| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19728 |
| 来源ID | Working Paper 19728 |
| Have Financial Markets Become More Informative? | |
| Jennie Bai; Thomas Philippon; Alexi Savov | |
| 发表日期 | 2013-12-12 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | The finance industry has grown, financial markets have become more liquid, information technology has undergone a revolution. But have market prices become more informative? We derive a welfare-based measure of price informativeness: the predicted variation of future cash flows from current market prices. Since 1960, price informativeness has increased at longer horizons (three to five years). The increase is concentrated among firms with greater institutional ownership and share turnover, firms with traded options, and growth firms. Prices have also become a stronger predictor of investment and investment a stronger predictor of cash flows. These results suggest increased revelatory price efficiency. |
| 主题 | Macroeconomics ; Consumption and Investment ; Financial Economics ; Financial Markets ; History ; Financial History |
| URL | https://www.nber.org/papers/w19728 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/577402 |
| 推荐引用方式 GB/T 7714 | Jennie Bai,Thomas Philippon,Alexi Savov. Have Financial Markets Become More Informative?. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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