G2TT
来源类型Discussion paper
规范类型论文
来源IDDP15546
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
URLhttps://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.
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