Economic policy uncertainty and allocative distortions
Economic policy uncertainty and allocative distortions
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DOI：
10.1016/j.jfs.2021.100923
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发表时间：
2021-08-16
影响因子：
5.4
通讯作者：
Yasuda, Yukihiro
中科院分区：
文献类型：
--
作者：
Guedhami, Omrane;Mansi, Sattar;Yasuda, Yukihiro
我们介绍这个特殊的问题，经济政策的不确定性（EPU），重点是EPU如何影响配置效率。我们观察到，EPU影响了大约37%的法玛-法国30个行业的公司的市场价值，但导致其中90%的投资减少。市场经济中的分配决策依赖于资本市场的信号，而EPU扭曲了资本市场的信号。这可能会导致管理人员和投资者之间的利益冲突增加。我们突出了EPU文献中的关键研究，然后在这个特刊中描述每篇论文。并对未来的研究提出建议。
We introduce this special issue on Economic Policy Uncertainty (EPU) with a focus on how EPU affects allocative efficiency. We observe that EPU affects the market value of firms in about 37% of Fama-French 30 industries, but leads to lower investments in 90% of them. Allocation decisions in a market economy rely on signals from the capital market, which EPU distorts. This may cause increasing conflicts of interest between managers and investors. We highlight key studies in the EPU literature and then describe each paper in this special issue. We also provide suggestions for future research.