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1、DoWn-Oadedfromhttps&academ6.oupbom/rof、artoe/27/*1/1、6659542bygues-On10AUgUS-20232023,1-32httpsdoi.org10.1093rofrfac052AdvanceAccessPub1icationDate:IOAugust2023OXFORDInformationinFinancia1MarketsandItsRea1Effects*ItayGo1dsteinWhartonSchoo1,UniversityofPennsy1vaniaandNBER,USAAbstractFinancia1marketsh
2、aveacentra1ro1eina11ocatingresourcesinmoderneconomies.OneofthemainfunctionsOffinancia1marketsisthediscoveryofinformation.Thisinformationinturnhe1psguidedecisionsintherea1sideoftheeconomy.The1iteratureonthefeedbackeffectoffinancia1marketsexp1oresthischanne1.Empirica1worktriestoidentifytheinformationa
3、1feedbackfrommarketstocorporatedecisions.Theoretica1workexp1oresimp1icationsthatthisfeedbackeffecthasfortheequi1ibriuminfinancia1marketsandforeconomicefficiency.Currenttrendsininformationtechno1ogyundertheFinTechrevo1utionchangethenatureofinformationprocessinginfinancia1marketsandsomaychangethenatur
4、eofthefeedbackeffect.Inthisartic1e,Ireviewthemainthemesofthisdeve1oping1iteratureandconnectthemtothecurrentinformationrevo1ution.Ia1sodiscussdirectionsforfutureresearch.*Thisartic1eisbasedonmykeynotespeechattheEuropeanFinanceAssociationAnnua1MeetinghostedbyBocconiUniversityin2023.Overthe1astfewyears
5、,Ihavegivenkeynotespeechesandp1enarysessionsre1atedtothesamethemein:FinanceTheoryGroupSummerSchoo1(2017),HongKongUniversityofScienceandTechno1ogyFinanceSymposium(2017),TsinghuaUniversityInternationa1CorporateGovernanceConference(2018),FinanceForuminMadrid(2019),SwedishHouseofFinanceConferenceonFinan
6、cia1MarketsandCorporateDecisions(2019),CambridgeCorporateFinanceTheorySymposium(2019),UniversityofTexasatAustin(2019),Financia1ManagementAssociationResearchIdeasSession(2019)1INSEAD(2019),SantiagoFinanceWorkshop(2019),G1oba1Virtua1SeminarSeriesonFinTechatGeorgetownUniversity(2023),GreaterChinaAreaFi
7、nanceConference(2023),Mid-At1anticResearchConferenceinFinanceatVi11anovaUniversity(2023),IndianSchoo1ofBusinessSummerResearchConference(2023),ConferenceonFinancia1EnomicsandACCOUntingatIndianaUniversity(2023),DukeAccountingTheorySummerSchoo1(2023),andEIASMWorkshoponAccountingandEconomicsinErasmusUni
8、versity(2023).Ithankthemanyparticipantsintheseeventsfornumerousexce11entmmentsandhe1pfu1discussions.Iama1soparticu1ar1ygratefu1tothefo11owingpeop1eforreadingadraftofthisartic1eandcommentingonit:SimonaAbis,Ra1phBo1es1avsky,QiChen,O1ivierDessaint,EspenEckbo,A1exEdmans,ThierryFoucau1t,1aurentFresard1Ra
9、yGao,A1exanderGuembe11SudarshanJayaraman1WeiJiang,Xuewen1iu,StevenChongXiao,XixiXiao,1iyanYang,ChristinaZhu,1uoZuo,andananonymousreferee.A11remainingerrorsaremine.VTheAuthor(S)2023.Pub1ishedbyOxfordUniversityPressonbeha1foftheEuropeanFinanceAssociation.A11rightsreserved.Forpermissions,p1easeemai1:jo
10、uma1s.permissionsKeywords：Financia1markets,Corporatefinance,Information,Feedbackeffect,Financia1techno1ogyJE1c1assification:G10,G30,D80ReceivedJu1y5,2023;acceptedJu1y11,2023byEditorA1exEdmans.1. Introduction:TheFeedbackEffectfromFinancia1MarketstotheRea1Economy1.1 InformationinFinancia1MarketsOneofh
11、ebasicpremisesinfinancia1economicsisthatpricesinfinancia1marketsareveryinformativeaboutthefundamenta1softheunder1yingassets.Pricesaggregateinformationfrommanydifferentindividua1sandinstitutions,whotradeforprofitmotives,andsohaveanatura1incentivetotradeoninformativesigna1s.Throughthetradingprocess,ma
12、rketpricesthenaggregateandref1ectthedifferentsigna1s,creatingapowerfu1sourceofinformation,whichisdifficu1ttogenerateinotherways.Theideathatpricesareausefu1sourceofinformationgoesfarbackineconomicsandisoftenassociatedwithHayek(1945).Hereferredtopricesmoregenera11y,forexamp1e,thoseofgoodsandservices.T
13、hepowerfu1informationa1ro1epricesp1ayaccordingtohimissimi1artothatinfinancia1markets,comingfromthefactthattheyaggregatepiecesofinformationfromdifferentmarketparticipants.Thisviewofthepowerfu1ro1eofmarketsasinformationprovidershas1edmanyeconomistssincethentoadvocateforusingpricesusaprimarysourceofinf
14、ormationforimportantdecisions.Suchisthepushforestab1ishingpredictionmarketsforimportantevents(seeWo1fersandZitzewitz,2004)andusingtheinformationtheyproduceinadvance.Whi1emarketsingenera1canbepowerfu1ininformationprovision,itisdifficu1ttocompetewithnancia1marketsinthisrespect.Withthe1eve1of1iquidity,
15、thesophisticationofparticipants,andthehugeattentiontheyaregetting,financia1marketsareprimecandidatestoprovideinformativesigna1s.Moreover,overtheyears,financia1marketshavebecomemore1iquid,marketparticipantsmoresophisticated,andinformationaroundfinancia1marketsmorewide1yavai1ab1e.Anatura1conjecturethe
16、nisthatmarketpricesshou1dhavebecomeevenmoreinformative.Theana1ysisinBai,Phi1ippon,andSavov(2016)1arge1ysupportsthisconjecture,whi1eFarboodieta1.(2023)conc1udethatthisisthecaseon1ytorasubsetofthefinns,name1ythe1argegrowthfirms.Thinkingforwardabouttheriseoffinancia1techno1ogiesthatmakemarketsevenmoresophisticatedandthesourcesofinformationavai1ab1eevenricherthanbefore,manywonderwhethermarketsigna1swi11becomeevenmorepowerfu1.Ina
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