Imperfect Financial Markets and Investment Inefficiencies

IF 10.5 1区经济学 Q1 ECONOMICS

American Economic Review Pub Date : 2023-09-01 DOI:10.1257/aer.20170725

Elı́as Albagli, C. Hellwig, Aleh Tsyvinski

引用次数: 0

Abstract

We analyze the consequences of noisy information aggregation for investment. Market imperfections create endogenous rents that cause overinvestment in upside risks and underinvestment in downside risks. In partial equilibrium, these inefficiencies are particularly severe if upside risks are coupled with easy scalability of investment. In general equilibrium, the shareholders’ collective attempts to boost value of individual firms leads to a novel externality operating through price that amplifies investment distortions with downside risks but offsets distortions with upside risks. (JEL D21, D25, D83, G14, G32, G41)

查看原文本刊更多论文

不完善的金融市场和投资效率低下

分析了噪声信息聚集对投资的影响。市场不完善会产生内生租金，导致对上行风险的过度投资和对下行风险的投资不足。在部分均衡中，如果上行风险与投资的可扩展性相结合，这些低效率就会特别严重。在一般均衡中，股东集体提高单个公司价值的努力导致了一种新的外部性，这种外部性通过价格运作，放大了具有下行风险的投资扭曲，但抵消了具有上行风险的扭曲。(凝胶d21, d25, d83, g14, g32, g41)

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

American Economic Review ECONOMICS-

CiteScore

18.60

自引率

2.80%

发文量

122

期刊介绍： The American Economic Review (AER) stands as a prestigious general-interest economics journal. Founded in 1911, it holds the distinction of being one of the nation's oldest and most esteemed scholarly journals in economics. With a commitment to academic excellence, the AER releases 12 issues annually, featuring articles that span a wide spectrum of economic topics.