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dc.contributor.authorBraido, Luis*
dc.contributor.authorMartins-da-Rocha, Victor-Filipe*
dc.date.accessioned2018-01-27T16:32:32Z
dc.date.available2018-01-27T16:32:32Z
dc.date.issued2017
dc.identifier.issn0020-6598
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/17363
dc.language.isoenen
dc.subjectObjective of the firmen
dc.subjectEfficient investmenten
dc.subjectIncomplete marketsen
dc.subject.ddcAnalyseen
dc.subject.classificationjelG.G1.G11en
dc.subject.classificationjelD.D5.D53en
dc.subject.classificationjelD.D5.D51en
dc.titleOutput contingent securities and efficient investment by firmsen
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenWe analyze competitive financial economies in which firms make risky investments. Unlike the classic Arrow--Debreu framing, firms and agents cannot contract upon the exogenous states of nature underlying production risks. The only available securities are equities and all possible derivatives written on the endogenous aggregate output. It is well-known that this financial structure is rich enough to promote efficient risk sharing across consumers.However, markets are incomplete from the production perspective, and the absence of market prices for each primitive state of nature raises issues on the objective of firms. By exploring an additional layer of rationality on firms' and agents' expectations, we show that asset prices convey sufficient information to compute a competitive shareholder value that leads to efficient investment by firms.en
dc.relation.isversionofjnlnameInternational Economic Review
dc.relation.isversionofjnldate2017
dc.identifier.urlsite515en
dc.relation.isversionofjnlpublisherEconomics Department of the University of Pennsylvaniaen
dc.relation.forthcomingouien
dc.relation.forthcomingprintouien
dc.description.ssrncandidatenonen
dc.description.halcandidatenonen
dc.description.readershiprechercheen
dc.description.audienceInternationalen
dc.relation.Isversionofjnlpeerreviewedouien
dc.relation.Isversionofjnlpeerreviewedouien
dc.date.updated2018-01-27T16:26:44Z
hal.person.labIds*
hal.person.labIds60*


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