NBER WORKING PAPER SERIES
ASSET PRICES WHEN AGENTS
ARE MARKED-TO-MARKET
Gary B. Gorton
Ping He
Lixin Huang
Working Paper 12075
http://www.nber.org/papers/w12075
NATIONAL BUREAU OF ECONOMIC RESEARCH
1050 Massachusetts Avenue
Cambridge, MA 02138
March 2006
We thank Michael Brennan and Charlie Kahn for helpful comments and useful suggestions. The views
expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau
of Economic Research.
©2006 by Gary B. Gorton, Ping He and Lixin Huang. All rights reserved. Short sections of text, not to
exceed two paragraphs, may be quoted without explicit permission provided that full credit, including ©
notice, is given to the source.
Asset Prices When Agents are Marked-to-Market
Gary B. Gorton, Ping He and Lixin Huang
NBER Working Paper No. 12075
March 2006
JEL No.
ABSTRACT
"Risk management" in securities markets refers to the oversight of portfolio managers and
professional traders when they trade on behalf of investors in security markets. Monitoring of their
trading performance, profit and loss, and risk-taking behavior, is measured by principals using
security market prices. We study the optimality of the practice of marking-to-market and provide
conditions under which investing principals should optimally monitor their agent traders using
market prices to measure traders' performance. Asset prices, however, can be affected by mark-tomarket contracts. We show that such contracts introduce an externality when there are many traders.
Traders may rationally herd, trading on irrelevant information. Ironically, this causes asset prices to
be less informative than they would be without the mark-to-market feature.
Gary Gorton
Department of Finance
The Wharton School
University of Pennsylvania
Philadelphia, PA 19104-6367
and NBER
[email protected]
Ping He
University of Illinois at Chicago
[email protected]
Lixin Huang
City University of Hong Kong
[email protected]
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