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    题名: INCOME INEQUALITY AND SECURITY MARKET
    作者: 胡聯國
    Hu,Len-kuo
    贡献者: 國貿系
    关键词: Income inequality;Security market;Risk neutral probability;Credit constraint;Heterogeneous belief
    日期: 2001.06
    上传时间: 2014-11-24 17:08:56 (UTC+8)
    摘要: Witnessing the clear ascendancy of private enterprise alongside a tendency for its ownership benefits to flow into the hands of a few, we examine how this dramatic shift in ownership pattern relates to our security market. Drawing upon a two-period two-asset consumption investment model, we conclude that the existence of a security market will unambiguously reduce the variance of wealth distribution unless some credit constraint is imposed on poor investors while the wealthy can unlimitedly sell their securities short in the bear market. If a short sale is also banned on the wealthy investors, then we need to resort to investors’ heterogeneous beliefs of the prospect of risky investment as the legitimate reason for income inequality. To stem the deterioration of a widening wealth gap, a more direct and fair information disclosure mechanism has to be installed. An empirical study based on this model is thus conducted
    關聯: ACADEMIA ECONOMIC PAPERS,29(2),185-220
    数据类型: article
    显示于类别:[國際經營與貿易學系 ] 期刊論文

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