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Two-Sided Career Concern and Financial Equilibrium 双向职业关注与财务平衡
Microeconomics: Information Pub Date : 2009-12-12 DOI: 10.2139/ssrn.1335465
Yolanda Portilla
{"title":"Two-Sided Career Concern and Financial Equilibrium","authors":"Yolanda Portilla","doi":"10.2139/ssrn.1335465","DOIUrl":"https://doi.org/10.2139/ssrn.1335465","url":null,"abstract":"This brief paper constructs a model of delegated portfolio management in which two agency relationships are characterized. First, a delegation process from investors to fund companies, and second, a delegation from fund companies to fund managers. Career concerns of both agents lead to a churning equilibrium in which uninformed managers trade noisily, and uninformed fund companies are willing to hire these uninformed managers. This equilibrium delivers non-fully informative prices and a positive and high trading volume. Our model then strengths previous explanations to the trade puzzle, predicting an increasing trade activity as long as institutional investors with intense delegation play an increasing role in financial markets.","PeriodicalId":400873,"journal":{"name":"Microeconomics: Information","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127310725","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: 2
Discovery and Dynamic Consistency 发现和动态一致性
Microeconomics: Information Pub Date : 2009-10-31 DOI: 10.2139/ssrn.1497563
Takashi Hayashi
{"title":"Discovery and Dynamic Consistency","authors":"Takashi Hayashi","doi":"10.2139/ssrn.1497563","DOIUrl":"https://doi.org/10.2139/ssrn.1497563","url":null,"abstract":"We provide a simple model in which the decision maker successively discovers elements of the world and expands the state space over time. We propose a dynamic consistency condition that after a new discovery the preference ranking should remain unchanged over acts to which the discovery is irrelevant. Together with other natural axioms, it characterizes a model in which the decision maker's belief evolves over time in order that the marginal distribution of a new belief induced over the old state space coincides with the old belief. It is extended in order to encompass both discovery and learning events, and we characterize the model with an additional property that the decision maker's belief updating follows Bayes' rule when she learns events.","PeriodicalId":400873,"journal":{"name":"Microeconomics: Information","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123734610","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
Learning and Sharing in a Chinese High-Technology Cluster: A Study of Inter-Firm and Intra-Firm Knowledge Flows between R&D Employees 中国高技术集群中的学习与共享:企业内部与企业间研发员工知识流动研究
Microeconomics: Information Pub Date : 2009-10-21 DOI: 10.1111/j.1468-005X.2009.00234.x
Matias Ramirez, Xibao Li
{"title":"Learning and Sharing in a Chinese High-Technology Cluster: A Study of Inter-Firm and Intra-Firm Knowledge Flows between R&D Employees","authors":"Matias Ramirez, Xibao Li","doi":"10.1111/j.1468-005X.2009.00234.x","DOIUrl":"https://doi.org/10.1111/j.1468-005X.2009.00234.x","url":null,"abstract":"This paper highlights a new emerging division of labour among Chinese Research and Development (R&D) workers in Beijing's Zhongguancun Science Park, which emphasises learning through external networks. Such learning relies on the ability to develop common practices and ‘translate’ external knowledge to the firm. The discussion highlights the significant costs that can be associated with developing and establishing such skills and the underlying practices that can support this process.","PeriodicalId":400873,"journal":{"name":"Microeconomics: Information","volume":"66 3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126398597","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: 26
They Arrive with New Information: Tourism Flows and Production Efficiency in the European Regions 他们带来了新的信息:欧洲地区的旅游流量和生产效率
Microeconomics: Information Pub Date : 2009-10-13 DOI: 10.2139/ssrn.1488236
Emanuela Marrocu, Raffaele Paci
