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Conservative Disclosure 保守的披露
ERN: Firm Behavior (Topic) Pub Date : 2017-11-01 DOI: 10.2139/ssrn.995562
W. Guay, Robert E. Verrecchia
{"title":"Conservative Disclosure","authors":"W. Guay, Robert E. Verrecchia","doi":"10.2139/ssrn.995562","DOIUrl":"https://doi.org/10.2139/ssrn.995562","url":null,"abstract":"We analyze a model of voluntary disclosure where investors impose a discount for uncertainty about firm value. We find a commitment to conservative reporting, defined as a requirement that firms disclose bad realizations of economic events, results in firm prices being higher on average. Intuitively, in the absence of mandatory disclosure requirements, managers have incentives to disclose voluntarily information about good realizations and withhold information about bad realizations. Thus, a financial reporting system that requires timely reporting of low realizations results in lower uncertainty and higher firm value. Importantly, we interpret a commitment to conservative reporting to include not only reported earnings, but more broadly any mechanism that commits managers to disclose, such as required footnotes and explanations in corporate filings. Beyond a capital market setting, our model also applies to other adverse selection settings - including governance, litigation, and debt contracting - where timely disclosure of bad news improves efficiency.","PeriodicalId":194146,"journal":{"name":"ERN: Firm Behavior (Topic)","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130754311","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: 48
Prices and Network Effects in Two-Sided Markets: The Belgian Newspaper Industry 双边市场中的价格和网络效应:比利时报业
ERN: Firm Behavior (Topic) Pub Date : 2009-02-26 DOI: 10.2139/ssrn.1404392
Patrick J. G. Van Cayseele, S. Vanormelingen
{"title":"Prices and Network Effects in Two-Sided Markets: The Belgian Newspaper Industry","authors":"Patrick J. G. Van Cayseele, S. Vanormelingen","doi":"10.2139/ssrn.1404392","DOIUrl":"https://doi.org/10.2139/ssrn.1404392","url":null,"abstract":"This paper investigates the two-sided nature of the newspaper industry. We explicitly take into account cross network effects that exist between advertisers and newspaper readers. On one side, advertisers' demand for publicity space depends on the number of newspaper readers and their characteristics. On the other side, readers' demand can be, positively or negatively, influenced by the number of advertisements. In addition, editors may own several newspapers and hence a variety of cross-market effects that result from changes in market prices exist. To estimate demand parameters for both sides of the market, a specific structural model is needed that takes into account those effects. We estimate network effects and price elasticities for Belgian newspaper publishers to assess market power and the degree of competition in the market, which experienced a large consolidation wave over the last decades. This allows us to evaluate a recent merger in the Belgian newspaper industry.","PeriodicalId":194146,"journal":{"name":"ERN: Firm Behavior (Topic)","volume":"20 4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125650222","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: 18
Mergers Increase Default Risk 并购增加违约风险
ERN: Firm Behavior (Topic) Pub Date : 2009-01-26 DOI: 10.2139/ssrn.891422
Craig Furfine, R. Rosen
{"title":"Mergers Increase Default Risk","authors":"Craig Furfine, R. Rosen","doi":"10.2139/ssrn.891422","DOIUrl":"https://doi.org/10.2139/ssrn.891422","url":null,"abstract":"We examine the impact of mergers on default risk. Despite the potential for asset diversification, we find that, on average, a merger increases the default risk of the acquiring firm. This result cannot solely be explained by the tendency for generally safe acquirers to purchase riskier targets or by the tendency of acquiring firms to increase leverage post-merger. Our evidence suggests that managerial motivations may play an important role. In particular, we find larger merger-related increases in risk at firms where CEOs have large option-based compensation, where recent stock performance is poor, and where idiosyncratic equity volatility is high. These results suggest that the increased default risk may arise from aggressive managerial actions affecting risk enough to outweigh the strong risk-reducing asset diversification expected from a typical merger.","PeriodicalId":194146,"journal":{"name":"ERN: Firm Behavior (Topic)","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122909440","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: 125
Capacity Investments, Exclusionary Behavior, and Welfare: A Dynamic Model of Competition in the Airline Industry 运力投资、排他性行为和福利:航空业竞争的动态模型
ERN: Firm Behavior (Topic) Pub Date : 2008-12-01 DOI: 10.2139/ssrn.1375450
Jonathan W. Williams
