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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP11803 |
DP11803 Efficient Lemons | |
Wolf Wagner; Burak Uras | |
发表日期 | 2017-01-25 |
出版年 | 2017 |
语种 | 英语 |
摘要 | We show that asset opacity can improve the efficiency of investment in the economy. We consider a model where underinvestment arises from speculative cash-hoardings aiming to benefit from fire-sale prices. Whereas opacity provides no benefit to asset originators in the case of isolated liquidations, this is not the case when collective liquidations lead to fire-sale prices ("cash-in-the market" pricing). As cash-in-the-market prices are set to reflect shortages of liquidity and not expected asset quality, originators can sell low quality assets opportunistically. This raises the ex-ante benefit from asset origination and reduces liquidity hoarding. The model suggests that a "seemingly undesirable" feature at the asset level can improve economic efficiency, due to a general equilibrium effect. |
主题 | Financial Economics |
关键词 | Opacity Cash-in-the-market pricing Adverse selection Underinvestment |
URL | https://cepr.org/publications/dp11803 |
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/540616 |
推荐引用方式 GB/T 7714 | Wolf Wagner,Burak Uras. DP11803 Efficient Lemons. 2017. |
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