Presidential Address to the American Finance Association, San Diego, California, January 2013. The discussion of investment externalities draws from my joint work and discussions with Andres Almazan, Zhaohui Chen, Adolfo de Motta, Casey Dougal, and Chris Parsons. The discussion of the interactions between financial market shocks and investment externalities is closely related to my joint work with Avanidhar (Subra) Subrahmanyam. I would also like to thank David Chapman, Kent Daniel, Andrea Eisfeldt, Michael Gallmeyer, and Tyler Muir for help on the macro finance literature. Finally, I would like to thank Aydogan Alti, Jonathan Cohn, David Hirshleifer, the Journal of Finance editors, Bruno Biais, Michael Roberts, and Kenneth Singleton, and my current students, Nicholas Crain, Nathan Swem, and Parth Venkat, for helping me clarify my ideas.
Financial Markets and Investment Externalities
Article first published online: 16 JUL 2013
© 2013 the American Finance Association
The Journal of Finance
Volume 68, Issue 4, pages 1307–1329, August 2013
How to Cite
TITMAN, S. (2013), Financial Markets and Investment Externalities. The Journal of Finance, 68: 1307–1329. doi: 10.1111/jofi.12072
- Issue published online: 16 JUL 2013
- Article first published online: 16 JUL 2013
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