Showing 1 - 10 of 415
We analyze the reliability of voluntary disclosures of financial information, focusing on widely-employed publicly available hedge fund databases. Tracking changes to statements of historical performance recorded at different points in time between 2007 and 2011, we find that historical returns...
Persistent link: https://www.econbiz.de/10011084298
We develop a model in which two firms that have proposed to merge are privately informed about merger-specific efficiencies. This enables the firms to influence the merger control procedure by strategically revealing their information to an antitrust authority. Although the information improves...
Persistent link: https://www.econbiz.de/10005067524
action and transparency on consequence are then used to interpret existing disclosure policies in politics, corporate …
Persistent link: https://www.econbiz.de/10005656470
This Paper analyses the effect of a possible takeover on information flows and on the terms of trade in business relationships. We consider a long-term relationship between a firm and a privately-informed stakeholder, a buyer for example. In our model, takeovers both increase the surplus from...
Persistent link: https://www.econbiz.de/10005662138
state of the economy (or the industry) affects this decision. We develop a dynamic model of strategic disclosure in which a …
Persistent link: https://www.econbiz.de/10005788970
We consider the strategic timing of information releases in a dynamic disclosure model. Because investors don’t know …
Persistent link: https://www.econbiz.de/10009364996
class of "natural" solutions) according to the likelihood of disclosure that they induce. This ordering identifies the best … choose the timing of disclosure. …
Persistent link: https://www.econbiz.de/10008854532
We compare competitive equilibrium outcomes with and without trading by a privately informed 'monopolistic' insider, in a model with real investment portfolio choices ex ante, and noise trading generated by aggregate uncertainty regarding other agents' intertemporal consumption preferences. The...
Persistent link: https://www.econbiz.de/10005504224
Recent empirical work suggests a strong connection between the incentives money managers are offered and their risk-taking behavior. We develop a general model of delegated portfolio management, with the feature that the agent can control the riskiness of the portfolio. This represents a...
Persistent link: https://www.econbiz.de/10005504241
In recent years, venture capital has increasingly become a factor in the financing of new firms. We examine how the value of mature firms determines the incentives of entrepreneurs to start up new firms and of venture capitalists to finance and advise them. We examine how capital gains taxes as...
Persistent link: https://www.econbiz.de/10005504248