{"title":"They Arrive with New Information: Tourism Flows and Production Efficiency in the European Regions","authors":"Emanuela Marrocu, Raffaele Paci","doi":"10.2139/ssrn.1488236","DOIUrl":"https://doi.org/10.2139/ssrn.1488236","url":null,"abstract":"It is well known that firms productivity is influenced by information spillovers generated either by other firms located nearby or by direct contacts with final demand or by foreign demand in the case of traded products. In this paper we investigate a new channel of efficiency - enhancing information spillovers - tourism flows. The idea is that tourists, in general, have preferences for high quality goods and differentiated products which are revealed when they buy local products in the tourism destinations, thus transmitting relevant information to the local firms. The latter, in turn, exploit this new information generating a positive impact on the efficiency level of the local economy. More specifically we examine the effects of tourist flows on regional total factor productivity, within a spatial dynamic model, controlling also for other intangible factors (such as human, social and technological capital) and for the degree of accessibility. We apply the analysis to 199 European regions belonging to the EU15 member countries, plus Switzerland and Norway. The econometric results show the positive impact of tourism flows on regional efficiency levels together with the positive role played by intangible assets, infrastructures and spatial spillovers.","PeriodicalId":400873,"journal":{"name":"Microeconomics: Information","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130962297","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: 73
Structured Finance, Risk Management, and the Recent Financial Crisis 结构融资、风险管理和最近的金融危机
Microeconomics: Information Pub Date : 2009-10-13 DOI: 10.2139/ssrn.1488767
G. Dionne
{"title":"Structured Finance, Risk Management, and the Recent Financial Crisis","authors":"G. Dionne","doi":"10.2139/ssrn.1488767","DOIUrl":"https://doi.org/10.2139/ssrn.1488767","url":null,"abstract":"Structured finance is often mentioned as the main cause of the latest financial crisis. We argue that structured finance per se did not trigger the last financial crisis. The crisis was propagated around the world because of poor risk management such as agency problems in the securitization market, poor rating and pricing standards, rating agency incentives, lack of market transparency, the search for higher yields by top decision makers and the failure of regulators and central banks to understand the implications of the changing environment.","PeriodicalId":400873,"journal":{"name":"Microeconomics: Information","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128263157","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: 17
Do Audit Fees Influence Credit Risk and Asymmetric Information Problems? Evidence from the Syndicated Loan Market 审计费用是否影响信用风险和信息不对称问题?来自银团贷款市场的证据
Microeconomics: Information Pub Date : 2009-10-09 DOI: 10.2139/ssrn.1404126
L. Gaul, Pinar Uysal
{"title":"Do Audit Fees Influence Credit Risk and Asymmetric Information Problems? Evidence from the Syndicated Loan Market","authors":"L. Gaul, Pinar Uysal","doi":"10.2139/ssrn.1404126","DOIUrl":"https://doi.org/10.2139/ssrn.1404126","url":null,"abstract":"In the syndicated loan market, potential accounting errors exacerbate credit risk and asymmetric information problems. The purpose of financial statement audits is to provide reasonable assurance that accounting records are free from material errors. In this paper, we examine whether an increase in the demand for auditing services is associated with a decrease in borrowers' credit risk and asymmetric information problems in the syndicated loan market. We present empirical evidence that a demand-induced increase in audit fees is associated with syndicated loans with lower interest rate spreads and shorter maturity lengths, which we interpret as evidence consistent with the assertion that these audit fee increases reduce credit-risk and asymmetric information problems. We empirically identify an increase in the demand for auditing services with instrumental variables that are intended to capture shifts in the demand curve for auditing services, rather than shifts in the supply curve for auditing services. In addition, we find that audit fees are positively associated with the number of lenders in loan syndicates, but are unable to attribute this association to an increase in the demand for auditing services.","PeriodicalId":400873,"journal":{"name":"Microeconomics: Information","volume":"83 7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130009072","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
The Development of Trainee Auditors' Skills in Tertiary Education 高等教育中见习审计师技能的发展
Microeconomics: Information Pub Date : 2009-10-08 DOI: 10.1111/j.1099-1123.2009.00385.x
C. Helliar, Elizabeth A. Monk
