| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7652 |
| DP7652 Trading Frenzies and Their Impact on Real Investment | |
| Itay Goldstein; Kathy Yuan; Emre Ozdenoren | |
| 发表日期 | 2010-01-24 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | We study a model where a capital provider learns from the price of a firm?s security in deciding how much capital to provide for new investment. This feedback effect from the financial market to the investment decision gives rise to trading frenzies, where speculators all wish to trade like others, generating large shifts in prices and firms? investments. Coordination among speculators is sometimes desirable for price informativeness and investment efficiency, but speculators? incentives push in the opposite direction, so that they coordinate exactly when it is undesirable. We analyze the determinants of coordination among speculators and study policy measures that affect patterns of coordination to improve price informativeness and investment efficiency. |
| 主题 | Financial Economics |
| 关键词 | Coordination Financial markets Heterogenous information Learning Liquidity |
| URL | https://cepr.org/publications/dp7652 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536489 |
| 推荐引用方式 GB/T 7714 | Itay Goldstein,Kathy Yuan,Emre Ozdenoren. DP7652 Trading Frenzies and Their Impact on Real Investment. 2010. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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