| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24550 |
| 来源ID | Working Paper 24550 |
| Big Data in Finance and the Growth of Large Firms | |
| Juliane Begenau; Maryam Farboodi; Laura Veldkamp | |
| 发表日期 | 2018-04-30 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | One of the most important trends in modern macroeconomics is the shift from small firms to large firms. At the same time, financial markets have been transformed by advances in information technology. We explore the hypothesis that the use of big data in financial markets has lowered the cost of capital for large firms, relative to small ones, enabling large firms to grow larger. Large firms, with more economic activity and a longer firm history offer more data to process. As faster processors crunch ever more data – macro announcements, earnings statements, competitors' performance metrics, export demand, etc. – large firms become more valuable targets for this data analysis. Once processed, that data can better forecast firm value, reduce the risk of equity investment, and thus reduce the firm's cost of capital. As big data technology improves, large firms attract a more than proportional share of the data processing, enabling large firms to invest cheaply and grow larger. |
| 主题 | Macroeconomics ; Consumption and Investment ; Financial Economics ; Financial Markets ; Microeconomics ; Economics of Information |
| URL | https://www.nber.org/papers/w24550 |
| 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/582223 |
| 推荐引用方式 GB/T 7714 | Juliane Begenau,Maryam Farboodi,Laura Veldkamp. Big Data in Finance and the Growth of Large Firms. 2018. |
| 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 | ||
| w24550.pdf（1247KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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