Government Intervention and Information Aggregation by Prices

• 成果类型: Article
• 署名作者: Bond, Philip; Goldstein, Itay
• 署名单位: University of Washington; University of Washington Seattle; University of Pennsylvania
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.12303
• 发表日期: 2015
• 页码: 2777-2812
• 关键词: STOCK-MARKET EFFICIENCY; financial-markets; social value; SOCIETY; FIRMS

摘要

Governments intervene in firms' lives in a variety of ways. To enhance the efficiency of government intervention, many researchers and policy makers call for governments to make use of information contained in stock market prices. However, price informativeness is endogenous to government policy. We analyze government policy in light of this endogeneity. In some cases, it is optimal for a government to commit to limit its reliance on market prices to avoid harming the aggregation of information into market prices. For similar reasons, it is optimal for a government to limit transparency in some dimensions.