This paper develops a two-way director-firm fixed effect model to study the relationship between independent directors’ individual heterogeneity and firm operating performance, using French data. This strategy allows considering and differentiating in a unified empirical framework mechanisms...

The private long-term care insurance (LTCI) market is a puzzle, in France and in several developed countries (United-States, Spain, etc. . . ). The long-term care insurance market is small, yet long-term care is one of the largest uninsured financial risks facing the elderly. In addition public...

Accounting standards, and financial statements disclosed in accordance with these standards, aim to reduce information asymmetry between insiders and outsiders. So, in a context of external growth, Purchase Price Allocations’ works (PPA) may contribute to improve usefulness of financial...

A spatial price equilibrium model with information asymmetry in quality is developed in both static and dynamic versions. Producers at the supply markets are aware of the quality of their products, whereas consumers, located at the demand markets, are aware only of the average quality of the...

The financial crisis provides an ideal setting to study how quality signalling by firms, and information asymmetries, might explain the stock price reactions around seasoned equity offerings. The heightened information asymmetry levels during the GFC should have increased the importance of...

Operational risk incidences are likely to increase the degree of information asymmetry between firms and investors. We analyze operational risk disclosures by US financial firms during 1995–2009 and their impact on different measures of information asymmetry in the firms’ equity markets....

We analyze the effects of unionization on the decision of a firm to either produce at home or abroad. We consider a model in which home and foreign workers are perfect substitutes and firms have an informational advantage concerning their productivity. The union offers wage-employment contracts...

This paper proposes an approach to the analysis of market failure on creative and cultural market. The author examines the impact of information asymmetries on the market of cultural valuables. Conclusions include suggestion on possibility of solution based on pure art criticism or other...

Author's abstract. We investigate the economic consequences of increasing financial report visibility, measured by the use of english as a reporting language for firms from non-English-speaking countries. We sample 113 firms that started publishing their annual report in English (in addition to...

Extant research has documented various sources of informational advantages enjoyed by company insiders including firm size, analyst following, dividend payout policy, book-to-market ratio, and the presence or absence of R&D investments. Surprisingly, despite this large body of work, virtually no...