The Report of the Twentieth Century Fund Task Force on Market Speculation and Corporate Governance
Twentieth Century Fund, 1992 - Business & Economics - 143 pages
This work considers how imperfect or misleading market information opens the door to speculation and distortion of economic choice, and how government sets the rules by which the financial world plays. It calls for policy changes to rationalize savings and investment decisions, promote long-term planning over speculation, encourage institutional investors to take a more active role in corporate governance, and disseminate more information to investors. Shiller's paper examines the economic basis of financial speculation and the intrinsic worth of measures proposed to rein in speculators or to limit the damage caused when their activity gets out of hand.
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active Amos Tversky assets buying or selling buyouts capital gains tax circuit breakers companies concern corporate governance cost of capital Daniel Kahneman decisions decline directors discount rates discourage earnings effect efficient-markets theory encourage equity excessive speculation Federal Reserve financial markets firms Fumio Hayashi growth impact incentive income index arbitrage individual investors institutional investors investment managers investment professionals Japan Japanese Journal of Finance junk bonds keiretsu Leveraged Buyouts long-run margin requirements market prices Market Volatility ment October 19 owners ownership pension funds percent policy measures Portfolio Management price changes price increases price movements problems proxy Quarterly rational bubble reduce reform relational investing research and development risk Robert saving rate Securities share price shareholders Shiller short-term smart money speculative behavior speculative boom speculative price stock market crash stock prices strategies substantial tax rate tend tendency trading transactions taxes turnover United Wall Street York Stock Exchange