Journal of Financial Stability ( IF 3.554 ) Pub Date : 2021-07-22 , DOI: 10.1016/j.jfs.2021.100923 Omrane Guedhami 1 , Sattar Mansi 1 , David Reeb 1 , Yukihiro Yasuda 1
We introduce this special issue on Economic Policy Uncertainty (EPU) with a focus on how EPU affects allocative efficiency. We observe that EPU affects the market value of firms in about 37% of Fama–French 30 industries, but leads to lower investments in 90% of them. Allocation decisions in a market economy rely on signals from the capital market, which EPU distorts. This may cause increasing conflicts of interest between managers and investors. We highlight key studies in the EPU literature and then describe each paper in this special issue. We also provide suggestions for future research.
中文翻译:
经济政策的不确定性和分配扭曲
我们介绍了这个关于经济政策不确定性 (EPU) 的特刊,重点是 EPU 如何影响配置效率。我们观察到 EPU 影响了 Fama-French 30 行业中约 37% 的公司的市场价值,但导致其中 90% 的投资减少。市场经济中的分配决策依赖于来自资本市场的信号,而 EPU 会扭曲这些信号。这可能会导致管理者和投资者之间的利益冲突加剧。我们重点介绍了 EPU 文献中的关键研究,然后描述了本期特刊中的每篇论文。我们还为未来的研究提供建议。