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Green Bond Pricing and Greenwashing Under Asymmetric Information
Schmittmann, Jochen; Gao, Yun - 2023
We analyze the corporate green bond market under a rational framework without an innate green preference, using a …, false or exaggerated claims of being green. The extent of greenwashing in the market is a function of the green bond premium …. A swift and gradual implementation of carbon pricing generates a small green bond premium and a low level of …
Persistent link: https://www.econbiz.de/10014258404
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An economic response to unsolicited communication
Van Alstyne, Marshall; Loder, Thede C.; Walsh, Rick - 2011
propose an "Attention Bond," allowing recipients to define a price that senders must risk to deliver the initial message. The …
Persistent link: https://www.econbiz.de/10010195139
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Information versus Investment
Terry, Stephen - 2020
The accuracy of firm information disclosures and the efficiency of long-term investment both play crucial roles in the economy and capital markets. We estimate a dynamic model that captures a trade-off between these two goals that arises when managers confront realistic incentives to misreport...
Persistent link: https://www.econbiz.de/10012853419
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Dynamic information asymmetry, financing, and investment decisions
Strebulaev, Ilya A.; Zhu, Haoxiang; Zryumov, Pavel - 2013 - This version: November 18, 2013
We study the optimal timing of security issuance to finance a new project when the firm's assets in place have unobservable quality. Stochastic cash flows generated by assets in place reveal information about their quality and simultaneously reduce the required outside funding. A high-quality...
Persistent link: https://www.econbiz.de/10010205939
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The impact of firm leverage on investment decisions : the new approach of hierarchical method
Mo Tran Thi; Ha Hoang Thi Thu; Diep Nguyen Thi Thanh - In: Cogent business & management 10 (2023) 2, pp. 1-19
This paper investigates the impact of firm leverage on its investment activities. Especially, the research is conducted in the context of the Vietnamese emerging market, an incomplete market in South East Asia with the existence of inefficient market problems such as information asymmetry and...
Persistent link: https://www.econbiz.de/10014504945
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Chapter 2. Agency, Information and Corporate Investment
Stein, Jeremy C. - 2003
work for broader issues in both macroeconomics and the theory of the firm. …
Persistent link: https://www.econbiz.de/10014023874
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Informational role of investment and liquidation values
Doh, Hyun Soo; Wang, Yiyao - In: Journal of derivatives and quantitative studies 32 (2024) 3, pp. 238-263
We develop a credit-risk model to study the informational role of investment in an economy susceptible to large liquidity shocks. Firms' investment decisions carry information about their asset quality, thereby mitigating informational frictions when firms enter bankruptcy. An increase in...
Persistent link: https://www.econbiz.de/10015055033
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Maturity shortening and market failure
Thierfelder, Felix - 2012
Motivated by the financial crisis of 2007-2009 several papers have provided explanations for why liquidity may dry up during market stress. This paper also looks at this issue but focuses on the question as to why the liquidity crunch was not uniform across maturities. As funding pressures were...
Persistent link: https://www.econbiz.de/10009509089
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Dynamic Effects of Information Disclosure on Investment Efficiency
Dutta, Sunil - 2017
This paper studies how information disclosure affects investment efficiency and investor welfare in a dynamic setting in which a firm makes sequential investments to adjust its capital stock over time. We show that the effects of accounting disclosures on investment efficiency and investor...
Persistent link: https://www.econbiz.de/10012947923
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Endogenous Lemons Markets and Information Cycles
Cun, Wukuang - 2021
I study a dynamic stochastic general equilibrium model in which information on capital quality is asymmetric and the degree of information asymmetry varies endogenously with the state of the economy, amplifying the shocks. Firms hold capital and borrow to cover their operating expenses....
Persistent link: https://www.econbiz.de/10013225668