| Texto completo | |
| Autor(es): |
Araujo, Luis
;
Guimaraes, Bernardo
;
Rodrigues, Diego
Número total de Autores: 3
|
| Tipo de documento: | Artigo Científico |
| Fonte: | REVIEW OF ECONOMIC DYNAMICS; v. 38, p. 13-pg., 2020-10-01. |
| Resumo | |
Assessing the fundamental value of a wide range of asset-backed securities is costly. As a result, these assets can become information insensitive, which allows them to be used as collateral in credit transactions. In this paper, we show that while it is true that information-insensitive assets can play a liquidity role, the fact that they play this role reinforces their information insensitivity. This implies that the availability of alternative ways of financing can harm the liquidity role of assets, even if these alternatives are costly and not used in equilibrium. The reason is that such options raise the asset's sensitivity to information by increasing the relative importance of their fundamental value vis-a-vis their role as collateral. (C) 2020 Elsevier Inc. All rights reserved. (AU) | |
| Processo FAPESP: | 16/25084-0 - Compreendendo a liquidez de títulos garantidos por ativos |
| Beneficiário: | Diego de Sousa Rodrigues |
| Modalidade de apoio: | Bolsas no Brasil - Mestrado |
| Processo FAPESP: | 17/06724-1 - Coordenação no uso de títulos garantidos por ativos |
| Beneficiário: | Diego de Sousa Rodrigues |
| Modalidade de apoio: | Bolsas no Exterior - Estágio de Pesquisa - Mestrado |