NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Valuation, Adverse Selection, and Market Collapses

Michael J. Fishman, Jonathan A. Parker

NBER Working Paper No. 18358
Issued in September 2012, Revised in April 2014

---- Acknowledgments ----

A draft of this paper was presented in 2009 and the first half of 2010 under the name "Valuation and the Volatility of Investment." For helpful comments, we thank Andrea Eisfeldt, V.V. Chari, Gary Gorton, Igal Hendel, Alessandro Lizzeri, Andrew Nowobilski, Alessandro Pavan, George Pennacchi, Andrew Winton, Haoxiang Zhu, two anonymous referees, and seminar participants at Brown, Chicago, Columbia, Northwestern, Stanford, Texas, Yale, the 2010 Minnesota Corporate Finance Conference, the 2010 SED Meetings, and the 2011 North American Winter Meetings of the Econometric Society, although we remain responsible for any errors, omissions, or typos. Luis Bryce provided excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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