【摘要】 本文研究市场流动性的作用。我们的分析表明,市场流动性通过影响交易者收集私人信息的激励而影响交易价格的有效性。进一步的分析表明,最优经理人报酬契约中应该包括股票价格这一变量。然而,当市场流动性不足,从而价格缺乏效率时,我们不应过多依赖价格变量。更多还原

【Abstract】 This paper studies the role of market liquidity.We show that market liquidity af- fects stock price efficiency through affecting traders’ incentive to collect private information.We further show that an optimal CEO compensation contract should also contain stock price,Howev- er,when the price is less efficient in the case of thin market,we should put fewer weights on stock price.更多还原