Valuation, Adverse Selection, and Market Collapses
We study a market for funding real investment where valuation-meaning investors devoting resources to acquiring information about future payoffs-creates an adverse selection problem. Unlike previous models, more valuation is associated with lower market prices and so greater returns to valuation. Th...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Oxford University Press,
2017-05-17T14:13:42Z.
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| Subjects: | |
| Online Access: | Get fulltext |