演講者簡介 : Professor Ozdenoren received his Ph.D. in Managerial Economics and Strategy from Northwestern University in 2000. He is currently a Professor at London Business School. He is an expert in microeconomics, decision making under uncertainty, behavioural economics, game theory and auction theory. More recently, he has focused his research on financial markets and, in particular, feedback effects between financial markets and the real economy.
演講摘要 : Borrowers obtain liquidity by issuing securities backed by current period payoff and resale price of a long-lived collateral asset. They are privately informed about the payoff distribution. Asset price can be self-fulfilling: higher asset price lowers adverse selection, allows borrowers to raise more funding which makes the asset more valuable, leading to multiple equilibria. Optimal security de-sign eliminates multiple equilibria, improves welfare, and can be implemented as a repo contract. Persistence in adverse selection lowers debt funding, generates volatility in asset price, and exacerbates credit crunch. The theory demonstrates the role of asset-backed securities on stability of market-based financial systems.
