【资本市场】Dynamic Adverse Selection

是 否 +2 论坛币

k人 参与回答

经管之家送您一份

应届毕业生专属福利!

求职就业群

赵安豆老师微信：zhaoandou666

经管之家联合CDA

送您一个全额奖学金名额~ !

立即领取

感谢您参与论坛问题回答

经管之家送您两个论坛币！

+2 论坛币

1 论文标题
Dynamic Adverse Selection: A Theory of Illiquidity, Fire Sales, and Flight to Quality
2 作者信息
Veronica Guerrieri, Robert Shimer
3 出处和链接（比如，NBER working paper No.11000）
NBER Working Paper No. 17876
Issued in March 2012

4 摘要

We develop a dynamic equilibrium model of asset markets affected by adverse selection. There exists a unique equilibrium where better assets trade at higher prices but in less liquid markets. Sellers of high-quality assets can separate because they are more willing to accept a lower trading probability. As a result, the emergence of adverse selection generates a drop in liquidity. It may also lead to a decline in the price-dividend ratio—a fire sale—and a flight to quality. Subsidies to purchasing assets may be Pareto improving and can reverse the fire sale and flight to quality.

全文：http://www.nber.org/papers/w17876.pdf

扫码加我 拉你入群

请注明：姓名-公司-职位

以便审核进群资格，未注明则拒绝

分享0 收藏0 回帖

关键词：Selection Election Dynamic Adverse Select 信息 资本市场 论文 separate because

感谢支持！