The Lender’s View of Debt and Equity: The Case of Pension Funds
نویسنده
چکیده
It is by no means clear that the demand and supply for financial assets by opaque institutions simply reflect retail forces. In the prevailing equilibrium models of securities markets, demand comes from the individuals solving portfolio optimization problems. However, when we take account of the intervening contractual relations under which opaque institutions operate, it seems heroic to think that they mirror these forces (Ross 1989, p. 543).
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