The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Market-Based Corrective Actions
Open accessAbstract
Many economic agents take corrective actions based on information inferred from market prices of firms’ securities. Examples include directors and activists intervening in the management of firms and bank supervisors taking actions to improve the health of financial institutions. We provide an equilibrium analysis of such situations in light of a key problem: if agents use market prices when deciding on corrective actions, prices adjust to reflect this use and potentially become less revealing. We show that market information and agents’ information are complementary, and discuss measures that can increase agents’ ability to learn from market prices.
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Cites
On the impossibility of informationally efficient markets
Stiglitz, J. E., & Grossman, S. J. (1980) · Columbia University · doi:10.7916/d8765r99 · Cited by 3,645
Market Liquidity and Performance Monitoring
Holmström, B., & Tirole, J. (1993) · Journal of Political Economy · doi:10.1086/261893 · Cited by 1,719
Cited by
The role of information and financial reporting in corporate governance and debt contracting
Armstrong, C. S., Guay, W. R., & Weber, J. P. (2010) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2010.10.001 · Cited by 1,494
Have financial markets become more informative?
Bai, J., Philippon, T., & Savov, A. (2016) · Journal of Financial Economics · doi:10.1016/j.jfineco.2016.08.005 · Cited by 394
Rating agencies in the face of regulation
Opp, C. C., Opp, M. M., & Harris, M. (2013) · Journal of Financial Economics · doi:10.1016/j.jfineco.2012.10.011 · Cited by 382
Brav, A. (2009) · Foundations and Trends® in Finance · doi:10.1561/0500000026 · Cited by 287
Metadata
- Authors
- Bond, P., Goldstein, I., & Prescott, E. S.
- Venue
- Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2009-09-20
- Volume
- 23
- Issue
- 2
- Pages
- 781-820
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W2066368280
- Cited by
- 277
- References
- 2
- FWCI
- 76.58
- Type
- journal article
- Language
- en
- Open access
- green
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