{"title":"Capacity Investments, Exclusionary Behavior, and Welfare: A Dynamic Model of Competition in the Airline Industry","authors":"Jonathan W. Williams","doi":"10.2139/ssrn.1375450","DOIUrl":"https://doi.org/10.2139/ssrn.1375450","url":null,"abstract":"This paper uses unique data on access to airport facilities to study the strategic entry, exit, and capacity decisions of firms in the US airline industry. I estimate a dynamic equilibrium model in which forward-looking firms invest in seating capacity and play a capacity-constrained pricing game. I find that the intensity of competition depends directly on the characteristics and identity of the incumbent fi rm. In particular, dominant hub carriers aggressively invest in capacity following entry by low-cost carriers, providing a commitment to price aggressively in future periods. In doing so, the hub carrier can substantially increase the likelihood of exit by the targeted rm. The resulting reduction in the level of competition reduces consumer welfare relative to an environment in which anti-trust authorities can eliminate such exclusionary behavior.","PeriodicalId":194146,"journal":{"name":"ERN: Firm Behavior (Topic)","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132061892","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: 16
Automobile Prices, Gasoline Prices, and Consumer Demand for Fuel Economy 汽车价格、汽油价格和消费者对燃油经济性的需求
ERN: Firm Behavior (Topic) Pub Date : 2008-12-01 DOI: 10.2139/ssrn.1313155
Nathan H. Miller, Ashley Langer
{"title":"Automobile Prices, Gasoline Prices, and Consumer Demand for Fuel Economy","authors":"Nathan H. Miller, Ashley Langer","doi":"10.2139/ssrn.1313155","DOIUrl":"https://doi.org/10.2139/ssrn.1313155","url":null,"abstract":"The relationship between gasoline prices and the demand for vehicle fuel efficiency is important for environmental policy but poorly understood in the academic literature. We provide empirical evidence that automobile manufacturers price as if consumers respond to gasoline prices. We derive a reduced-form regression equation from theoretical micro-foundations and estimate the equation with nearly 300,000 vehicle-week-region observations over the period 2003-2006. We find that vehicle prices generally decline in the gasoline price. The decline is larger for inefficient vehicles, and the prices of particularly efficient vehicles actually rise. Structural estimation that ignores these effects underestimates consumer preferences for fuel efficiency.","PeriodicalId":194146,"journal":{"name":"ERN: Firm Behavior (Topic)","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114921595","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: 29
The Characteristics of Bidding Firms and the Likelihood of Foreign Acquisitions 投标公司的特征与国外收购的可能性
ERN: Firm Behavior (Topic) Pub Date : 2008-10-25 DOI: 10.2139/ssrn.1289524
H. Donker
{"title":"The Characteristics of Bidding Firms and the Likelihood of Foreign Acquisitions","authors":"H. Donker","doi":"10.2139/ssrn.1289524","DOIUrl":"https://doi.org/10.2139/ssrn.1289524","url":null,"abstract":"This paper investigates the firm characteristics of bidding firms in cross-border acquisitions. We find that the likelihood of cross-border acquisitions increases with the size of bidding firms and with the performance of bidding firms. These results indicate that large and high performing bidding firms choose foreign targets firms over domestic target firms. Further, foreign acquisitions generate significant positive abnormal returns to bidding firms. In addition, the cumulative average abnormal returns to bidding firms over the event window around the announcement day [-1, 0, 1] is significant higher for foreign acquisitions in comparison with domestic acquisitions. Finally, we find that the likelihood of cross-border acquisitions decreases with the leverage of bidding firms, which indicate that only bidding firms with a solid financial position are engaged in foreign acquisitions.","PeriodicalId":194146,"journal":{"name":"ERN: Firm Behavior (Topic)","volume":"69 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123268880","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
Accounting for Intangibles and Managerial Information 无形资产会计与管理信息
ERN: Firm Behavior (Topic) Pub Date : 2008-09-18 DOI: 10.2139/ssrn.1270382
Mindy Wolfe
{"title":"Accounting for Intangibles and Managerial Information","authors":"Mindy Wolfe","doi":"10.2139/ssrn.1270382","DOIUrl":"https://doi.org/10.2139/ssrn.1270382","url":null,"abstract":"I investigate whether firms subject to SFAS No. 86 Accounting for the Costs of Computer Software provide information regarding future benefits of these software development (SD) expenditures. Numerous comment letters from the 1985 Exposure Draft indicate analysts feel that given the leeway to capitalize, managers will use this latitude opportunistically. However, my findings imply that capitalized SD expenditures are informative about future cash flows and that managers' amortization schedules provide information about the timing of these benefits. My results also suggest that firms that expense all SD expenditures may have expenditures that are technically an asset but managers are choosing to expense rather than capitalize these expenditures. Moreover, I find that firms with higher amounts of private information tend to have a stronger association between the intangible asset and subsequent cash flows, indicating these firms may be more inclined to divulge information when the benefits to do so seem greater.","PeriodicalId":194146,"journal":{"name":"ERN: Firm Behavior (Topic)","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115281261","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: 4
