全球智库信息集成服务系统(G2TT): Assignment of Stock Market Coverage

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w23115
来源ID	Working Paper 23115
	Assignment of Stock Market Coverage
	Briana Chang; Harrison Hong
发表日期	2017-01-30
出版年	2017
语种	英语
摘要	Price efficiency plays an important role in financial markets. Firms influence it, particularly when they issue public equity. They can hire a reputable underwriter with a star analyst to generate public signals about profits, thereby reducing uncertainty and increasing valuations. We develop an assignment model of this labor market. The value of a match between firms, that differ in multiple dimensions, and agents, that differ in precision, is endogenously generated from a stock-market equilibrium. We characterize the multidimensional-to-one assignment and obtain predictions. Extensions allow firms to value efficiency for other reasons and apply to other labor markets like media-or-investor relations.
主题	Financial Economics ; Financial Markets ; Portfolio Selection and Asset Pricing ; Corporate Finance
URL	https://www.nber.org/papers/w23115
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/580789
推荐引用方式 GB/T 7714	Briana Chang,Harrison Hong. Assignment of Stock Market Coverage. 2017.