| 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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