for farmers' resistance to NCMS. Major reasons include inadequate propaganda and training effort; narrow compensation scope influencing institutional functions; unreasonable reimbursement mechanism; low level of informatization management; imperfect supervision mechanism; and imperfect laws and regulations. In these situations, we put forward following countermeasures and suggestions: enhance training to ensure working efficiency; expand compensation scope to raise security level; adjust compensation standard to raise reimbursement proportion; lift level of informatization management to reduce costs for institutional operation; strengthen organizational construction to reinforce fund management; open up fund-raising channels to perfect legal system.

关键词： information asymmetry NCMS Resistance emotion Adjustment countermeasures China