| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15546 |
| DP15546 How Financial Markets Create Superstars | |
| Spyros Terovitis; Vladimir Vladimirov | |
| 发表日期 | 2020-12-11 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This paper shows that manipulative trading by speculators can create value for shareholders by simulating a "buzz" around a firm and turning it into a star. The speculators' profit comes from helping the firm attract stakeholders, such as high-quality employees and business partners, that would have otherwise not worked with it. Thus, price manipulation leads to a misallocation of talent and resources. Similar to speculators, investors in primary markets can benefit from inflating firms' valuations to unicorn status if that helps attract stakeholders. Opportunities for manipulation are asymmetric, as firms can encourage manipulation benefiting them and discourage manipulation harming them by adjusting their corporate governance and transparency. |
| 主题 | Financial Economics |
| 关键词 | Speculation Manipulation Superstar firms Unicorns Market efficiency Stakeholders High-skilled employees Misallocation of resources transparency |
| URL | https://cepr.org/publications/dp15546 |
| 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/544549 |
| 推荐引用方式 GB/T 7714 | Spyros Terovitis,Vladimir Vladimirov. DP15546 How Financial Markets Create Superstars. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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