Arbitrage, Short Sales, and Financial Innovation

DOI10.2307/2938173zbMath0724.90008OpenAlexW2085457410MaRDI QIDQ5202480

Franklin Allen, Douglas Gale

Publication date: 1991

Published in: Econometrica (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.2307/2938173

zbMATH Keywords

efficiencyincomplete marketsarbitrageimperfect competitioninnovationshort sales

Mathematics Subject Classification ID

General equilibrium theory (91B50)

Related Items (12)

Equilibrium in risk-sharing games ⋮ Optimal capital structures for private firms ⋮ Investment and financing in incomplete markets ⋮ Effects of financial innovations on market volatility when beliefs are heterogeneous ⋮ Markets for financial innovation ⋮ Pareto improvement and agenda control of sequential financial innovations ⋮ Optimal portfolio allocation under the probabilistic VaR constraint and incentives for financial innovation ⋮ Complete and competitive financial markets in a complex world ⋮ Liquidity and market participation ⋮ A general equilibrium theory of banks' capital structure ⋮ General equilibrium with endogenously incomplete financial markets ⋮ The effect of short selling and borrowing on market prices and traders' behavior

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