Cream-Skimming in Financial Markets

Bolton Patrick; Santos Tano; Scheinkman Jose A.

首页> 外文期刊>Journal of Finance >Cream-Skimming in Financial Markets

【24h】

Cream-Skimming in Financial Markets

机译：金融市场上的忌口

获取原文

获取原文并翻译 | 示例

掌桥外文数据库（机构版） >>

开具论文收录证明 >>

文献代查 >>

页面导航

摘要
著录项
相似文献
相关主题

摘要

We propose a model in which investors may choose to acquire costly information that identifies good assets and purchase these assets in opaque (OTC) markets. Uninformed investors access an asset pool that has been cream-skimmed by informed investors. When the quality composition of assets for sale is fixed, there is too much information acquisition and the financial industry extracts excessive rents. In the presence of moral hazard in origination, the social value of information varies inversely with information acquisition. Low quality origination is associated with large rents in the financial sector. Equilibrium acquisition of information is generically inefficient.

机译：我们提出了一个模型，投资者可以在该模型中选择获取识别优质资产的昂贵信息，然后在不透明（OTC）市场中购买这些资产。不知情的投资者访问的资产池已被明智的投资者略为忽略。当固定待售资产的质量组成时，就会有太多的信息获取，金融业就会提取过多的租金。在起源中存在道德风险的情况下，信息的社会价值与信息获取成反比。质量低劣的起源与金融部门的高租金有关。信息的均衡获取通常效率低下。

著录项

来源
《Journal of Finance》 |2016年第2期|709-736|共28页
作者
Bolton Patrick; Santos Tano; Scheinkman Jose A.;
展开▼
作者单位

Columbia Univ, New York, NY 10027 USA|NBER, Cambridge, MA 02138 USA;

Columbia Univ, New York, NY 10027 USA|NBER, Cambridge, MA 02138 USA;

Columbia Univ, New York, NY 10027 USA|NBER, Cambridge, MA 02138 USA|Princeton Univ, Princeton, NJ 08544 USA;

展开▼
收录信息
原文格式 PDF
正文语种 eng
中图分类
关键词

相似文献

外文文献
中文文献
专利

1. CO-PRODUCTION AND REVERSED CREAM-SKIMMING IN QUASI-MARKETS [J] . Flavio Delbono, Diego Lanzi Rivista Internazionale di Scienze Sociali . 2012,第2期

机译：准市场中的联产和反向奶油绕过
2. Financial Stress Transmission from Sovereign Credit Market to Financial Market: A Multivariate FIGARCH-DCC Approach [J] . Riadh El Abed, Sahar Boukadida, Warda Jaidane Global Business Review . 2019,第5期

机译：从主权信贷市场到金融市场的金融压力传递：多变量FIGARCH-DCC方法
3. Asian financial market integration and the role of Chinese financial market [J] . Lee Byung-Joo International Review of Economics and Finance . 2019,第JANa期

机译：亚洲金融市场一体化与中国金融市场的作用
4. Applying Market Profile Theory to Analyze Financial Big Data and Discover Financial Market Trading Behavior - A Case Study of Taiwan Futures Market [C] . Wei-Yuan Huang, An-Pin Chen, Yu-Hsiang Hsu, International Conference on Cloud Computing and Big Data . 2016

机译：应用市场概况理论分析金融大数据并发现金融市场交易行为-以台湾期货市场为例
5. Finanzmarktentwicklung und Finanzmarktregulierung im Schatten intensiven Wettbewerbs. Anhaltendes Markt- und Steuerungsversagen durch Basel-III =Financial market development and financial regulation in the shadow of intensive competition: Ongoing market a [D] . Str?der, Martin. 2017

机译：金融市场发展与影子密集型竞争中的金融市场监管。 Basel-III的持续市场和控制失败=密集竞争阴影的金融市场发展和金融监管：正在进行的市场
6. Same Game Different Names: Cream-Skimming in the Post-ACA Individual Health Insurance Market [O] . Daniel W. Sacks, Coleman Drake, Jean M. Abraham, 2020

机译：同样的游戏不同的名称：奶油撇渣在后ACA个人健康保险市场
7. Financial Development and the Distributional Effects of Monetary Policy Do the distributional consequences of monetary policy depend on the extent of financial development? Should optimal monetary policy vary across countries? In order to answer these questions, we develop a monetary growth production model with heterogeneous agents. In our economy, optimal policy needs to weigh the effects of policy across two groups — capital owners and individuals who hold liquid assets. While banks help limit the exposure to inflation, there are limits because money alleviates the frictions of private information and limited communication. In this environment, we compare two economies that are identical in every aspect except for their level of financial development. In a country with limited financial development, a stock market is absent. In the other, an equity market is active. In either economy, inflation adversely affects capital formation and output. Individuals who hold liquid assets are always adversely affected by inflation, but the attitude of capital owners depends on the level of financial development. In particular, in the presence of a stock market, the impact of inflation on the welfare of capital owners is non-monotonic. Nevertheless, optimal monetary policy is always more conservative at higher levels of financial development. [O] . TINA M. Edgar A. Ghossoub, TINA M. Robert R. Reedy 100

机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

Cream-Skimming in Financial Markets

摘要

著录项

相似文献

相关主题

期刊订阅