Media Coverage of Political Scandals 媒体对政治丑闻的报道
ERN: Firm Behavior (Topic) Pub Date : 2008-04-07 DOI: 10.2139/ssrn.1117716
Riccardo Puglisi, J. Snyder
{"title":"Media Coverage of Political Scandals","authors":"Riccardo Puglisi, J. Snyder","doi":"10.2139/ssrn.1117716","DOIUrl":"https://doi.org/10.2139/ssrn.1117716","url":null,"abstract":"We analyze the coverage of U.S. political scandals by U.S. newspapers during the past decade. Using automatic keyword-based searches we collected data on 35 scandals and approximately 200 newspapers. We find that Democratic-leaning newspapers -- i.e., those with a higher propensity to endorse Democratic candidates in elections -- give relatively more coverage to scandals involving Republican politicians than scandals involving Democratic politicians, while Republican-leaning newspapers tend to do the opposite. This is true even when controlling for the average partisan leanings of readers. In contrast, newspapers appear to cater to the partisan tastes of readers only for local scandals.","PeriodicalId":194146,"journal":{"name":"ERN: Firm Behavior (Topic)","volume":"29 9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114155256","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: 62
Microsoft vs. Yahoo! in the Battle for Your Desktop 微软vs雅虎为你的桌面而战
ERN: Firm Behavior (Topic) Pub Date : 2008-03-14 DOI: 10.2139/SSRN.1104223
V. Cook
{"title":"Microsoft vs. Yahoo! in the Battle for Your Desktop","authors":"V. Cook","doi":"10.2139/SSRN.1104223","DOIUrl":"https://doi.org/10.2139/SSRN.1104223","url":null,"abstract":"In a letter to the company's board dated January 31, 2008 Microsoft CEO Steve Ballmer made a $31 pre-emptive bid for Yahoo! This paper reports four studies of the unfolding dynamics of this move. The focus is on a strategic group composed of Microsoft, Yahoo, Google and Adobe. Study 1 examines whether the potential benefits of the operational synergies touted by Mr. Ballmer might be realized. Study 2 answers the question: Did Microsoft 'Massively Undervalue' Yahoo? Study 3 outlines Yahoo's audacious option. The paper concludes with a long-term view of a Yahoo-Adobe combination.","PeriodicalId":194146,"journal":{"name":"ERN: Firm Behavior (Topic)","volume":"60 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115992817","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
Vertical Integration, Institutional Determinants and Impact: Evidence from China 纵向整合、制度决定因素及其影响:来自中国的证据
ERN: Firm Behavior (Topic) Pub Date : 2008-02-28 DOI: 10.2139/ssrn.1100335
Joseph P. H. Fan, Jun Huang, R. Morck, B. Yeung
{"title":"Vertical Integration, Institutional Determinants and Impact: Evidence from China","authors":"Joseph P. H. Fan, Jun Huang, R. Morck, B. Yeung","doi":"10.2139/ssrn.1100335","DOIUrl":"https://doi.org/10.2139/ssrn.1100335","url":null,"abstract":"Where legal systems and market forces enforce contracts inadequately, vertical integration can circumvent these transaction difficulties. But, such environments often also feature highly interventionist government, and even corruption. Vertical integration might then enhance returns to political rent-seeking aimed at securing and extending market power. Thus, where political rent seeking is minimal, vertical integration should add to firm value and economy performance; but where political rent seeking is substantial, firm value might rise as economy performance decays. China offers a suitable background for empirical examination of these issues because her legal and market institutions are generally weak, but nonetheless exhibit substantial province-level variation. Vertical integration is more common where legal institutions are weaker and where regional governments are of lower quality or more interventionist. In such provinces, firms led by insiders with political connections are more likely to be vertically integrated. Vertical integration is negatively associated with firm value if the top corporate insider is politically connected, but weakly positively associated with public share valuations if the politically connected firm is independently audited. Finally, provinces whose vertical integrated firms tend to have politically unconnected CEOs exhibit elevated per capita GDP growth, while provinces whose vertically integrated firms tend to have political insiders as CEOs exhibit depressed per capita GDP growth.","PeriodicalId":194146,"journal":{"name":"ERN: Firm Behavior (Topic)","volume":"103 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124180620","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: 33
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