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Financial Disclosure and Market Transparency with Costly Information Processing
Di Maggio, Marco; Pagano, Marco - C.E.P.R. Discussion Papers - 2012
We study a model where some investors (“hedgers”) are bad at information processing, while others (“speculators”) have superior information-processing ability and trade purely to exploit it. The disclosure of financial information induces a trade externality: if speculators refrain from...
Persistent link: https://www.econbiz.de/10011083365
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Endogenous Information Flows and the Clustering of Announcements
Acharya, Viral V; DeMarzo, Peter; Kremer, Ilan - C.E.P.R. Discussion Papers - 2011
We consider the strategic timing of information releases in a dynamic disclosure model. Because investors don’t know whether or when the firm is informed, the firm will not necessarily disclose immediately. We show that bad market news can trigger the immediate release of information by firms....
Persistent link: https://www.econbiz.de/10009364996
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On the Fortunes of Stock Exchanges and Their Reversals: Evidence from Foreign Listings
Fernandes, Nuno; Giannetti, Mariassunta - C.E.P.R. Discussion Papers - 2009
Using a sample that provides unprecedented detail on foreign listings, new listings, and delistings for 29 exchanges in 24 countries starting from the early 1980s, we document a growing tendency of listings to concentrate in the U.S. and the U.K. and large changes in all exchanges’ ability to...
Persistent link: https://www.econbiz.de/10004991544
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Guru Dreams and Competition: An Anatomy of the Economics of Blogs
Dong, Yi; Massa, Massimo; Zhang, Hong - C.E.P.R. Discussion Papers - 2015
The rise of social media has encouraged guru dreams because of the low entry barrier and highly skewed distribution of public attention that characterize social media. The pursuit of guru status, however, may be achieved through information provision or cheap talk, and competition inherent to...
Persistent link: https://www.econbiz.de/10011196033
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A Theory of Income Smoothing When Insiders Know More Than Outsiders
Acharya, Viral V; Lambrecht, Bart - C.E.P.R. Discussion Papers - 2012
We consider a setting in which insiders have information about income that outside shareholders do not, but property rights ensure that outside shareholders can enforce a fair payout. To avoid intervention, insiders report income consistent with outsiders' expectations based on publicly...
Persistent link: https://www.econbiz.de/10011083832
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Does Relationship Lending Require Opaque (and Conservative) Financial Reporting?
Bigus, Jochen; Hakenes, Hendrik - C.E.P.R. Discussion Papers - 2014
For many private firms, relationship lending is the only viable form of outside financing. Relationship lending typically relies on intertemporal loan pricing: losses from early years are recovered by information rents in later years, which stem from the lender's private information regarding...
Persistent link: https://www.econbiz.de/10011083940
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Can we Automate Earnings Forecasts and Beat Analysts?
Ball, Ryan; Ghysels, Eric; Zhou, Huan - C.E.P.R. Discussion Papers - 2014
Can we design statistical models to predict corporate earnings which either perform as well as, or even better than analysts? If we can, then we might consider automating the process, and notably apply it to small and international firms which typically have either sparse or no analyst coverage....
Persistent link: https://www.econbiz.de/10011084355
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Radio Frequency (Un)Identification: Results from a Proof-of-Concept Trial of the use of RFID Technology to Measure Microenterprise Turnover in Sri Lanka
De Mel, Suresh; McKenzie, David - C.E.P.R. Discussion Papers - 2014
Accurate measurement of stock levels, turnover, and profitability in microenterprises in developing countries is difficult due to the fact that the majority of these firms do not keep detailed records. We test the use of RFID tags as a means of objectively measuring stock levels and stock flow...
Persistent link: https://www.econbiz.de/10011084548
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Unconditional Convergence
Rodrik, Dani - C.E.P.R. Discussion Papers - 2011
Unlike economies as a whole, manufacturing industries exhibit unconditional convergence in labor productivity. The … the period since 1990. The coefficient of unconditional convergence is estimated quite precisely and is large, at 3 …
Persistent link: https://www.econbiz.de/10009359488
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Tests of the 'Convergence Hypothesis': Some Further Results
Cohen, Daniel - C.E.P.R. Discussion Papers - 1995
This paper offers new tests of the `convergence hypothesis'. It first analyses the pattern of growth of measured inputs … is led to reject the convergence theory. In order to understand what lies at the heart of this discrepancy, the paper … school enrolments (or the UN-conditional convergence of the stock of measured inputs would not hold), but because the law of …
Persistent link: https://www.econbiz.de/10005662305