期刊
JOURNAL OF FINANCE
卷 70, 期 6, 页码 2777-2812出版社
WILEY-BLACKWELL
DOI: 10.1111/jofi.12303
关键词
-
资金
- Cynthia and Bennett Golub Endowed Faculty Scholar Award Fund
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.
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