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Author: Flora Muiño Publisher: ISBN: Category : Languages : en Pages : 53
Book Description
In this paper, we argue that the influence product market competition exerts on disclosure is defined by the combined effect of the incentives and disincentives to disclose raised by the multiple competition dimensions. We distinguish between firm and industry level competition measures, and we hypothesize that the former raises agency and proprietary costs, whereas the latter creates incentives to disclose either to fulfill the owners' need of information to monitor managers or to deter the entrance of new competitors in the industry. Our research design allows for non-monotonic relationships between competition and disclosure as well as for interactions between competition dimensions. Using a sample of U.S. manufacturing companies, we gather evidence that is consistent with our hypotheses. First, we find an inverted U-shape relationship between corporate disclosure and a firm's abnormal profitability, which is suggestive of firms being reluctant to disclose when they are underperforming (outperforming) their rivals because of the fear of unveiling agency conflicts (raising proprietary costs). Second, we observe a U-shape relationship between corporate disclosure and industry profitability, although this U design evolves to approximate a rising function as the protection provided by entry barriers increases.
Author: Flora Muiño Publisher: ISBN: Category : Languages : en Pages : 53
Book Description
In this paper, we argue that the influence product market competition exerts on disclosure is defined by the combined effect of the incentives and disincentives to disclose raised by the multiple competition dimensions. We distinguish between firm and industry level competition measures, and we hypothesize that the former raises agency and proprietary costs, whereas the latter creates incentives to disclose either to fulfill the owners' need of information to monitor managers or to deter the entrance of new competitors in the industry. Our research design allows for non-monotonic relationships between competition and disclosure as well as for interactions between competition dimensions. Using a sample of U.S. manufacturing companies, we gather evidence that is consistent with our hypotheses. First, we find an inverted U-shape relationship between corporate disclosure and a firm's abnormal profitability, which is suggestive of firms being reluctant to disclose when they are underperforming (outperforming) their rivals because of the fear of unveiling agency conflicts (raising proprietary costs). Second, we observe a U-shape relationship between corporate disclosure and industry profitability, although this U design evolves to approximate a rising function as the protection provided by entry barriers increases.
Author: Deng-Feng Li Publisher: Springer ISBN: 9811067538 Category : Computers Languages : en Pages : 378
Book Description
This volume constitutes the refereed post-conference proceedings of the 3rd Joint China-Dutch Workshop on Game Theory and Applications and the 7th China Meeting on Game Theory and Applications, GTA 2016, held in Fuzhou, China, in November 2016. The 25 revised full papers presented were carefully reviewed and selected from 60 full paper submissions. They deal with a broad range of topics in the areas of non-cooperative and cooperative games, non-cooperative and cooperative games under uncertainty and their applications.
Author: Demir Uslu, Yeter Publisher: IGI Global ISBN: 179982330X Category : Business & Economics Languages : en Pages : 499
Book Description
Many countries are seeking to reach an effective universal health coverage system to increase the quality of life of their citizens. By implementing universal health coverage, countries can support all citizens, including those who do not have the financial power to pay for healthcare services, in receiving the necessary medical treatment to enable them to live healthier lives. Multidimensional Perspectives and Global Analysis of Universal Health Coverage is an essential reference source that defines the significance of universal health coverage and studies multiple concepts related to universal health coverage that can support qualified recommendations for governments seeking to improve their healthcare situation. Featuring research on topics such as financial risk, organizational performance, and patient safety, this book is ideally designed for policymakers, hospital executives, government officials, lawmakers, politicians, academicians, students, and researchers.
Author: Yong-Chul Shin Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
This paper investigates empirically the effect of different types of product market competition on levels of voluntary disclosure of proprietary information in financial markets. Firms, considering a disclosure, trade off attaining financial market valuation-related benefits vs. protecting long-term product market advantage. Based on economic theory, I propose that there are two types of strategic interaction settings relevant to disclosure: Capacity competition drives firms to disclose more; price competition drives them to disclose less. When firms are competing on capacities, firms disclose more information to lower the cost of capital needed for capital investments. In contrast, when firms are competing on prices, they disclose less information because proprietary costs are high and the benefit from any decreased cost of capital is low due to less acute need for additional capital. By estimating the signs of the slope of reaction curves to identify the type of competition facing firms in oligopoly markets, I find that the type of product market competition affects the level of voluntary disclosure over and above what pervious literature has documented as the firm's external financing needs. That is, firms engaged in capacity competition disclose relatively more information than firms engaged in price competition. Further analysis after including as benchmarks firms with no strategic interaction, shows that capacity competition firms disclose more information than no-strategic-interaction firms but that price competition firms do not disclose less information than no-strategic-interaction firms.
Author: Philipp Kissing Publisher: Springer ISBN: 3658124601 Category : Business & Economics Languages : en Pages : 159
Book Description
This publication links information asymmetries and decision processes of financial investors through quantitative models. The aim is to analyze empirical observations and synthesize outputs in order to add new academic insights with practical pertinence. Multivariate scoring models and statistical analyses investigate situations on the market level that enables corporations to lower their capital costs if specific conditions are met. Scenario techniques and further econometrical models are applied to research the microeconomic level.
Author: John A. Kazanjian Publisher: Royal Commission on Corporate Concentration ; Ottawa : available from Print. and Pub., Supply and Services Canada ISBN: Category : Business & Economics Languages : en Pages : 88
Author: Flora Muiño
Author: Flora Muiño
Author: Deng-Feng Li
Author: Demir Uslu, Yeter
Author: Yong-Chul Shin
Author: Razahussein Mohamedhussein Merali Devji
Author: Russell B. Stevenson
Author: Antti J. Kanto
Author: Philipp Kissing
Author: Stephen P. Ferris
Author: John A. Kazanjian