Markets versus Mechanisms
About: This article is published in Review of Financial Studies. The article was published on 29 Nov 2021. and is currently open access.
read more
Chat with Paper
AI Agents for this Paper
Find similar papers on Google Scholar, PubMed and Arxiv
Write a critical review of this paper
Analyze citations of this paper to find unaddressed research gaps
Citations
Information in Financial Markets and Its Real Effects
TL;DR: In this paper , the authors review the main themes of this developing literature and connect them to the current information revolution, and discuss directions for future research, and explore implications that this feedback effect has for the equilibrium in financial markets and for economic efficiency.
89
Information in Financial Markets and Its Real Effects
TL;DR: In this paper , the authors review the main themes of this developing literature and connect them to the current information revolution, and discuss directions for future research, and explore implications that this feedback effect has for the equilibrium in financial markets and for economic efficiency.
39
References
The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration
Sanford J. Grossman,Oliver Hart +1 more
TL;DR: In this paper, a theory of costly contracts is presented, which emphasizes the contractual rights can by of two types: specific rights and residual rights, and when it is costly to list all specific rights over assets, it may be optimal to let one party purchase all residual rights.
Financial Intermediation and Delegated Monitoring
TL;DR: In this paper, the authors developed a theory of financial intermediation based on minimizing the cost of monitoring information which is useful for resolving incentive problems between borrowers and lenders, and presented a characterization of the costs of providing incentives for delegated monitoring by a financial intermediary.
•Posted Content
The Economic Institutions of Capitalism: Firms, Markets, Relational Contracting
TL;DR: In this paper, the authors argue that economic organization is shaped by transaction cost economizing decisions and that any issue that arises, or can be recast as a matter of contracting, is usefully examined in terms of transaction costs.
7K
Property Rights and the Nature of the Firm
Oliver Hart,John Moore +1 more
TL;DR: In this article, the authors provide a framework for addressing the question of when transactions should be carried out within a firm and when through the market, by identifying a firm with the assets that its owners control.
Market Liquidity and Performance Monitoring
Bengt Holmstrom,Jean Tirole +1 more
TL;DR: In this article, the authors study the value of the stock market as a monitor of managerial performance and show that the stock price incorporates performance information that cannot be extracted from the firm's current or future profit data.