| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23419 |
| 来源ID | Working Paper 23419 |
| Imperfect Financial Markets and Shareholder Incentives in Partial and General Equilibrium | |
| Elias Albagli; Christian Hellwig; Aleh Tsyvinski | |
| 发表日期 | 2017-05-22 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We analyze the firm-level and aggregate consequences of equity market imperfections in the form of noisy information aggregation for corporate risk-taking and investment. Market imperfections cause controlling shareholders to invest too much in upside risks and too little in downside risks in an attempt to capture market rents. In partial equilibrium, these inefficiencies are particularly severe if upside risks are coupled with near constant returns to scale. In general equilibrium, the shareholders’ collective attempts to boost shareholder value of individual firms leads to a novel pecuniary externality that amplifies investment distortions with downside risks but offsets distortions with upside risks, thereby overturning the results from the partial equilibrium analysis. We consider policy interventions to correct the distortions, and show that in general equilibrium such interventions disrupt the financial market’s allocational role. We analyze extensions of our model to excess leverage, agency conflicts between shareholders and managers, negative welfare effects of transparency, excess sensitivity of investment to stock prices, and dynamically inconsistent firm behavior. |
| 主题 | Microeconomics ; Households and Firms ; Macroeconomics ; Consumption and Investment ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w23419 |
| 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/581093 |
| 推荐引用方式 GB/T 7714 | Elias Albagli,Christian Hellwig,Aleh Tsyvinski. Imperfect Financial Markets and Shareholder Incentives in Partial and General Equilibrium. 2017. |
| 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 | ||
| w23419.pdf（844KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
