In this paper, we study a setting where a firm (principal) is privately informed of the firm's potential and contracts with an agent to supply unobservable effort. We show it can be optimal for the firm to have loose monitoring in the sense that the monitoring system is less perfect than what is...

We study the disclosure strategy of a firm's manager who may privately observe two signals that are informative about the firm's prospects. The two signals correspond to the firm's two business segments and are observationally correlated, i.e. the observation of one affects the likelihood of...

This paper studies the role of conservative accounting standards in alleviating rational yet dysfunctional unobservable earnings manipulation. We show that when accounting numbers serve both the valuation role (in which potential investors use accounting reports to assess a firm's expected...

This study examines the effect of sample size on the mean productive efficiency of firms when the efficiency is evaluated using the non-parametric approach of Data Envelopment Analysis. By employing Monte Carlo simulation, we show how the mean efficiency is related to the sample size. The paper...

For a long time, the traditional pattern of urban-rural human settlements has been shaped in reference to the existence of the urban-rural dual structure. In this paper, we put forward the notion of triaxiality of human settlements, and used the standards conversion entropy weight method to...

type="main" <title type="main">ABSTRACT</title> <p>This paper analyzes the effects of public information in a perfect competition trading model populated by asymmetrically informed short-horizon investors with different levels of private information precision. We first show that information asymmetry reduces the amount of...</p>

To interpret past vegetation and climate changes from pollen data, we need to reveal the degree of similarity between modern analogues and fossil pollen spectra, which would help us predict the future climate and vegetation. Ninety surface pollen samples across six vegetation zones along an...