How do financial intermediaries create value in security issues?

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How do financial intermediaries create value in security issues?

We study incentive provision in a model of securities issuance with an informed issuer and uninformed investors. We show that the presence of an informed intermediary may increase surplus even if we allow for collusion between the intermediary and the issuer. Collusion is neutralized by introducing...

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Bibliographic Details
Main Authors:	Adriani, Fabrizio, Deidda, Luca, Sonderegger, Silvia
Format:	Article
Language:	English
Published:	Oxford University Press 2014
Online Access:	https://eprints.nottingham.ac.uk/34956/

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