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Disclosure, Transparency, and Market Discipline

Freixas, Xavier - 2011

The aim of this paper is to examine what has been the role of information provision to the market throughout the crisis. We consider two main sources of information to the market, financial statements and information provided by credit rating agencies. We examine how these sources of information...

Persistent link: https://www.econbiz.de/10013118112

The Informativeness of Disclosures

Stamland, Tommy - 2018

Voluntary disclosures convey information through two channels: 1) the direct revelation channel in which the disclosed body of information is used to update beliefs, and 2) the signaling channel in which inferences are drawn from the fact that the firm chose what information to disclose. I study...

Persistent link: https://www.econbiz.de/10012940625

Dynamic Voluntary Disclosure with Endogenous Proprietary Costs

Bertomeu, Jeremy - 2020

This paper explores corporate disclosure in a dynamic oligopoly setting. In each period, a firm receives a signal on market size and must decide whether or not to publicly disclose the information before engaging in price competition in the product market. The main insight here is that firms'...

Persistent link: https://www.econbiz.de/10012705802

Disclosure Paternalism

Bertomeu, Jeremy - 2021

Investors lacking good judgment may miscalculate the strategic motives causing withholding of material information. The resulting inadequate professional skepticism encourages excessively optimistic expectations after a non-disclosure and break the economic forces causing immediate unravelling...

Persistent link: https://www.econbiz.de/10013216392

Voting over disclosure standards

Bertomeu, Jeremy; Magee, Robert P.; Schneider, Georg Thomas - 2017

This article examines the nature of disclosure standards, under the assumption that (i) standards preferred by more firms are collectively chosen and (ii) privately informed firms prefer standards that increase market perceptions about the value of their assets. A standard is stable if it is...

Persistent link: https://www.econbiz.de/10014126302

Information Disclosure in Dynamic OTC Markets

Kakhbod, Ali - 2019

This paper studies how mandatory transparency (through TRACE), along with long term incentive of informed dealers, affect market price informativeness, liquidity and welfare in dynamic over-the-counter (OTC) markets. We show public disclosure of additional information about past trades,...

Persistent link: https://www.econbiz.de/10012900139

Financial Disclosure and Market Transparency with Costly Information Processing

Di Maggio, Marco - 2016

We study a model where some investors ("hedgers") are bad at information processing, while others ("speculators") have superior information-processing ability and trade purely to exploit it. The disclosure of financial information induces a trade externality: if speculators refrain from trading,...

Persistent link: https://www.econbiz.de/10013007859

The Benefits and Costs of Transparency : A Model of Disclosure Based Regulation

Weil, David - 2008

The Enron scandal has raised questions regarding the adequacy of the present system of financial disclosure. At the same time, public policies increasingly use information disclosure as a regulatory device in a variety of areas beyond financial reporting. This paper provides a framework for...

Persistent link: https://www.econbiz.de/10014033709

Optimal Mortgage Refinancing with Inattention

Berger, David; Milbradt, Konstantin; Tourre, Fabrice; … - National Bureau of Economic Research - 2024

We build a model of optimal fixed-rate mortgage refinancing with fixed costs and inattention and derive a new …

Persistent link: https://www.econbiz.de/10014544725

The demand for long-term mortgage contracts and the role of collateral

Liu, Lu - 2023

Long-term fixed-rate mortgage contracts protect households against interest rate risk, yet most countries have … fixation length tracks the life-cycle decline of credit risk in the mortgage market: the loan-to-value (LTV) ratio decreases … using shorter-term contracts. To quantify demand for long-term contracts, I develop a life-cycle model of optimal mortgage …

Persistent link: https://www.econbiz.de/10014309040

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