Imperfect Financial Markets and Investment Inefficiencies
分析了信息聚合不完善如何影响投资，发现市场不完美导致对上行风险过度投资、对下行风险投资不足，并探讨了部分均衡和一般均衡下的不同效应。
We analyze the consequences of noisy information aggregation for investment. Market imperfections create endogenous rents that cause overinvestment in upside risks and underinvestment in downside risks. In partial equilibrium, these inefficiencies are particularly severe if upside risks are coupled with easy scalability of investment. In general equilibrium, the shareholders’ collective attempts to boost value of individual firms leads to a novel externality operating through price that amplifies investment distortions with downside risks but offsets distortions with upside risks.