This article proposes a theory of corporate transparency and its determinants. We show that under imperfect product … market competition, the corporate transparency decision affects the value of equity and debt claims differently. We then … preferred by equity holders. The theory predicts a clustering of firm characteristics that emerge when capital markets are not …

Biases theory of Kahneman and Tversky. It is proposed that Gigerenzer's work can be both thematically and chronologically …. Behind the debate, it is argued, lies a fundamental different idea of how human decision-making is to be understood and …