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Information asymmetries

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  • FACTORING IN BRAZIL - AN INFORMATION ASYMMETRY APPROACH It is worth noting that the relative magnitude of μ j may be quite modest. Family background variables typically explain the vast majority of the differences in average student test scores across schools, potentially leaving relatively little room for efficiency (or school “value added”) effects.15 Nevertheless, most observers believe that public school efficiency is important, that it exerts a non-trivial role on the educational outcomes of students, and that it varies substantially across schools....

    pdf67p mualan_mualan 25-02-2013 33 6   Download

  • (bq) part 2 book "economics" has book: the demand for resources; wage determination; rent, interest, and profit; natural resource and energy economics; public goods, externalities, and information asymmetries; public choice theory and the economics of taxation; antitrust policy and regulation, economics and policy,...and other contents.

    pdf613p bautroibinhyen18 21-02-2017 18 5   Download

  • Chapter 16 - Public goods, externalities, and information asymmetries. After completing this unit, you should be able to: Public goods vs. private goods, the optimal quantity of a public good, cost-benefit analysis, externalities, information failures and government intervention.

    ppt20p tangtuy08 21-04-2016 18 1   Download

  • Information asymmetry can be reduced via three ways: a firm’s ability to signal its credit worthiness (incl. an institutional assessment or rating by an independent agency and the provision of collateral), a strong relationship between lender and borrower, and through due diligence/lenders’ examination (screening). However, this means on the other hand that new or young firms, with a lack of collateral and by definition without track record are the ones with the greatest degree of difficulty accessing debt capital (Equinox, 2002).

    pdf59p khanhchilam 29-03-2013 28 6   Download

  • We investigate the influence of information status (IS) on constituent order in German, and integrate our findings into a loglinear surface realisation ranking model. We show that the distribution of pairs of IS categories is strongly asymmetric. Moreover, each category is correlated with morphosyntactic features, which can be automatically detected. We build a loglinear model that incorporates these asymmetries for ranking German string realisations from input LFG F-structures.

    pdf9p hongphan_1 14-04-2013 26 2   Download

  • This essay reflects upon the relationship between the current theory of financial intermediation and real-world practice. Our critical analysis of this theory leads to several building blocks of a new theory of financial intermediation. Current financial intermediation theory builds on the notion that intermediaries serve to reduce transaction costs and informational asymmetries. As developments in information technology, deregulation, deepening of financial markets, etc.

    pdf59p thuytinh_den 11-07-2010 86 19   Download

  • In a decentralized-decisions economic environment, agents consider the risk that others might unfairly exploit informational asymmetries to their own advantage. Incomplete trust, affects, in particular, financial transactions whereby agents trade current real claims for promises of future real claims. Agents thus invest considerable resources to assess the trustworthiness of others with whom they know they can interact only under conditions of limited and asymmetrically distributed information, and to ensure compliance with contractual obligations.

    pdf34p truongan 13-11-2009 89 18   Download

  • The presence of the lagged dependent variable Ci(-1) has a dual interpretation. On the one hand, it reflects relationship banking in the vein of the literature discussed in section 2.1. Long-term enterprise-bank relations help to reduce information asymmetries; banks would be more willing to lend again if they have already done so (we consider the banking sector as a whole as the lending party). On the other hand, a positive association can be interpreted as evidence of soft budget constraints on the part of the banks in the sense of Berglof and Roland (1998).

    pdf30p enterroi 01-02-2013 52 6   Download

  • Moreover, bond prices were strongly influenced by the presence of information asymmetries in the market. Most bondholders were poorly informed of the possibil- ities that bonds represent, how they can be traded, and what kinds of risk they carry. At the beginning of trading, a great majority of bondholders believed bonds to be liable to default risk, which, from their perspective, significantly reduced bond price. Serbia’s old saving bonds are discount types of bonds. They bear a 2% annual interest rate (rolled in interest rate) that is paid at the time of maturity.

    pdf77p bi_ve_sau 17-01-2013 39 7   Download

  • We examine the causes and consequences of European real estate firms’ decisions to provide investment property fair values prior to the required disclosure of this information under International Financial Reporting Standards (IFRS). We find evidence that investor demand for fair value information—reflected in more dispersed ownership—and a firm’s commitment to transparency increase the likelihood of providing fair values prior to their required provision under International Accounting Standard 40 – Investment Property.

