Market-Based Corrective Actions

被引：114

作者：

Bond, Philip ^{[1
]}

Goldstein, Itay

Prescott, Edward Simpson ^{[2
]}

机构：

[1] Univ Penn, Wharton Sch, Philadelphia, PA 19104 USA

[2] Fed Reserve Bank Richmond, Richmond, VA USA

来源：

REVIEW OF FINANCIAL STUDIES | 2010年 / 23卷 / 02期

关键词：

PRICE INFORMATIVENESS; SHAREHOLDER ACTIVISM; EFFICIENCY; EQUITY; FIRMS;

D O I：

10.1093/rfs/hhp059

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Many economic agents take corrective actions based on information inferred from market prices of firms' securities. Examples include directors and activists intervening in the management of firms and bank supervisors taking actions to improve the health of financial institutions. We provide an equilibrium analysis of such situations in light of a key problem: if agents use market prices when deciding on corrective actions, prices adjust to reflect this use and potentially become less revealing. We show that market information and agents' information are complementary, and discuss measures that can increase agents' ability to learn from market prices. (JEL D53, D80, G14, G21, G28, G34)

引用

页码：781 / 820

页数：40

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