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Time to Decide: Information Search and Revelation in Groups

Campbell, Arthur; Ederer, Florian; Spinnewijn, Johannes - C.E.P.R. Discussion Papers - 2011

We analyze costly information acquisition and information revelation in groups in a dynamic setting. Even when group members have perfectly aligned interests the group may inefficiently delay decisions. When deadlines are far away, uninformed group members freeride on each others' efforts to...

Persistent link: https://www.econbiz.de/10009246605

Pricing and Information Disclosure in Markets with Loss-Averse Consumers

Karle, Heiko; Peitz, Martin - C.E.P.R. Discussion Papers - 2010

We develop a theory of imperfect competition with loss-averse consumers. All consumers are fully informed about match value and price at the time they make their purchasing decision. However, a share of consumers are initially uncertain about their tastes and form a reference point consisting of...

Persistent link: https://www.econbiz.de/10008468627

Public Disclosure and Bank Failures

Cordella, Tito; Levy Yeyati, Eduardo - C.E.P.R. Discussion Papers - 1998

This paper analyses the impact of public disclosure of banks’ risk exposure on banks’ risk taking incentives and its implications in terms of soundness of the banking system. We find that, when banks have a complete control over the volatility of their loan portfolio, public disclosure...

Persistent link: https://www.econbiz.de/10005123714

Financial Opening, Deposit Insurance and Risk in a Model of Banking Competition

Cordella, Tito; Levy Yeyati, Eduardo - C.E.P.R. Discussion Papers - 1998

This paper studies the impact of competition on the determination of interest rates, and on banks’ risk taking behaviour, under different assumptions about deposit insurance and the dissemination of financial information. We find that lower entry costs foster competition in deposit rates and...

Persistent link: https://www.econbiz.de/10005124322

Ex post information rents in sequential screening

Krähmer, Daniel; Strausz, Roland - C.E.P.R. Discussion Papers - 2014

We study ex post information rents in sequential screening models where the agent receives private ex ante and ex post information. The principal has to pay ex post information rents for preventing the agent to coordinate lies about his ex ante and ex post information. When the agent's ex ante...

Persistent link: https://www.econbiz.de/10011084403

Advertising Content

Anderson, Simon P; Renault, Régis - C.E.P.R. Discussion Papers - 2005

Empirical evidence suggests that most advertisements contain little direct information. Many do not mention prices. We analyse a monopoly firm’s choice of advertising content and the information disclosed to consumers. The firm advertises only product information, price information, or both;...

Persistent link: https://www.econbiz.de/10005662329

On Seller Estimates and Buyer Returns

Gershkov, Alex; Toxvaerd, Flavio - C.E.P.R. Discussion Papers - 2007

This paper revisits recent empirical research on buyer credulity in arts auctions and auctions for assets in general. We show that elementary results in auction theory can fully account for some stylized facts on asset returns that have been held to suggest that sellers of assets can exploit...

Persistent link: https://www.econbiz.de/10005666660

The Euro and Corporate Financing

Bris, Arturo; Koskinen, Yrjö; Nilsson, Mattias - C.E.P.R. Discussion Papers - 2011

-2006. We show that firms from euro-countries that previously had weak currencies have increased both their equity and debt … debt financing more. These results support the hypothesis that improved access to capital markets in the euro-area has … enabled increased external financing, especially debt financing. …

Persistent link: https://www.econbiz.de/10008854540

Investment and capital structure of partially private regulated firms

Cambini, Carlo; Spiegel, Yossi - C.E.P.R. Discussion Papers - 2011

state and regulators are not necessarily independent. Among other things, we show that firms invest more, issue more debt …

Persistent link: https://www.econbiz.de/10009209829

A Model of Liquidity Hoarding and Term Premia in Inter-Bank Markets

Acharya, Viral V; Skeie, David - C.E.P.R. Discussion Papers - 2011

leveraged banks’ precautionary demand for liquidity. When adverse asset shocks materialize, a bank’s ability to roll over debt …

Persistent link: https://www.econbiz.de/10009385771