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《financial intermediaries and liquidity creation reputation formation in early bank note markets》由會員上傳分享，免費在線閱讀，更多相關(guān)內(nèi)容在工程資料-天天文庫。
1、2FinancialIntermediariesandLiquidityCreationGARYB.GORTONANDGEORGEPENNACCHI*Awidelyheldviewisthattheinvestorofmodestmeansisatadisadvantagerelativetolargeinvestors.Thispopularperception,datingfromatleasttheearly19thcentury,hasitthatthesmall,unsophisticatedinvestorthefarmer,mechanic,andthelaborer
2、isleastequippedtoacquireinformationandismostoftenvictimizedbyhavingtotradewithbetterinformedagents.U.S.historyisrepeatedlymarkedbyincidentsofrealorimaginedinsidershenani-gansandresultingpopularinitiativesagainstthemoneytrustsandtherobberbarons.Thisviewisresponsibleformanyinstitutions,e.g.,theSE
3、Cantitrustleg-islation,andvariousformsoftaxation.Thisargumenthasalsoin?uencedbankregulationwhereithasbeenusedtojustifygovernmentprovisionofdepositinsuranceasamatterofpublicpolicy.ThenotionthatinformedagentscanexploituninformedagentshasreceivedsomesupportfromKyle(1985)andGrinblattandRoss(1985).T
4、heyshowthatinsiderscansystematicallybene?tattheexpenseofuninformedtraderswhenpricesarenotfullyrevealing.However,inthesemodelstheuninformedtraders,callednoisetraders,arenonoptimizingagents;theysimplytradeand*BothauthorsfromFinanceDepartment,TheWhartonSchool,UniversityofPennsylvania.Apreviousvers
5、ionofthispaperwasentitledTransactionsContracts.Thecommentsandsugges-tionsofMarkFlannery,JeffLacker,ChrisJames,DickJefferis,BruceSmith,ChesterSpatt,ananonymousreferee,membersoftheUniversityofPennsylvaniaMacroLunchGroup,especiallyRandyWrightandHenningBohn,andparticipantsinthe1988NBERSummerInstitu
6、te,the1988GarnInstituteConferenceonFederalDepositInsuranceandtheStructureofFinancialMarkets,the1988WinterEconometricSocietyMeetings,andtheFederalReserveBankofRichmondweregreatlyappreciated.The?rstauthorthankstheNSFfor?nancialsupportthrough#SES-8618130.Errorsremaintheauthors.44BANKDEBTlosemoney.
7、Ifinformedagentscan,somehow,systematicallytakeadvantageofuninformedagents,thenitseemsclearthattheuninformedagentswouldbemotivatedtorespond,possiblycreatingalternativemechanisms.Inthisessayweinvestigatewhether?nancialinstitutionsan
