Financial Innovation, Market Participation and Asset Prices
收藏NBER2003-07-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w9840
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资源简介：
This paper investigates the pricing effects of financial innovation in an economy with endogenous participation and heterogeneous income risks. The introduction of non-redundant assets endogenously modifies the participation set, reduces the covariance between dividends and participants' consumption
提供机构：
美国国家经济研究局
创建时间：
2003-07-01
