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来源类型Working Paper
规范类型报告
DOI10.3386/w23115
来源IDWorking 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
URLhttps://www.nber.org/papers/w23115
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/580789
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GB/T 7714
Briana Chang,Harrison Hong. Assignment of Stock Market Coverage. 2017.
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