    pdf43p bin_pham 06-02-2013 44 5   Download

  • Bài này gồm có những nội dung chính sau: Giá (price), cầu (demand) & cung (supply), hệ số co giãn (elasticity), thị trường (market) và cân bằng thị trường, giá trần (ceiling price), giá sàn (floor price), thất bại của thị trường (market failure), tác động ngoại lai (externalities), thông tin bất đối xứng (information asymmetry), hàng hóa công (puplic goods).

    ppt64p tangtuy20 27-07-2016 23 5   Download

  • When comparing industry-level with firm-level contracts, it is worth emphasising that the latter are concluded by industry-specific unions. I.e., firm-level contracts in Germany merely involve a different level of bargaining, but do not reflect a fun- damentally different union structure.

    pdf36p quaivatxanh 30-11-2012 33 4   Download

  • Consider an investor in country j deciding whether to purchase stocks and/or bonds in a foreign country i1. The investor compares the expected return on an investment in country i1 to the expected return in country j as well as the expected return in country i2. How does an investor decide where to invest? One set of scholarship explicitly assumes that investors are risk averse and use the international asset pricing model (ICAPM) to understand international portfolio diversification.

    pdf39p enter1cai 16-01-2013 32 4   Download

  • Bernanke and Gertler (1995) and Mishkin (2007) survey the literature on potential transmission channels between interest rates and the real economy. While their focus is on interest rate changes caused by monetary policy, the same channels would be in place for interest rate changes caused by capital inows. In a neoclassical world the `user cost of capital' is the only transmission channel: lower interest rates on bonds decrease the opportunity costs of buying a house and increase the demand for houses.

    pdf63p taisaovanchuavo 23-01-2013 32 4   Download

  • Bernanke and Gertler (1989) focus on the investment decision of rms. There is asymmetric information between lenders and entrepreneurs: while entrepreneurs know the protability of their investment projects, lenders must pay an auditing cost to observe the project's return. This information asymmetry is the key source of persistence in the model. A positive productivity shock increases savings of entrepreneurs and lowers agency costs, making it easier for them to obtain external nance.

    pdf39p taisaovanchuavo 23-01-2013 32 4   Download

  • Countries differ in the way they channel capital to firms and in the way they reduce information asymmetries between firms and the key financing parties. These differences are likely to shape firms’ incentives to report earnings that reflect true economic performance. We illustrate this idea using a stylized characterization of financial systems. In an outsider system, like the U.K., firms rely heavily on public debt or equity markets in raising capital. Corporate ownership is dispersed. Investors are “at arm’s length” and do not have privileged access to information.

    pdf107p bin_pham 06-02-2013 37 4   Download

  • In these experiments the choices involved gambles for everyday objects (e.g. a coffee mug). It has been suggested that observed differences are due to an asymmetry of preferences between losses and gains, which might be exacerbated by age. Finally, both younger and older subjects participated in beauty contest games, in which strategic thinking plays a central role. In each case the experiments were taken from the literature allowing us to focus on age differences rather than on theories behind the experiments....

    pdf28p taisaokhongthedung 01-01-2013 30 3   Download

  • In a competitive world of symmetric information and costless enforcement, credit contracts could be written conditional on borrower behavior. Borrowers would then have access to loans under any interest rate-collateral combination that would yield lenders a zero expected profit. However, as a large literature has shown, information asymmetries and enforcement costs make such conditional contracting infeasible and restrict the set of available contracts, eliminating as incentive incompatible high interest rate, low collateral contracts.

    pdf15p enter1cai 12-01-2013 36 3   Download

  • For countries with a tradition of reliance on laws and regulations (rather than standards) for the fixing of accounting and auditing requirements, specific issues arise. Rather than giving authority to a continuing process of standard-setting, new statutory measures are required whenever a new international standard is enacted, or an existing international standard is amended. Typically, such changes must be gazetted in the official language of the country.

    pdf28p taisaovanchuavo 26-01-2013 26 3   Download

  • The US Department of Veterans Affairs administers a number of educational benefit programs for veterans. These include, but are not limited to, the Montgomery GI Bill and the Post-9/11 GI Bill (9/11 GI Bill). The 9/11 GI Bill assists eligible individuals with tuition and fees, a monthly housing allowance, annual books and supplies stipend, and a one-time rural benefit payment for eligible individuals. In addition to the 9/11 GI Bill providing an education benefit for eligible veterans, the education benefit may also be transferred to dependents under certain conditions.

    pdf27p doipassword 01-02-2013 30 3   Download

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