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Market based compensation, price informativeness and short-term trading
Calcagno, Riccardo; Heider, Florian - 2007
This paper shows that there is a natural trade-off when designing market based executive compensation. The benefit of market based pay is that the stock price aggregates speculators’ dispersed information and there-fore takes a picture of managerial performance before the long-term value of a...
Persistent link: https://www.econbiz.de/10011604781
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Fundamental and Information Uncertainties, Business Cycle, and Idiosyncratic Stock Volatility
Habib, Ahsan - 2015
lower during recession because regulators and investors focus more on downside risk and require conservative reporting by …
Persistent link: https://www.econbiz.de/10013024285
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Does Carbon Risk Influence Stock Price Crash Risk? International Evidence
Bose, Sudipta; Lim, Edwin; Shams, Syed - 2021
We examine the association between carbon risk and future stock price crash risk and the moderating role of climate … change disclosures in this association using a sample of firms across the world. We find that carbon risk is positively … associated with future stock price crash risk, and firm-level climate-change disclosures attenuate the positive effect of carbon …
Persistent link: https://www.econbiz.de/10013220547
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Who do you trust while bubbles grow and blow? A comparative analysis of the explanatory power of accounting and patent information for the market values of German firms
Reitzig, Markus; Ramb, Fred - 2004
We present a theoretical and empirical analysis of the fitness of national German (German Commercial Code - Handelsgesetzbuch (HGB)) and international (IAS and US-GAAP) accounting information, as well as European patent data to explain the market values of German manufacturing firms. For the...
Persistent link: https://www.econbiz.de/10010295644
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Insider Trading, Micro Diversity and the Long-Run Macro Efficiency
Antonov, Mikhail; Trofimov, Georgi - 1992
Persistent link: https://www.econbiz.de/10010335087
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Do prices in the unmediated call auction reflect insider information?: an experimental analysis
Brünner, Tobias; Levínský, René - 2008
The unmediated call auction is a useful trading mechanism to aggregate dispersed information. Its ability to incorporate information of a single informed insider, however, is less well understood. We analyse this question by presenting a simple call auction game where both auction prices and...
Persistent link: https://www.econbiz.de/10010275685
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Price efficiency and trading behavior in limit order markets with competing insiders
Stöckl, Thomas - 2013
We study price efficiency and trading behavior in laboratory limit order markets with asymmetrically informed traders. Markets differ in the number of insiders present and in the subset of traders who receive information about the number of insiders present. We observe that price efficiency (i)...
Persistent link: https://www.econbiz.de/10010397152
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Optionspreistheorie bei vagen Daten
Korolev, Konstantin; Leifert, Kai D.; Rommelfanger, Heinrich - 1999
In der heutigen Theorie der Optionsbewertung wird davon ausgegangen, daß die Markterwartungen genau berechenbar sind. Die Unsicherheit besteht lediglich darin, welcher Aktienkurs sich letztlich realisiert, die Eintrittswahrscheinlichkeiten sind bekannt. Dabei treten jedoch erhebliche Probleme...
Persistent link: https://www.econbiz.de/10010316280
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Managerial compensation duration and stock price manipulation
Schroth, Josef - 2015
I build a model of optimal managerial compensation where managers each have a privately observed propensity to manipulate short-term stock prices. It is shown that this informational asymmetry reverses some of the conventional wisdom about the relationship between reliance on short-term pay and...
Persistent link: https://www.econbiz.de/10011287603
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Price efficiency and trading behavior in limit order markets with competing insiders
Stöckl, Thomas - 2013
We study price efficiency and trading behavior in laboratory limit order markets with asymmetrically informed traders. Markets differ in the number of insiders present and in the subset of traders who receive information about the number of insiders present. We observe that price efficiency (i)...
Persistent link: https://www.econbiz.de/10009744178