کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
957589 928535 2010 32 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The tradeoff between risk sharing and information production in financial markets
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
The tradeoff between risk sharing and information production in financial markets
چکیده انگلیسی

The production of information in financial markets is limited by the extent of risk sharing. The wider a stock's investor base, the smaller the risk borne by each shareholder and the less valuable information. A firm which expands its investor base without raising capital affects its information environment through three channels: (i) it induces incumbent shareholders to reduce their research effort as a result of improved risk sharing, (ii) it attracts potentially informed investors, and (iii) it may modify the composition of the base in terms of risk tolerance or liquidity trading. Implications for individual firms and the market as a whole are derived.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Theory - Volume 145, Issue 1, January 2010, Pages 124–155
نویسندگان
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