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Financial Disclosure and Market Transparency with Costly Information Processing

Di Maggio, Marco; Pagano, Marco - C.E.P.R. Discussion Papers - 2012

We study a model where some investors (“hedgers”) are bad at information processing, while others (“speculators”) have superior information-processing ability and trade purely to exploit it. The disclosure of financial information induces a trade externality: if speculators refrain from...

Persistent link: https://www.econbiz.de/10011083365

Corporate Fraud, Governance and Auditing

Immordino, Giovanni; Pagano, Marco - C.E.P.R. Discussion Papers - 2008

performance sensitivity of managerial pay, taking external corporate governance and auditing regulation into account. For given …

Persistent link: https://www.econbiz.de/10005792136

Cognitive Ability and Paternalism

Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 2002

sufficient intelligence by people with limited intelligence may dominate government regulation. …

Persistent link: https://www.econbiz.de/10005662402

Working in Public and Private Firms

Corneo, Giacomo; Rob, Rafael - C.E.P.R. Discussion Papers - 2001

We develop a theoretical framework for comparing the style of work in public and private enterprises. We incorporate ‘socializing’, as an activity that yields utility for workers and affects a firm’s output, into a simple multitask model of work organization. In contrast with previous...

Persistent link: https://www.econbiz.de/10005791698

Evaluation of the Risks of Collective Dominance in the Audit Industry in France

Billard, Olivier; Ivaldi, Marc; Mitraille, Sebastien - C.E.P.R. Discussion Papers - 2011

The financial crisis drew attention to the crucial role of transparency and the independence of financial certification intermediaries, in particular, statutory auditors. Now any anticompetitive practice involving coordinated increases in prices or concomitant changes in quality that impacts...

Persistent link: https://www.econbiz.de/10009493555

Leniency Policies and Illegal Transactions

Buccirossi, Paolo; Spagnolo, Giancarlo - C.E.P.R. Discussion Papers - 2005

We study the consequences of leniency - reduced legal sanctions for wrongdoers who spontaneously self-report to law enforcers - on sequential, bilateral, illegal transactions such as corruption, manager-auditor collusion, or drug deals. It is known that leniency helps to deter illegal...

Persistent link: https://www.econbiz.de/10005124229

A Theory of Income Smoothing When Insiders Know More Than Outsiders

Acharya, Viral V; Lambrecht, Bart - C.E.P.R. Discussion Papers - 2012

We consider a setting in which insiders have information about income that outside shareholders do not, but property rights ensure that outside shareholders can enforce a fair payout. To avoid intervention, insiders report income consistent with outsiders' expectations based on publicly...

Persistent link: https://www.econbiz.de/10011083832

Regulation, Privatization, and Airport Charges: Panel Data Evidence from European Airports

Bilotkach, Volodymyr; Clougherty, Joseph A.; Mueller, … - C.E.P.R. Discussion Papers - 2011

privatization on airport charges in a panel data setting where fixed effects can be employed to mitigate endogeneity concerns. Our … main empirical results indicate that aeronautical charges are lower at airports when single-till regulation is employed …, when airports are privatized, and -- tentatively -- when ex-post price regulation is applied. Furthermore, hub airports …

Persistent link: https://www.econbiz.de/10009351519

Assessing the impact of Mali’s water privatization across stakeholders

Estache, Antonio; Grifell-Tatjé, Emili - C.E.P.R. Discussion Papers - 2011

This paper offers a unique quantitative evaluation of the distribution of the welfare of a water privatization … intermediate suppliers and investors have also clearly benefited during the short privatization duration. However the paper also …

Persistent link: https://www.econbiz.de/10009399719

Energy Policy Issues after Privatisation

Newbery, David M G - C.E.P.R. Discussion Papers - 1986

The purpose of this paper is to investigate how energy policy should respond to the changes in the organisation of energy sector associated with privatisation. The paper begins with a brief review of how energy policy was perceived before the 1973 oil shock, and the lessons learned from...

Persistent link: https://www.econbiz.de/10005666940

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