G2TT
来源类型Discussion paper
规范类型论文
来源IDDP11803
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
URLhttps://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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