Similar Search Results

A Theory of Income Smoothing When Insiders Know More Than Outsiders

Acharya, Viral V; Lambrecht, Bart - C.E.P.R. Discussion Papers - 2012

We consider a setting in which insiders have information about income that outside shareholders do not, but property rights ensure that outside shareholders can enforce a fair payout. To avoid intervention, insiders report income consistent with outsiders' expectations based on publicly...

Persistent link: https://www.econbiz.de/10011083832

Does Relationship Lending Require Opaque (and Conservative) Financial Reporting?

Bigus, Jochen; Hakenes, Hendrik - C.E.P.R. Discussion Papers - 2014

For many private firms, relationship lending is the only viable form of outside financing. Relationship lending typically relies on intertemporal loan pricing: losses from early years are recovered by information rents in later years, which stem from the lender's private information regarding...

Persistent link: https://www.econbiz.de/10011083940

The Euro is Good After All: Evidence from Corporate Valuations

Bris, Arturo; Koskinen, Yrjö; Nilsson, Mattias - C.E.P.R. Discussion Papers - 2003

In this Paper we study the changes in corporate valuation induced by the formation of Economic and Monetary Union (EMU …

Persistent link: https://www.econbiz.de/10005123881

Can we Automate Earnings Forecasts and Beat Analysts?

Ball, Ryan; Ghysels, Eric; Zhou, Huan - C.E.P.R. Discussion Papers - 2014

Can we design statistical models to predict corporate earnings which either perform as well as, or even better than analysts? If we can, then we might consider automating the process, and notably apply it to small and international firms which typically have either sparse or no analyst coverage....

Persistent link: https://www.econbiz.de/10011084355

Radio Frequency (Un)Identification: Results from a Proof-of-Concept Trial of the use of RFID Technology to Measure Microenterprise Turnover in Sri Lanka

De Mel, Suresh; McKenzie, David - C.E.P.R. Discussion Papers - 2014

Accurate measurement of stock levels, turnover, and profitability in microenterprises in developing countries is difficult due to the fact that the majority of these firms do not keep detailed records. We test the use of RFID tags as a means of objectively measuring stock levels and stock flow...

Persistent link: https://www.econbiz.de/10011084548

Guru Dreams and Competition: An Anatomy of the Economics of Blogs

Dong, Yi; Massa, Massimo; Zhang, Hong - C.E.P.R. Discussion Papers - 2015

The rise of social media has encouraged guru dreams because of the low entry barrier and highly skewed distribution of public attention that characterize social media. The pursuit of guru status, however, may be achieved through information provision or cheap talk, and competition inherent to...

Persistent link: https://www.econbiz.de/10011196033

On the Fortunes of Stock Exchanges and Their Reversals: Evidence from Foreign Listings

Fernandes, Nuno; Giannetti, Mariassunta - C.E.P.R. Discussion Papers - 2009

listings are related to the exchange’s market valuation in the same way as domestic equity issues are and that firms that are …

Persistent link: https://www.econbiz.de/10004991544

Endogenous Information Flows and the Clustering of Announcements

Acharya, Viral V; DeMarzo, Peter; Kremer, Ilan - C.E.P.R. Discussion Papers - 2011

We consider the strategic timing of information releases in a dynamic disclosure model. Because investors don’t know whether or when the firm is informed, the firm will not necessarily disclose immediately. We show that bad market news can trigger the immediate release of information by firms....

Persistent link: https://www.econbiz.de/10009364996

The Valuation Channel of International Adjustment

Ghironi, Fabio; Lee, Jaewoo; Rebucci, Alessandro - C.E.P.R. Discussion Papers - 2015

position through the “valuation channel” of external adjustment, namely capital gains and losses on the country’s external … assets and liabilities. We examine this valuation channel theoretically in a dynamic equilibrium portfolio model with … quantities in the definition of net foreign assets, we can characterize the first-order dynamics of both valuation effects and …

Persistent link: https://www.econbiz.de/10011266533

Demand-Based Option Pricing

Garleanu, Nicolae Bogdan; Pedersen, Lasse Heje; … - C.E.P.R. Discussion Papers - 2005

We model the demand-pressure effect on prices when options cannot be perfectly hedged. The model shows that demand pressure in one option contract increases its price by an amount proportional to the variance of the unhedgeable part of the option. Similarly, the demand pressure increases the...

Persistent link: https://www.econbiz.de/10005067592