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We argue that earnings management and fraudulent accounting have important economic consequences. In a model where the costs of earnings management are endogenous, we show that in equilibrium, low-productivity firms hire and invest too much in order to pool with high productivity firms. This...
Persistent link: https://www.econbiz.de/10013152696
We argue that earnings management and fraudulent accounting have important economic consequences. In a model where the costs of earnings management are endogenous, we show that in equilibrium, bad managers hire and invest too much in order to pool with the good managers. This behavior distorts...
Persistent link: https://www.econbiz.de/10012762395
We argue that earnings management and fraudulent accounting have important eco-nomic consequences. In a model where the costs of earnings management are endoge-nous, we show that in equilibrium, low productivity firms hire and invest too muchin order to pool with high productivity firms. This...
Persistent link: https://www.econbiz.de/10012769302
This paper compares the impact of shocks to U.S. interest rates and emerging market bond spreads on domestic interest rates and exchange rates across several emerging market economies with different exchange rate regimes. Consistent with conventional priors, the results indicate that interest...
Persistent link: https://www.econbiz.de/10014401887
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Different market characteristics and investor behavior render the use of underpricing, widely used for equity IPOs, inadequate as a measure of gains from primary market allocations in corporate bonds. We propose a measure that reflects the illiquidity costs that investors save by avoiding...
Persistent link: https://www.econbiz.de/10013225226