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Do CEOs Use the Media for Reputation Management?
Ostrovsky-Berman, Ela - 2019
This study aims to investigate whether CEOs use the media as a strategic tool to manage and enhance reputation. This is … future events that influence their reputation. The tendency of CEOs to give press interviews is examined as a function of a … strategic tool to manage and enhance reputation.The author shows that interviews tend to follow positive firm performance, and …
Persistent link: https://www.econbiz.de/10012863770
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The firm size and leverage relationship and its implications for entry and concentration in a low interest rate world
Chatterjee, Satyajit; Eyigungor, Burcu - 2019
Larger firms (by sales or employment) have higher leverage. This pattern is explained using a model in which firms produce multiple varieties and borrow with the option to default against their future cash ow. A variety can die with a constant probability, implying that bigger firms (those with...
Persistent link: https://www.econbiz.de/10012058912
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The forward-looking disclosures of corporate managers : theory and evidence
Gropp, Reint; Karapandža, Raša; Opferkuch, Julian - 2016
We consider an infinitely repeated game in which a privately informed, long-lived manager raises funds from short-lived investors in order to finance a project. The manager can signal project quality to investors by making a (possibly costly) forward-looking disclosure about her project's...
Persistent link: https://www.econbiz.de/10011504350
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The forward-looking disclosures of corporate managers : theory and evidence
Gropp, Reint; Karapandža, Raša; Opferkuch, Julian - 2016
We consider an infinitely repeated game in which a privately informed, long-lived manager raises funds from short-lived investors in order to finance a project. The manager can signal project quality to investors by making a (possibly costly) forward-looking disclosure about her project's...
Persistent link: https://www.econbiz.de/10011506852
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Trust and reputation under asymmetric information
Janas, Moritz; Oljemark, Emilia - 2020 - Version: September 10, 2020
We study the role of information about the multiplier in a finitely repeated investment game. A high multiplier increases the reputational incentives of a trustee, leading to more repayments. Our perfect Bayesian equilibrium analysis shows that if the trustee is privately informed about the...
Persistent link: https://www.econbiz.de/10012422494
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The credibility of financial reporting : a reputation-based approach
Liang, Ying; Marinovic, Iván; Varas, Felipe - 2017
This paper studies the reliability of financial reporting when the credibility of the manager, represented by his misreporting propensity, is unknown. We show that credibility concerns affect the time-series of reported earnings, book values, and stock prices in ways that seem consistent with...
Persistent link: https://www.econbiz.de/10011646596
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Dynamic contracts when agent's quality is unknown
Prat, Julien; Jovanovic, Boyan - In: Theoretical economics : TE ; an open access journal in … 9 (2014) 3, pp. 865-914
We solve a long-term contracting problem with symmetric uncertainty about the agent's quality, and a hidden action of the agent. As information about quality accumulates, incentives become easier to provide because the agent has less room to manipulate the principal's beliefs. This result is...
Persistent link: https://www.econbiz.de/10011674079
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How does competition affect reputation concerns? : theory and evidence from Airbnb
Rossi, Michelangelo - 2019
I show how changes in competition affect the power of reputation to induce sellers to exert effort. The impact of …. To guide the empirical analysis, I develop a model of reputation where the relative number of hosts and guests affects … the value of building a reputation through effort. In this framework, more competition depresses hosts' profits and leads …
Persistent link: https://www.econbiz.de/10012138911
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Timing of predictions in dynamic cheap talk : experts vs. quacks
Smirnov, Aleksei; Starkov, Egor - 2019
The paper studies a dynamic communication game in the presence of adverse selection and career concerns. A forecaster … of privately known competence, who cares about his reputation, chooses the timing of the forecast regarding the outcome …. Further, any report hurts the forecaster’s reputation in the short run, with later reports incurring larger penalties. The …
Persistent link: https://www.econbiz.de/10012123351
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Career concerns with exponential learning
Bonatti, Alessandro; Hörner, Johannes - In: Theoretical economics : TE ; an open access journal in … 12 (2017) 1, pp. 425-475
This paper examines the interplay between career concerns and market structure. Ability and effort are complements: effort increases the probability that a skilled agent achieves a one-time breakthrough. Wages are based on assessed ability and on expected output. Effort levels at different times...
Persistent link: https://www.econbiz.de/10011704848