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Corporate Investment and Financing UnderAsymmetric Information
Morellec, Erwan; Schürhoff, Norman - Swiss National Centre of Competence in Research North … - 2010
information about the firm's growth prospects. We show thatrms with positive private information can credibly signal their type to … information induces firms with good prospects to speed up investment, leading toa significant erosion of the option value of …
Persistent link: https://www.econbiz.de/10009305120
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The Dynamics of Investment and Financing underAsymmetric Information
Morellec, Erwan; Schürhoff, Norman - Swiss National Centre of Competence in Research North … - 2008
This paper develops a tractable real options framework to analyze the eects of asym-metric information on investment … signal theirprivate information to outside investors using the timing of investment and/or the rm'sdebt-equity mix. Several … those implied bystandard real options models with perfect information.[...] …
Persistent link: https://www.econbiz.de/10005868707
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The Dynamics of Going Public
Bustamante, Maria Cecilia - Swiss National Centre of Competence in Research North … - 2008
This paper develops a signalling game in which the decision to raise public equityis a real option of the …rm. Firms may use multiple signals to reveal their type:the timing of the IPO, the fraction of shares issued and the underpricing of shares.The model provides a tractable approach for...
Persistent link: https://www.econbiz.de/10005868838
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Asymmetric Information and Adverse Selection inMauritian Slave Auctions
Dionne, Georges; St-Amour, Pascal; Vencatachellum, Désiré - 2008
Information asymmetry is a necessary prerequisite for testing adverse selection.This paper applies this sequence of … information asymmetry.[...] …
Persistent link: https://www.econbiz.de/10005868840
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International Price and Earnings Momentum
Leippold, Markus; Lohre, Harald - National Centre of Competence in ResearchFinancial … - 2008
information uncertainty.[...] …
Persistent link: https://www.econbiz.de/10005868982
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The Dispersion Effect in International Stock Returns
Leippold, Markus; Lohre, Harald - Swiss National Centre of Competence in Research North … - 2008
We find that stocks exhibiting high dispersion in analysts’ earnings forecasts do not onlyunderperform in the U.S. but also in many European countries. Testing for the dispersioneffect in many countries calls for adequate multiple testing controls and we show that theU.S. dispersion effect...
Persistent link: https://www.econbiz.de/10005868983