| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14843 |
| DP14843 More Risk, More Information: How Passive Ownership Can Improve Informational Efficiency | |
| Adrian Buss; Savitar Sundaresan | |
| 发表日期 | 2020-06-03 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We identify a novel economic mechanism through which passive ownership positively affects informational efficiency in the cross-section of firms. Passive ownership lowers the cost of capital, encouraging firms to invest more aggressively in risky growth opportunities. The resultant higher cash flow volatility induces active investors to acquire more information, implying higher price informativeness for firms with high passive ownership. These firms also have higher stock prices and higher stock-return variances. In aggregate, a rise in passive ownership can also improve informational efficiency if uninformed investors are crowded out. We document that our mechanism applies more generally to benchmarked institutional investors. |
| 主题 | Financial Economics |
| 关键词 | Passive investing Informational efficiency Risk taking Asset allocation Asset pricing |
| URL | https://cepr.org/publications/dp14843 |
| 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/543778 |
| 推荐引用方式 GB/T 7714 | Adrian Buss,Savitar Sundaresan. DP14843 More Risk, More Information: How Passive Ownership Can Improve Informational Efficiency. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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