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Signaling and Accounting Information
Myers, Stewart C. - 1989
This paper develops a signaling model in which accounting information improves real investment decisions. Pure cash … flow reporting is shown to lead to underinvestment when managers have superior information but are acting in shareholders …' interests. Accounting by prespecified, "objective" rules alleviates the underinvestment problem …
Persistent link: https://www.econbiz.de/10012475844
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The Limitations of Stock Market Efficiency : Price Informativeness and CEO Turnover
Gorton, Gary B. - 2009
Stock prices are more informative when the information has less social value. Speculators with limited resources making costly (private) information production decisions must decide to produce information about some firms and not others. We show that producing and trading on private information...
Persistent link: https://www.econbiz.de/10012463704
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Tips and Tells from Managers : How Analysts and the Market Read Between the Lines of Conference Calls
Druz, Marina - 2015
Stock prices react significantly to the tone (negativity of words) managers use on earnings conference calls. This …
Persistent link: https://www.econbiz.de/10012457675
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The Market Microstructure of Central Bank Intervention
Dominguez, Kathryn M. - 1999
One of the great unknowns in international finance is the process by which new information influences exchange rate behavior. This paper focuses on one important source of information to the foreign exchange markets, the intervention operations of the G-3 central banks. Previous studies using...
Persistent link: https://www.econbiz.de/10012471447
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The Information Content of Corporate Earnings : Evidence from the Securities Exchange Act of 1934
Binz, Oliver; Graham, John R. - National Bureau of Economic Research - 2022
We examine whether the Securities Exchange Act of 1934 increased the information content of corporate earnings disclosures. Prior research questions whether the Act improved disclosure quality but generally relies on long-window tests and yields mixed results. We focus on whether the Act...
Persistent link: https://www.econbiz.de/10012938716
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Stabilization Policies and the Information Content of Real Wages
Aizenman, Joshua - 1984
The purpose of this paper is to compare the behavior of an economy subject to labor contracts with an economy where the labor market clears in an auction manner. Such a comparison is intended to reveal the information content of real wages in a flexible economy. The analysis reveals two distinct...
Persistent link: https://www.econbiz.de/10012477717
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The Informational Content of Bond Ratings
Ederington, Louis H. - 1984
's rating, Standard & Poor's rating, and accounting measures of credit worthiness such as coverage and leverage. We find that … market yields are significantly correlated with both the ratings and with a set of readily available financial accounting … the set of accounting variables. In addition, our results suggest that the market views Moody's and S&P's ratings as …
Persistent link: https://www.econbiz.de/10012477771
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Information : Hard and Soft
Liberti, José María - 2018
Information is a fundamental component of all financial transactions and markets, but it can arrive in multiple forms. We define what is meant by hard and soft information and describe the relative advantages of each. Hard information is quantitative, easy to store and transmit in impersonal...
Persistent link: https://www.econbiz.de/10012480726
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Informational Rents, Macroeconomic Rents, and Efficient Bailouts
Philippon, Thomas - 2011
We analyze government interventions to alleviate debt overhang among banks. Interventions generate two types of rents. Informational rents arise from opportunistic participation based on private information while macroeconomic rents arise from free riding. Minimizing informational rents is a...
Persistent link: https://www.econbiz.de/10012461931
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Do Citizens Want the Truth about Terrorist Threats Regardless of the Consequences?
Smith, V. Kerry - 2010
This paper proposes the use of consumers' preferences in formulating policies for keeping secret information about terrorist activities and threats that might compromise future security. We report the results from two surveys indicating that people have clear preferences for full disclosure of...
Persistent link: https://www.econbiz.de/10012462423