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Intermediated Asymmetric Information, Compensation, and Career Prospects
Kaniel, Ron - 2020
Adverse selection harms workers, but benefits firms able to identify talent. An informed intermediary expropriates its agents' ability by threatening to fire and expose them to undervaluation of their skill. Agents' track record gradually reduces the intermediary's information advantage. We show...
Persistent link: https://www.econbiz.de/10012842301
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Not Only What but Also When : A Theory of Dynamic Voluntary Disclosure
Guttman, Ilan - 2014
We examine a dynamic model of voluntary disclosure of multiple pieces of private information. In our model, a manager of a firm who may learn multiple signals over time interacts with a competitive capital market and maximizes payoffs that increase in both period prices. We show (perhaps...
Persistent link: https://www.econbiz.de/10013065969
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Managerial Ability, Information Quality, and the Design and Pricing of Corporate Debt
Petkevich, Alex - 2017
We examine if managerial ability affects the efficiency of the contracting environment with lenders. We find that higher ability alters the balance of information-sensitive covenants demanded by outside investors, increases the issuance of bonds with longer maturity, and decreases the issuance...
Persistent link: https://www.econbiz.de/10012940864
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Initial Coin Offerings, Asymmetric Information, and Loyal CEOs
Momtaz, Paul P. - 2020
A defining feature of initial coin offerings (ICOs) is that entrepreneurs bear the full marginal investment cost but profit only partially from the marginal investment payoff. This design may exacerbate agency conflicts inherent in corporate finance. As a consequence, signals of entrepreneurial...
Persistent link: https://www.econbiz.de/10012852438
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The Short-Termism Trap : Competition for Informed Investors Under Stock-Based CEO Compensation
Dow, James; Han, Jungsuk; Sangiorgi, Francesco - 2022
-termist pressure. More informative stock prices reduce the agency cost of incentivizing managers. Also, shortening a firm's project …
Persistent link: https://www.econbiz.de/10013405324
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Excess returns and the distinguished player paradox
Blonski, Matthias (contributor);  … - 2008
distinguished player if he also can trade shares of the firm on a market. Arbitrage-free asset pricing theory suggests that the …
Persistent link: https://www.econbiz.de/10003776197
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A Theory of Income Smoothing When Insiders Know More than Outsiders
Acharya, Viral V. - 2012
We consider a setting in which insiders have information about income that outside shareholders do not, but property rights ensure that outside shareholders can enforce a fair payout. To avoid intervention, insiders report income consistent with outsiders' expectations based on publicly...
Persistent link: https://www.econbiz.de/10013109095
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A Theory of Income Smoothing When Insiders Know More than Outsiders
Acharya, Viral V. - 2014
We develop a theory of income and payout smoothing by firms when insiders know more about income than outside …
Persistent link: https://www.econbiz.de/10013066995
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Sense Making in Corporate Governance : A Multilayered Model for Information Asymmetries between Investors and Executives
Strikwerda, J. - 2013
In studies of corporate governance by default, information asymmetry is assumed, based on the principle-agent theory …. In this paper I apply the more rich theory of information from cybernetics, compared to the mathematical theory to this … assumed information asymmetry in combination with the theory of decision making, especially with respect to producing eidetic …
Persistent link: https://www.econbiz.de/10013071493
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Determinants and Consequences of Chief Information Officer Equity Incentives
Sanchez, Juan Manuel - 2018
's objectives. Agency theory suggests that one way to create the alignment between an executive's efforts and firm performance is to …
Persistent link: https://www.econbiz.de/10012917256