Strategic uncertainty in capital markets | Zendy

Peita Lin | Zendy

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Strategic uncertainty in capital markets

Author(s) -

Peita Lin

Publication year - 2017

Language(s) - English

Resource type - Dissertations/theses

DOI - 10.5204/thesis.eprints.104122

Subject(s) - speculation , financial market , capital market , irrational number , economics , perspective (graphical) , market game , financial economics , mechanism (biology) , market microstructure , microeconomics , business , industrial organization , finance , computer science , order (exchange) , philosophy , geometry , mathematics , epistemology , artificial intelligence

This thesis advances our understanding of financial markets from a game-theoretical perspective. Using tools from auction theory (mechanism design), I show how financial market anomalies arise from the strategic interactions between market speculators in the IPO and short selling markets. In doing so, I highlight how seemingly irrational market phenomena have rational microeconomic foundations and highlight how market designs can inadvertently promote speculative trading behaviours

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