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• W2130528061 abstract "What are the equilibrium features of a dynamic financial market where traders care about their reputation for ability? We modify a standard sequential trading model to study a financial market with career concerns. We show that this market cannot be informationally efficient: there is no equilibrium in which prices converge to the true value, even after an infinite sequence of trades. This finding, which stands in sharp contrast with the results for standard financial markets, is due to the fact that our traders face an endogenous incentive to behave in a conformist manner. We show that there exist equilibria where career-concerned agents trade in a conformist manner when prices have risen or fallen sharply. We also show that each asset carries an endogenous reputational benefit or cost, which may lead to systematic mispricing if traders without career concerns possess market power." @default.
• W2130528061 created "2016-06-24" @default.
• W2130528061 creator A5033068837 @default.
• W2130528061 creator A5072583771 @default.
• W2130528061 date "2005-09-16" @default.
• W2130528061 modified "2023-09-27" @default.
• W2130528061 title "Reputation and Asset Prices: A Theory of Information Cascades and Systematic Mispricing" @default.
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