RDP 8707: Asymmetric Information and Bid-Ask Spreads in the Eurocurrency Markets
Equation
1.
dk
d
σ
∈
2
−
dh
d
σ
∈
2
.
σ
+
d
σ
d
σ
∈
2
.
h
MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaaGymaiaac6cadaWcaaqaaiaabsgacaqGRbaabaGaaeizaiabeo8aZnaaDaaaleaacqGHiiIZaeaacaaIYaaaaaaakiabgkHiTmaalaaabaGaaeizaiaabIgaaeaacaqGKbGaeq4Wdm3aa0baaSqaaiabgIGiodqaaiaaikdaaaaaaOGaaiOlaiabeo8aZjabgUcaRmaalaaabaGaaeizaiabeo8aZbqaaiaabsgacqaHdpWCdaqhaaWcbaGaeyicI4mabaGaaGOmaaaaaaGccaGGUaGaaeiAaaaa@5326@