{"title":"The Development of Trainee Auditors' Skills in Tertiary Education","authors":"C. Helliar, Elizabeth A. Monk","doi":"10.1111/j.1099-1123.2009.00385.x","DOIUrl":"https://doi.org/10.1111/j.1099-1123.2009.00385.x","url":null,"abstract":"This research examines the skills that practitioners, academics and students think are important for trainee auditors to possess for a successful auditing career. The research is based on the educational theories of experiential learning and information-processing. These theories suggest that graduates expecting to go into the auditing profession should have: (i) some concrete experience upon which to base an understanding of the techniques that they will be expected to learn once they begin audit work; and (ii) an understanding of basic constructs upon which new learning can be applied and built to then be able to critically examine and question the evidence that is presented to them on an audit. This study investigates the teaching methods that are used at UK universities on accounting degree programmes and assesses whether these two objectives are being met.","PeriodicalId":400873,"journal":{"name":"Microeconomics: Information","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-10-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127410629","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
Tax Planning as Part of a Tax Risk Management Process 税务筹划是税务风险管理过程的一部分
Microeconomics: Information Pub Date : 2009-10-04 DOI: 10.2139/SSRN.1482423
D. Erasmus
{"title":"Tax Planning as Part of a Tax Risk Management Process","authors":"D. Erasmus","doi":"10.2139/SSRN.1482423","DOIUrl":"https://doi.org/10.2139/SSRN.1482423","url":null,"abstract":"This paper was presented as part of a workshop to supply chain managers in 2006, on tax planning as part of a tax risk management process. The paper contains useful tools to conduct the appropriate tax risk management strategy, with tax planning as the focal point. The paper also deals extensively with tax risk management principles generally, and will be a useful guide to any taxpayers wishing to formulate tax risk management strategies for their organizations.","PeriodicalId":400873,"journal":{"name":"Microeconomics: Information","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128298889","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: 2
First Offers on Ebay Motors Ebay汽车的首次报价
Microeconomics: Information Pub Date : 2009-09-23 DOI: 10.2139/ssrn.1477299
Jong-Rong Chen, Ching-I Huang, Chiu-Yu Lee
{"title":"First Offers on Ebay Motors","authors":"Jong-Rong Chen, Ching-I Huang, Chiu-Yu Lee","doi":"10.2139/ssrn.1477299","DOIUrl":"https://doi.org/10.2139/ssrn.1477299","url":null,"abstract":"We empirically investigate the factors which influence a buyer’s behavior in making an offer to purchase a car listed on eBay Motors using the “Best Offer” option. Our results indicate that a buyer’s first offer is affected by observed information, including the number of buyers making an offer for the same item and the length of time since the start of the listing.","PeriodicalId":400873,"journal":{"name":"Microeconomics: Information","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124536350","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: 1
Paying for Safety: Preferences for Mortality Risk Reduction on Alpine Roads 为安全买单:降低高山公路死亡风险的偏好
Microeconomics: Information Pub Date : 2009-09-16 DOI: 10.2139/ssrn.1474195
C. Rheinberger
{"title":"Paying for Safety: Preferences for Mortality Risk Reduction on Alpine Roads","authors":"C. Rheinberger","doi":"10.2139/ssrn.1474195","DOIUrl":"https://doi.org/10.2139/ssrn.1474195","url":null,"abstract":"This paper presents a choice experiment, which values reductions in mortality risk on Alpine roads. These roads are on one hand threatened by common road hazards, on the other hand they are also endangered by natural hazards such as avalanches and rockfalls. Drawing on choice data from frequently exposed and barely exposed respondents, we are not only able to estimate the VSL but to explore how the respondents differ in their individual willingness-to-pay depending on personal characteristics. To address heterogeneity in preferences for risk reduction, we use a non-linear conditional logit model with interaction effects. The best estimate of the VSL in the context of fatal accidents on Alpine roads is in the range of €4.9–5.4 million with distinct differences between the urban and the mountain sample groups. We find the VSL to be significantly altered by socio-economic factors but only marginally altered by the type of hazard.","PeriodicalId":400873,"journal":{"name":"Microeconomics: Information","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126075767","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: 1
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