Similar Search Results

Equilibrium corporate finance and intermediation

Bisin, Alberto; Gottardi, Piero; Ruta, Guido - Department of Economics, European University Institute - 2014

This paper analyzes a class of competitive economies with production, incomplete financial markets, and agency frictions. Firms take their production, financing, and contractual decisions so as to maximize their value under rational conjectures. We show that competitive equilibria exist and that...

Persistent link: https://www.econbiz.de/10010795048

One-sided uncertainty and delay in reputational bargaining

Abreu, Dilip; Pearce, David G.; Stacchetti, Ennio - In: Theoretical Economics (2014)

A two-person infinite-horizon bargaining model where one of the players may have either of two discount factors, has a multiplicity of perfect Bayesian equilibria. Introducing the slightest possibility that either player may be one of a rich variety of stationary behavioral types singles out a...

Persistent link: https://www.econbiz.de/10010798203

ARE THE ODDS ODD? POSITIVE RETURN EVIDENCE IN GERMAN HORSE RACE BETTING

Hoff, Philipp Heinrich - In: Journal of Gambling Business and Economics 7 (2013) 2, pp. 19-32

The article deals with the question, if odds derived from the behavior of bettors in a pari-mutuel setting really reflect the chances of winning for a particular horse in a particular race. Using a unique data set with more than 46,000 race observations from Germany for the years 2001 to 2003...

Persistent link: https://www.econbiz.de/10010798263

Voluntary disclosure frequency and cost of debt capital: Evidence from the Tunisian context

Talbi, Dorra - Institut de Préparation à l'Administration et à la … - 2014

The aim of this paper is to study the impact of voluntary information disclosure on cost of debt capital. Our survey … results confirm the existence of a negative and significant relationship between the frequencies of voluntary disclosure on … cost of debt. This study’s survey shows that the information disclosure mitigate the asymmetric information between manager …

Persistent link: https://www.econbiz.de/10010799079

Deceptive Advertising with Rational Buyers

Ursino, Giovanni; Piccolo, Salvatore; Tedeschi, Piero - Centro Studi di Economia e Finanza (CSEF) - 2013

We study a Bertrand game where two sellers supplying products of different and unverifiable qualities can outwit potential clients through (costly) deceptive advertising. We characterize a class of pooling equilibria where sellers post the same price regardless of their quality and low quality...

Persistent link: https://www.econbiz.de/10010800999

Stable Sets for Asymmetric Information Economies

Graziano, Maria Gabriella; Meo, Claudia; Yannelis, … - Centro Studi di Economia e Finanza (CSEF) - 2013

An exchange economy with asymmetrically informed agents is considered with an exogenous rule that regulates the information sharing among agents. For it, the notion of stable sets à la Von Neumann and Morgenstern is analyzed. Two different frameworks are taken into account as regards...

Persistent link: https://www.econbiz.de/10010801003

Entry and Product Variety with Competing Supply Chains

Bassi, Matteo; Pagnozzi, Marco; Piccolo, Salvatore - Centro Studi di Economia e Finanza (CSEF) - 2013

We study a supply chain model where competing manufacturers located around a circle contract with privately informed and exclusive retailers. The number of brands in the market (determined by the manufacturers’ zero profit condition) depends on the level of asymmetric information within supply...

Persistent link: https://www.econbiz.de/10010801015

Don’t tell us: the demand for secretive behaviour

Salmon, Pierre - Laboratoire d'Économie de Dijon (LEDI), Université de …

neither total secrecy nor total disclosure prevails. The demand for partial secrecy is analysed with the help of two models …

Persistent link: https://www.econbiz.de/10010675535

Bank Deposit Contracts Versus Financial Market Participation in Emerging Economies

Zimper, Alexander - Economic Research Southern Africa (ERSA) - 2013

The financial sector of emerging economies in Africa is characterized by a non-competitive banking sector which dominates any direct participation of agents in asset markets. Based on a variant of Diamond and Dybvig's (1983) model of financial inter-mediation, we formally explain both stylized...

Persistent link: https://www.econbiz.de/10010675899

Tullock contests with asymmetric information

Einy, Ezra; Haimanko, Ori; Moreno, Diego; Sela, A.; … - Departamento de Economía, Universidad Carlos III de Madrid - 2013

We show that under standard assumptions a Tullock contest with asymmetric information has a pure strategy Bayesian equilibrium. Moreover, two-player common-value Tullock contests in which one of the players has an information advantage have a unique equilibrium. In equilibrium both players exert...

Persistent link: https://www.econbiz.de/10010678667