Boston University Questrom School of Business Research Paper Series最新文献_第2页

Recognition versus Disclosure of Fair Values 确认与披露公允价值

Boston University Questrom School of Business Research Paper Series Pub Date : 2015-01-15 DOI: 10.2139/ssrn.2362362

Maximilian A. Müller, Edward J. Riedl, T. Sellhorn

{"title":"Recognition versus Disclosure of Fair Values","authors":"Maximilian A. Müller, Edward J. Riedl, T. Sellhorn","doi":"10.2139/ssrn.2362362","DOIUrl":"https://doi.org/10.2139/ssrn.2362362","url":null,"abstract":"This paper examines pricing differences across recognized and disclosed fair values. We build on prior literature by examining two theoretical causes of such differences: lower reliability of the disclosed information, and/or investors’ higher related information processing costs. We examine European real estate firms reporting under International Financial Reporting Standards (IFRS), which require that fair values for investment properties, our sample firms’ key operating asset, either be recognized on the balance sheet or disclosed in the footnotes. Consistent with prior research, we predict and find a lower association between equity prices and disclosed relative to recognized investment property fair values, reflecting a discount assigned to disclosed fair values. We then predict and find that this discount is mitigated by lower information processing costs (proxied via high analyst following), and some support that it is also mitigated by higher reliability (proxied via use of external appraisals). These latter results are documented using subsample analyses to test one attribute (either information processing costs or reliability) while holding the other constant. Overall, these findings are consistent with fair value reliability and information processing costs providing complementary explanations for observed pricing discounts assessed on disclosed accounting amounts.","PeriodicalId":180189,"journal":{"name":"Boston University Questrom School of Business Research Paper Series","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121826640","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 107

Unpacking Functional Alliance Portfolios: How Signals of Venture Viability Affect New-Venture Outcomes 拆解功能联盟投资组合:风险可行性信号如何影响新创企业的成果

Boston University Questrom School of Business Research Paper Series Pub Date : 2014-09-01 DOI: 10.2139/ssrn.2008234

Manuela N. Hoehn-Weiss, S. Karim

引用次数: 21

Platform Strategy 平台战略

Boston University Questrom School of Business Research Paper Series Pub Date : 2014-04-21 DOI: 10.2139/ssrn.2439323

Geoffrey G. Parker, Marshall W. Van Alstyne

引用次数: 11

Misalignment in the Timing of Seasonal Demand and Supply: The Landslide Effect 季节性供需时间的错位:滑坡效应

Boston University Questrom School of Business Research Paper Series Pub Date : 2012-03-27 DOI: 10.2139/ssrn.2029509

John J. Neale, S. Willems, James C. Beyl

引用次数: 0

Capital Markets for Tomorrow 未来的资本市场

Boston University Questrom School of Business Research Paper Series Pub Date : 2010-01-07 DOI: 10.2139/SSRN.1532707

N. S. Patil

{"title":"Capital Markets for Tomorrow","authors":"N. S. Patil","doi":"10.2139/SSRN.1532707","DOIUrl":"https://doi.org/10.2139/SSRN.1532707","url":null,"abstract":"A capital market is a market for securities (debt or equity), where business enterprises and governments can raise long-term funds. It is defined as a market in which money is provided for periods longer than a year. The capital market includes the stock market (equity securities) and the bond market (debt). Capital markets may be classified as primary markets and secondary markets. In primary markets, new stock or bond issues are sold to investors via a mechanism known as underwriting. In the secondary markets, existing securities are sold and bought among investors or traders, usually on a securities exchange, over-the-counter, or elsewhere. Capital Markets of today are driven by many factors like the economic growth, interest rates, forex, foreign investments and many more, but one of the most important factor that would drive tomorrow’s Capital Market is the environment. Capital markets that include companies attuned to environmental issues in future would create permanent and powerful incentives for them to improve their environmental performance, while also ensuring better returns for investors. In future: •Capital Market would ensure that the financial implications of environmental opportunities and risk are properly understood by financial institutions, investors and issuers and are appropriately reflected in the world’s capital markets, •The capital markets will play a transforming role in addressing climate change, enabling the transition from a fossil-fuel based economy to a post-carbon economy, •For investors, it would represent a unique opportunity to participate in a fundamental market transformation of today to tomorrow.","PeriodicalId":180189,"journal":{"name":"Boston University Questrom School of Business Research Paper Series","volume":"181 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124546717","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The Theory of Life-Cycle Saving and Investing 生命周期储蓄与投资理论

Boston University Questrom School of Business Research Paper Series Pub Date : 2007-05-01 DOI: 10.2139/ssrn.1002388

Z. Bodie, Jonathan Treussard, P. Willen

引用次数: 42

Impact of User Skills and Network Effects on the Competition between Open Source and Proprietary Software 用户技能和网络效应对开源软件和专有软件竞争的影响

Boston University Questrom School of Business Research Paper Series Pub Date : 2006-11-01 DOI: 10.2139/ssrn.945431

Lihui Lin

引用次数: 55

A New Framework for Analyzing and Managing Macrofinancial Risks of an Economy 经济宏观金融风险分析与管理的新框架

Boston University Questrom School of Business Research Paper Series Pub Date : 2006-10-01 DOI: 10.2139/ssrn.936661

Z. Bodie, D. Gray, R. C. Merton

{"title":"A New Framework for Analyzing and Managing Macrofinancial Risks of an Economy","authors":"Z. Bodie, D. Gray, R. C. Merton","doi":"10.2139/ssrn.936661","DOIUrl":"https://doi.org/10.2139/ssrn.936661","url":null,"abstract":"The high cost of international economic and financial crises highlights the need for a comprehensive framework to assess the robustness of national economic and financial systems. This paper proposes a new comprehensive approach to measure, analyze, and manage macroeconomic risk based on the theory and practice of modern contingent claims analysis (CCA). We illustrate how to use the CCA approach to model and measure sectoral and national risk exposures, and analyze policies to offset their potentially harmful effects. This new framework provides economic balance sheets for inter-linked sectors and a risk accounting framework for an economy. CCA provides a natural framework for analysis of mismatches between an entity's assets and liabilities, such as currency and maturity mismatches on balance sheets. Policies or actions that reduce these mismatches will help reduce risk and vulnerability. It also provides a new framework for sovereign capital structure analysis. It is useful for assessing vulnerability, policy analysis, risk management, investment analysis, and design of risk control strategies. Both public and private sector participants can benefit from pursuing ways to facilitate more efficient macro risk accounting, improve price and volatility discovery, and expand international risk intermediation activities.","PeriodicalId":180189,"journal":{"name":"Boston University Questrom School of Business Research Paper Series","volume":"70 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131403272","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 89

Capital Structure and Interaction Among Firms in Output Markets - Theory and Evidence 产出市场中企业间的资本结构与互动——理论与证据

Boston University Questrom School of Business Research Paper Series Pub Date : 2006-09-01 DOI: 10.2139/ssrn.400620

Evgeny Lyandres

引用次数: 110

The Impact of Institutional Ownership on Corporate Operating Performance 机构持股对公司经营绩效的影响

Boston University Questrom School of Business Research Paper Series Pub Date : 2003-11-01 DOI: 10.2139/ssrn.468800

Marcia Millon Cornett, A. Marcus, A. Saunders, H. Tehranian

引用次数: 735