| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22047 |
| 来源ID | Working Paper 22047 |
| The Social Value of Financial Expertise | |
| Pablo Kurlat | |
| 发表日期 | 2016-02-29 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | I study expertise acquisition in a model of trading under asymmetric information. I propose and implement a method to estimate the ratio of social to private marginal value of expertise. This can be decomposed into three sufficient statistics: traders' average profits, the fraction of bad assets among traded assets and the elasticity of good assets traded with respect to capital inflows. For venture capital, the ratio is between 0.64 and 0.83 and for junk bond underwriting, it is between 0.09 and 0.26. In both cases this is less than one so at the margin financial expertise destroys surplus. |
| 主题 | Microeconomics ; General Equilibrium ; Economics of Information ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w22047 |
| 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/579720 |
| 推荐引用方式 GB/T 7714 | Pablo Kurlat. The Social Value of Financial Expertise. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22047.pdf（434KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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