Commercial banks are typical hierarchical organizations, in which the multipleprincipal-agent problem exists and induces serious internal collusive corruption. This article analyzes the collusive corruption between credit supervisors and credit managers in bank credit activities, through three...

Disclosure of private medical information allows insurance companies to better predict medical expenditures. The premiums the companies charge the insured employees reflect these expenditures. This paper studies incentives of employees to disclose their medical information. I find that healthier...

This paper analyzes the determinants of governance transparency. In our model, entrepreneurs optimally decide the precision of their earning reporting by trading off the possibility of expropriating profits against the capacity to attract external funding.We find that information is only...

In a relatively recent paper, Gehrig and Stenbacka (Eur Econ Rev 51, 77–99, 2007) show that information sharing increases banks’ profits to the detriment of creditworthy entrepreneurs in a model of a banking duopoly with switching costs and poaching. They restrict their analysis to the case...

Nach einer Serie von Lebensmittelskandalen ist das Vertrauen der Verbraucher in die Industrie erschüttert. Kritik schlägt dabei nicht nur den Herstellern selbst, sondern auch den Anbietern von Gütesiegeln entgegen, die Produkte leichtfertig zertifiziert haben. Die Rufe nach gesteigerter...

Dividend policy is one of controversial financial issues. There are various theories about dividend but in this study, the focus is on empirical test of signaling theory. This theory says that the payment of dividends provides information for investors and analysts. The aim of this study is...

This paper examines the reaction of the Athens Stock Exchange (ASE) to dividend announcements by a sample of firms listed at the FTSE/ATHEX 20 and FTSE/ATHEX Mid 40 for a fixed period 2004-2008. It also provides analytical information about the Greek Stock Market and the regulations underlying...

The main objective of this paper is to determine if it is possible to find within the credit market any restrictions, for instance to credit concessions and its commercial conditions to more little firms or to those that do not have a strong relationship whit their usual banks, and, if the...

The purpose of this paper is to investigate the effects of stock recommendations in returns and trading volumes. Unlike previous research we have investigated the five most usual types of recommendations: buy, outperform, hold, underperform and sell. The methodology we propose is also different...