We investigate the continuity of equilibrium in differential information economies with a finite number of agents. In this setting, agents can make contingent contracts based on events that are commonly observed. With private information modelled as finite partitions of a compact and metrizable...

We consider a version of the intertemporal general equilibrium model of Cox et al. (1985a) with a single production process and two correlated state variables. It is assumed that only one of them, Y2, has shocks correlated with those of the economy's output rate and, simultaneously, that the...

We derive a closed-form solution for the price of a European call option in the presence of ambiguity about the stochastic process that determines the variance of the underlying asset's return. The option pricing formula of Heston (1993) is a particular case of ours, corresponding to the case in...

Based on the International Accounting Standard (IAS) 41 – Agriculture, this paper examines measurement practices of biological assets and their drivers, under accounting choice theory, given data from 2012. Taking into consideration 324 listed firms worldwide that have adopted International...

Using 389 firm-year observations of listed firms worldwide in 27 countries that adopted International Financial Reporting Standards (IFRS) until 2010, for the period 2011-2013, the purpose of this paper is to examine the value-relevance of fair value accounting of biological assets. In order to...

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...

This paper analyzes accounting in agriculture under the International Accounting Standard (IAS) 41 – Agriculture of 270 listed firms worldwide that have adopted International Financial Reporting Standards (IFRS) until 2010. Previous empirical evidence on the implementation of this standard is...

This study examines the relationship between corporate performance and the Chief Executive Officer compensation in high-technology firms in the S&P 1500. The total CEO compensation and short and long-term compensations were tested regarding corporate performance. A panel data SUR model is...

This study examines the relationship between corporate performance and the Chief Executive Officer (CEO) compensation in high-technology firms in the S&P 500. The total short- and long-term CEO compensation in high-technology was compared with other industrial sectors from standard...

This paper develops an empirical approach using econometric techniques for panel data which aims to contribute to the reduction/elimination of the deviation between the book and market value of firms. Based on 20 of the firms with the largest number of patents granted between 1996 and 2006, the...