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Is there an accruals or a cash flow anomaly in UK stock returns?

Soares, Nuno; Stark, Andrew W. - Faculdade de Economia, Universidade do Porto - 2011

In this paper, we apply a modified version of the Mishkin (1983) test to companies in the UK stock market in order to investigate the presence of accruals and cash flow effects on UK firms’ annual returns. First, we find that accruals decile rankings have U-shaped, or inverted U-shaped, or no...

Persistent link: https://www.econbiz.de/10009366403

Models of Spatial Competition: a Critical Review

Biscaia, Ricardo; Mota, Isabel - Faculdade de Economia, Universidade do Porto - 2011

type of information (complete vs. incomplete) and its effects over the equilibria are also discussed. …

Persistent link: https://www.econbiz.de/10009001829

Impossibility of market division with two-sided private information about production costs

Correia-da-Silva, Joao - Faculdade de Economia, Universidade do Porto - 2013

In a market with several independent cities, two firms with private information about their production costs decide … private information. In equilibrium, both firms open stores in all the cities. Tacit collusion to divide the market is impeded …

Persistent link: https://www.econbiz.de/10010842593

Two-period economies with price-contingent deliveries

Silva, João Correia da - Faculdade de Economia, Universidade do Porto - 2014

differential information about states of nature. Generically, the equilibria of an economy with price-contingent deliveries …

Persistent link: https://www.econbiz.de/10010842598

Irrelevance of private information in two-period economies with more goods than states of nature

Correia-da-Silva, Joao; Hervés-Beloso, Carlos - Faculdade de Economia, Universidade do Porto - 2012

We introduce a two-period economy with asymmetric information about the state of nature that occurs in the second … period. Each agent is endowed with an information structure that describes her (incomplete) ability to prove whether or not a …, generically, the equilibria of the associated full information economy are also equilibria of the asymmetric information economy …

Persistent link: https://www.econbiz.de/10010634129

Multidimensional screening with complementary activities: regulating a monopolist with unknown cost and unknown preference for empire-building

Borges, Ana P.; Laussel, Didier; Correia-da-Silva, João - Faculdade de Economia, Universidade do Porto - 2013

(marginal utility of output) are private information but actual cost (difference between intrinsic cost and effort level) is … information. If the marginal utility of output varies much more (resp. less) across managers than the intrinsic marginal cost …

Persistent link: https://www.econbiz.de/10010634137

Existence and generic efficiency of equilibrium in two-period economies with private state-verification

Silva, João Correia da; Hervés-Beloso, Carlos - Faculdade de Economia, Universidade do Porto - 2012

Private state-verification is introduced in a two-period economy with spot markets in both periods and complete futures markets for contingent delivery in the second period. Existence of equilibrium is established, under standard assumptions. The equilibrium allocation is shown to be generically...

Persistent link: https://www.econbiz.de/10009415310

General equilibrium with private state verification

Correia-da-Silva, João; Hervés-Beloso, Carlos - Faculdade de Economia, Universidade do Porto - 2008

private information is received. It is useful to define a list of bundles as a derivative good that gives an agent the right …

Persistent link: https://www.econbiz.de/10005001184

Two-period economies with private state verification

Correia-da-Silva, Joao; Herves-Beloso, Carlos - Faculdade de Economia, Universidade do Porto - 2010

Private state verification is introduced in a two-period economy with spot markets in both periods and complete futures markets for contingent delivery in the second period. Existence of equilibrium is established, under standard assumptions. An example is presented in which a complete set of...

Persistent link: https://www.econbiz.de/10008515760

Free daily newspapers: too many incentives to print?

Correia-da-Silva, João; Resende, Joana - Faculdade de Economia, Universidade do Porto - 2009

, having private information about its readership. Depending on the type of readers in the market, the newspaper's may have a …

Persistent link: https://www.econbiz.de/10008473480