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Uncertain booms and fragility.

Lee, Michael Junho.

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Uncertain booms and fragility.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Uncertain booms and fragility./
Author:	Lee, Michael Junho.
Description:	85 p.
Notes:	Source: Dissertation Abstracts International, Volume: 77-11(E), Section: A.
Contained By:	Dissertation Abstracts International77-11A(E).
Subject:	Finance. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10135042
ISBN:	9781339929750

Uncertain booms and fragility.
Lee, Michael Junho.

Uncertain booms and fragility. - 85 p.

Source: Dissertation Abstracts International, Volume: 77-11(E), Section: A.

Thesis (Ph.D.)--University of Pennsylvania, 2016.

I develop a framework of the build-up and outbreak of financial crises in an asymmetric information setting. In equilibrium, two distinct economic states arise endogenously: normal times --- periods of modest investment, and booms --- periods of expansionary investment. Normal times occur when the intermediary sector realizes moderate investment opportunities. Booms occur when the intermediary sector realizes many investment opportunities, but also occur when it realizes very few opportunities. As a result, investors face greater uncertainty in booms. During a boom, subsequent arrival of negative information about an intermediary asset results in large downward shifts in investors' confidence about the underlying quality of long-term assets. A crisis of confidence ensues. Investors collectively force costly early liquidation of the intermediated assets and move capital to safe assets, in a flight-to-quality episode.

ISBN: 9781339929750Subjects--Topical Terms:

542899
Finance.

Uncertain booms and fragility.
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020 $a 9781339929750
035 $a (MiAaPQ)AAI10135042
035 $a AAI10135042
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100 1 $a Lee, Michael Junho. $3 3276533
245 1 0 $a Uncertain booms and fragility.
300 $a 85 p.
500 $a Source: Dissertation Abstracts International, Volume: 77-11(E), Section: A.
500 $a Adviser: Bilge Yilmaz.
502 $a Thesis (Ph.D.)--University of Pennsylvania, 2016.
520 $a I develop a framework of the build-up and outbreak of financial crises in an asymmetric information setting. In equilibrium, two distinct economic states arise endogenously: normal times --- periods of modest investment, and booms --- periods of expansionary investment. Normal times occur when the intermediary sector realizes moderate investment opportunities. Booms occur when the intermediary sector realizes many investment opportunities, but also occur when it realizes very few opportunities. As a result, investors face greater uncertainty in booms. During a boom, subsequent arrival of negative information about an intermediary asset results in large downward shifts in investors' confidence about the underlying quality of long-term assets. A crisis of confidence ensues. Investors collectively force costly early liquidation of the intermediated assets and move capital to safe assets, in a flight-to-quality episode.
590 $a School code: 0175.
650 4 $a Finance. $3 542899
650 4 $a Economic theory. $3 1556984
650 4 $a Economics. $3 517137
690 $a 0508
690 $a 0511
690 $a 0501
710 2 $a University of Pennsylvania. $b Finance. $3 2095393
773 0 $t Dissertation Abstracts International $g 77-11A(E).
790 $a 0175
791 $a Ph.D.
792 $a 2016
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10135042