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Assignment of Stock Market Coverage / Briana Chang, Harrison Hong.
- Format:
- Book
- Author/Creator:
- Chang, Briana.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w23115.
- NBER working paper series no. w23115
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2017.
- Summary:
- Price efficiency plays an important role in financial markets. Firms influence it, particularly when they issue public equity. They can hire a reputable underwriter with a star analyst to generate public signals about profits, thereby reducing uncertainty and increasing valuations. We develop an assignment model of this labor market. The value of a match between firms, that differ in multiple dimensions, and agents, that differ in precision, is endogenously generated from a stock-market equilibrium. We characterize the multidimensional-to-one assignment and obtain predictions. Extensions allow firms to value efficiency for other reasons and apply to other labor markets like media-or-investor relations.
- Notes:
- Print version record
- January 2017.
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