Government Intervention and Information Aggregation by Prices
研究了政府干预如何影响股票价格的信息聚合，发现政府承诺减少对市场价格的依赖或限制某些透明度，反而有助于提升价格的信息含量。
ABSTRACT 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.