Showing 1 - 10 of 21
We consider the strategic timing of information releases in a dynamic disclosure model. Because investors don’t know …
Persistent link: https://www.econbiz.de/10009364996
We develop a model in which two firms that have proposed to merge are privately informed about merger-specific efficiencies. This enables the firms to influence the merger control procedure by strategically revealing their information to an antitrust authority. Although the information improves...
Persistent link: https://www.econbiz.de/10005067524
protects firms when in a weak competitive position, while equityholders prefer more disclosure to maximize profitability when …
Persistent link: https://www.econbiz.de/10005656269
disclosure or introducing a derivatives market may backfire, aggravating fragility (in particular when the asset side of a … financial intermediary is opaque). It is found that the regulator should set together disclosure and prudential policy. The …
Persistent link: https://www.econbiz.de/10009147398
This Paper develops an account of the role and significance of managerial power and rent extraction in executive compensation. Under the optimal contracting approach to executive compensation, which has dominated academic research on the subject, pay arrangements are set by a board of directors...
Persistent link: https://www.econbiz.de/10005114260
This paper studies product market competition under a strategic transparency decision. Dominant investors can influence information collection in the financial market, and thereby corporate transparency, by affecting market liquidity or the cost of information collection. More transparency on a...
Persistent link: https://www.econbiz.de/10005114392
We collect data on the rules and practices of financial and conflict disclosure by politicians in 175 countries …. Although two thirds of the countries have some disclosure laws, less than a third make disclosures available to the public …. Disclosure is more extensive in richer and more democratic countries. Disclosure is correlated with lower perceived corruption …
Persistent link: https://www.econbiz.de/10005114449
discourage discretionary disclosure. On the other hand, by opening up foreign markets and enhancing firms’ growth opportunities …
Persistent link: https://www.econbiz.de/10011083813
This paper models the effect of disclosure on real investment. We show that, even if the act of disclosure is costless …, a high-disclosure policy can be costly. Some information ("soft") cannot be disclosed. Increased disclosure of "hard … soft information, increased disclosure induces the manager to improve hard information at the expense of soft, e.g. by …
Persistent link: https://www.econbiz.de/10011084002
We analyze the reliability of voluntary disclosures of financial information, focusing on widely-employed publicly available hedge fund databases. Tracking changes to statements of historical performance recorded at different points in time between 2007 and 2011, we find that historical returns...
Persistent link: https://www.econbiz.de/10011084298