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Market-Based Corrective Actions

delete2009-09-20
delete131
PRE
AI
P
Philip L. Bond *
I
Itay Goldstein
E
Edward Simpson Prescott
DOI：10.1093/rfs/hhp059delete
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摘要

摘要

En 中文
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)
Keyword:
PRICE INFORMATIVENESS
SHAREHOLDER ACTIVISM
EFFICIENCY
EQUITY
FIRMS
AI总结

AI总结

对已上传原文的论文进行重点信息的提取，主要内容包括：简要概述、研究摘要、背景介绍、关键亮点、图文解析、展望与总结。

期刊

Review of Financial Studies 封面图
Review of Financial Studies
IF:
5.4
论文数:
2.8K
被引数:
3.0W

机构

U
university of pennsylvania
学者数:
9.2W
论文数: 7.8W
被引数: 153
F
federal reserve system - usa
学者数:
1.6K
论文数: 2.4K
被引数: 3
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