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Taxes and Financial Reporting : Evidence from Discretionary Investment Write-Offs in Italy
Arachi, Giampaolo - 2010
This paper provides further empirical evidence on the relationship between taxes and financial reporting by focusing on accounting decisions to write-offs equity investments. The analysis is based on panel data for Italian companies. In the period 1998-2006 the Italian corporate income tax has...
Persistent link: https://www.econbiz.de/10013135525
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A Note on the Time Series Measure of Conservatism
Brauer, Sebastian - 2010
this note we propose an alternative, but closely related measure of conservatism - regressing the changes in earnings on …
Persistent link: https://www.econbiz.de/10013147269
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Fishing for Excuses and Performance Evaluation
Larmande, Francois; Ponssard, Jean-Pierre - 2021
We study a principal-agent model in which the agent can provide ex-post additional relevant information regarding his performance. In particular, he can provide a legitimate excuse, that is, evidence that a poor result is only due to factors outside his control. However, building a convincing...
Persistent link: https://www.econbiz.de/10013315637
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Fishing for Excuses and Performance Evaluation
Larmande, François; Ponssard, Jean-Pierre - CESifo - 2014
We study a principal-agent model in which the agent can provide ex post additional relevant information regarding his performance. In particular, he can provide a legitimate excuse, that is, evidence that a poor result is only due to factors outside his control. However, building a convincing...
Persistent link: https://www.econbiz.de/10010877776
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Optimal Conservatism and Collective Monetary Policymaking Under Uncertainty
Hefeker, Carsten - 2014
We study how the optimal degree of conservatism relates to decision-making procedures in a Monetary Policy Committee … (MPC). In our framework, central bank conservatism is required to attenuate the volatility of monetary decisions generated … by the presence of uncertainty about the committee members' output objective. We show how this need for conservatism …
Persistent link: https://www.econbiz.de/10013047346
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A Note on the Time Series Measure of Conservatism
Brauer, Sebastian; Westermann, Frank - CESifo - 2010
this note we propose an alternative, but closely related measure of conservatism - regressing the changes in earnings on …
Persistent link: https://www.econbiz.de/10008533980
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Market Power and Welfare in Asymmetric Divisible Good Auctions
Manzano, Carolina - 2020
We analyze a divisible good uniform-price auction that features two groups each with a finite number of identical bidders and present conditions under which a unique privately revealing equilibrium exists. We derive novel comparative static results highlighting that increases in transaction...
Persistent link: https://www.econbiz.de/10012854716
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A Large-Market Rational Expectations Equilibrium Model
Vives, Xavier - 2021
This paper presents a market with asymmetric information where a privately revealing equilibrium obtains in a competitive framework and where incentives to acquire information are preserved. The equilibrium is efficient, and the paradoxes associated with fully revealing rational expectations...
Persistent link: https://www.econbiz.de/10013316011
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Public and Private Learning from Prices, Strategic Substitutability and Complementarity, and Equilibrium Multiplicity
Manzano Tovar, Carolina; Vives, Xavier - 2021
We study a general static noisy rational expectations model, where investors have private information about asset payoffs, with common and private components, and about their own exposure to an aggregate risk factor, and derive conditions for existence and uniqueness (or multiplicity) of...
Persistent link: https://www.econbiz.de/10013316183
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Asset Auctions, Information, and Liquidity
Vives, Xavier - 2021
A model is presented of a uniform price auction where bidders compete in demand schedules; the model allows for common and private values in the absence of exogenous noise. It is shown how private information yields more market power than the levels seen with full information. Results obtained...
Persistent link: https://www.econbiz.de/10013316270