Showing 1 - 10 of 107
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
This Paper analyses the effect of a possible takeover on information flows and on the terms of trade in business relationships. We consider a long-term relationship between a firm and a privately-informed stakeholder, a buyer for example. In our model, takeovers both increase the surplus from...
Persistent link: https://www.econbiz.de/10005662138
state of the economy (or the industry) affects this decision. We develop a dynamic model of strategic disclosure in which a …
Persistent link: https://www.econbiz.de/10005788970
I develop a model of rent seeking with informational foundations and an arbitrary number of rent seekers, and I compare the results with Tullock's (1980) classic model where the influence activities are "black-boxed." Given the microfoundations, the welfare consequences of rent seeking can be...
Persistent link: https://www.econbiz.de/10005788985
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