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						<h1 itemprop="headline">Finance Internal Seminar: Matthias Lassak, AU</h1>
						

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							<p class="text--intro" itemprop="description">Title: Efficiency Implications of Knowledge Generation: Private versus Public Firms</p>
						
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												<h3 class="news-event__info__item__header text--label-header">Time</h3>
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														Thursday 12  December 2024,
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														&nbsp;at 12:15 -  12:45
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													<p class="news-event__info__item__ical-link"><a href="/about-us/news-and-events/single-event-item/artikel/finance-internal-seminar-matthias-lassak-au?tx_news_pi1%5Bformat%5D=ical&amp;type=9819&amp;cHash=1907a42a64e4a2007f5bc46abe315491">Add to calendar</a></p>
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														<p>Fuglesangs Allé 4, 8210 Aarhus V, Building 2630, Room 101</p>
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														Stefan Hirth and Anders Merrild Posselt
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														<span itemprop="name">Pernille Vorsø Jachobsen</span>
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									<p><strong>Presenter</strong>: <a href="https://econ.au.dk/contact/show/person/lassak@econ.au.dk" target="_self">Matthias Lassak</a>, AU</p>
<p><strong>Title:</strong> Efficiency Implications of Knowledge Generation: Private versus Public Firms</p>
<p><strong>Abstract: </strong>We provide an equilibrium analysis investigating efficiency differences between private and public firms’ information generation strategies, emphasizing public firms’ unique ability to learn additional information from financial markets through the feedback effect. The public firm generates a higher expected value than the private firm, as, in addition to the information generated internally, it has access to information reflected in market prices. However, the public firm features two mutually reinforcing sources of inefficiency. First, the public firm relies too much on market prices, as it does not incorporate information acquisition costs borne by market participants. Second, investors’ incentives to acquire information are too strong, as they maximize private trading profits as opposed to real efficiency. As the private firm does not face these distorted information acquisition incentives in our model, it is associated with higher real efficiency.</p>
<p><strong>Organizers:</strong>&nbsp;<a href="https://pure.au.dk/portal/en/persons/stefan-hirth(98c9c1ea-8842-4223-8464-b39f80f97813).html" target="_self">Stefan Hirth</a>&nbsp;and&nbsp;<a href="https://pure.au.dk/portal/en/persons/anders-merrild-posselt(4ce94d88-5350-4fc6-a2f7-213183817f21).html" target="_self">Anders Merrild Posselt</a></p>
								
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