| dc.contributor | 國貿系 | en_US |
| dc.creator (作者) | 胡聯國 | zh_TW |
| dc.creator (作者) | Hu,Len-kuo | en_US |
| dc.date (日期) | 2001.06 | en_US |
| dc.date.accessioned | 24-Nov-2014 17:08:56 (UTC+8) | - |
| dc.date.available | 24-Nov-2014 17:08:56 (UTC+8) | - |
| dc.date.issued (上傳時間) | 24-Nov-2014 17:08:56 (UTC+8) | - |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/71641 | - |
| dc.description.abstract (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 | en_US |
| dc.format.extent | 590239 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.language.iso | en_US | - |
| dc.relation (關聯) | ACADEMIA ECONOMIC PAPERS,29(2),185-220 | en_US |
| dc.subject (關鍵詞) | Income inequality; Security market; Risk neutral probability; Credit constraint; Heterogeneous belief | en_US |
| dc.title (題名) | INCOME INEQUALITY AND SECURITY MARKET | en_US |
| dc.type (資料類型) | article | en |
