Showing 1 - 10 of 10
Persistent link: https://www.econbiz.de/10009406378
Persistent link: https://www.econbiz.de/10009406373
Persistent link: https://www.econbiz.de/10011482642
We study optimal disclosure via two competing communication channels; hard information whose value has been verified and soft disclosures such as forecasts, unaudited statements and press releases. We show that certain soft disclosures may contain as much information as hard disclosures, and we...
Persistent link: https://www.econbiz.de/10010486470
Persistent link: https://www.econbiz.de/10011297908
This paper examines how financial reporting regulations affect, and respond to, macroeconomic cycles by exploring a positive framework in which regulators subject to political pressures respond to cyclical demands by borrowers and lenders. We establish that, as economic conditions initially...
Persistent link: https://www.econbiz.de/10013132924
This article offers a survey of theoretical research on disclosure and the cost of capital. We summarize the current state of the literature and discuss the channels through which information affects the cost of capital. After giving an overview of asset pricing theory, we examine the rationale...
Persistent link: https://www.econbiz.de/10013005886
Persistent link: https://www.econbiz.de/10012297220
Persistent link: https://www.econbiz.de/10011593244
Executive compensation contracts use information from markets and accounting to elicit efficient incentives. We structurally estimate the contribution of each performance to quantify the relative importance of price versus accounting. For plausible risk-aversion coefficients consistent with the...
Persistent link: https://www.econbiz.de/10014237711