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Formas plurais e assimetrias de informação; Plural forms and information asymmetries

Schnaider, Paula Sarita Bigio
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 01/12/2011 Português
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45.65%
No presente estudo, salienta-se a necessidade por um referencial teórico destinado à compreensão de um fenômeno empírico recorrente no mundo real: as formas plurais de governança. Mais especificamente, ressalta-se a incapacidade da ECT em explicá-las. Essa limitação, aliada à ausência de um consenso teórico relativo à opção pelas formas plurais, motivaram o desenvolvimento do presente estudo, cujo principal objetivo consiste da exposição de uma nova abordagem relativa ao estudo das formas plurais de governança. Particularmente, pretende-se determinar a influência dos custos de informação quando da configuração dessas formas organizacionais. A abordagem teórica utilizada no presente estudo baseia-se na hipótese de que as firmas selecionariam simultaneamente duas ou mais das três tipologias organizacionais definidas por Williamson (1985) como um instrumento de monitoramento e incentivo, destinado à redução de assimetrias de informação, tanto no âmbito hierárquico quanto naquele contratual. Assim, desenvolve-se um modelo conceitual de decisão, didaticamente segmentado em duas etapas. Na primeira etapa, propõe-se que as formas plurais sejam motivadas pela existência simultânea de vantagens de custos de produção no mercado e de elevados custos de mensuração (BARZEL...

Asymmetries of the human social brain in the visual, auditory and chemical modalities

Brancucci, Alfredo; Lucci, Giuliana; Mazzatenta, Andrea; Tommasi, Luca
Fonte: The Royal Society Publicador: The Royal Society
Tipo: Artigo de Revista Científica
Português
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Structural and functional asymmetries are present in many regions of the human brain responsible for motor control, sensory and cognitive functions and communication. Here, we focus on hemispheric asymmetries underlying the domain of social perception, broadly conceived as the analysis of information about other individuals based on acoustic, visual and chemical signals. By means of these cues the brain establishes the border between ‘self’ and ‘other’, and interprets the surrounding social world in terms of the physical and behavioural characteristics of conspecifics essential for impression formation and for creating bonds and relationships. We show that, considered from the standpoint of single- and multi-modal sensory analysis, the neural substrates of the perception of voices, faces, gestures, smells and pheromones, as evidenced by modern neuroimaging techniques, are characterized by a general pattern of right-hemispheric functional asymmetry that might benefit from other aspects of hemispheric lateralization rather than constituting a true specialization for social information.

Empirical essays on information asymmetries in financial markets

Umlauf, Steven R
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 115 p.; 7765552 bytes; 7765309 bytes; application/pdf; application/pdf
Português
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by Steven R. Umlauf.; Thesis (Ph. D.)--Massachusetts Institute of Technology, Sloan School of Management, 1990.; Title as it appears in the M.I.T. Graduate List, Jun. 4, 1990: Essays on asymmetric information in financial markets.; Includes bibliographic references.

Entrepreneurship and Development : The Role of Information Asymmetries

Klapper, Leora F.; Love, Inessa
Fonte: World Bank Publicador: World Bank
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
45.71%
This article reviews the literature on the relationship between entrepreneurship and economic development and introduces four symposium articles. A common thread is that information asymmetries are important determinants of access to finance in young entrepreneurial firms. Policy recommendations are proposed that would increase the positive role of entrepreneurship in economic development.

Information asymmetries and financial intermediation during the Baring crisis : 1880-1890

Flores, Juan-Huitzi
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: Trabalho em Andamento Formato: application/pdf; text/plain
Publicado em /10/2007 Português
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This paper analyses the information structure of European investors on the eve of the Baring crisis in 1890. We argue that financial intermediaries were in a privileged position by having the monopoly of information. This situation led to conflicting interests because business and proper investors’ advice were not always compatible, as they are not even today. Even though spreads in secondary market prices between Argentina’s long-term sovereign bonds and U.K. consols remained stable throughout the 1880s, primary market variables such as underwriting fees or total amounts of “money left on the table” in Argentina’s Initial Public Offerings reflect the deteriorating macroeconomic situation of the country. In fact, this paper suggests that lessons from the Baring crisis can be transferred to contemporaneous crises.

Entrepreneurship and Development : The Role of Information Asymmetries

Klapper, Leora F.; Love, Inessa
Fonte: World Bank Publicador: World Bank
Tipo: Journal Article; Journal Article
Português
Relevância na Pesquisa
45.71%
This article reviews the literature on the relationship between entrepreneurship and economic development and introduces four symposium articles. A common thread is that information asymmetries are important determinants of access to finance in young entrepreneurial firms. Policy recommendations are proposed that would increase the positive role of entrepreneurship in economic development.

Strategic Misrepresentation of Information : Implications of Biased and Diverse Information in Capital Markets; Strategische Manipulation von Berichten : uber die Implikationen von verzerrter und diverser Informationen in Kapitalmärkten

Kleinert, Martin
Fonte: Universität Tübingen Publicador: Universität Tübingen
Tipo: Dissertation; info:eu-repo/semantics/doctoralThesis
Português
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Today's predominant disclosure philosophy calls for the full disclosure of all decision relevant information by companies. More publicly available information, the argument goes, limits the adverse selection problem by reducing information asymmetry among heterogeneous investors. Thus, the liquidity in capital markets will be increased and the cost of capital decreased in consequence, to the benefit of all. But is more disclosure really always preferable? Two arguments can be brought forward which shed a different light on the above line of argument. Firstly, decision relevant information necessarily involves future-oriented, manipulable information. Secondly, supposing that information processing skills differ among investors, a disclosure may inherently create information asymmetries instead of relieving them. In such a scenario, it becomes important to know who generates information (and with which incentives), how that information is disseminated in capital markets and incorporated into market prices and finally, whether the overall effect of such releases of information is to level the informational playing field or vice versa. If a disclosure does not make the playing field more leveled, it also becomes unclear what the economic purpose of disclosure really is. The following formal analysis investigates four alternative market settings which simultaneously include a manager's incentives regarding the share price of his firm on the one hand and a group of heterogeneously informed common-stock investors on the other hand. This allows us to calculate a number of market characteristics and to identify scenarios under which more disclosure is preferable and others under which it is not.; Die heute vorherrschende Publizitäts-Philosophie fordert die vollständige Veröffentlichung aller für Entscheidungen relevanten Informationen durch Unternehmen. Mehr öffentlich verfügbare Information schwäche das Problem der adversen Selektion zwischen heterogen informierten Investoren ab...

Information Diffusion in International Markets

Izquierdo, Alejandro; Morisset, Jacques; Olarreaga, Marcelo
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
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Globalization has been a persistent phenomenon of the post-war period. The gross volume of cross-border capital flows has grown at an average of 25 percent a year, and trade in goods and services has also increased, albeit not as dramatically, but at least twice as fast as world GDP over the past 20 years. Yet, consumers and investors continue to spend and hold a disproportionate share of their assets in local markets-the so-called home-bias has been emphasized by many recent empirical studies. For many researchers, this home bias reflects information asymmetries and the fact that acquiring information across international borders is relatively costly. The main objective of the authors is to identify channels through which information gets disseminated across international markets. They consider three potential channels through which information can affect import and foreign equity purchase decisions in 14 OECD countries. The first channel consists of information spillovers from the commercial to the financial markets and vice-versa. Financial investors and importers share common information...

Does Asymmetric Information Cause the Home Equity Bias?

Bravo-Ortega, Claudio
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
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55.69%
The home equity bias is one of the many puzzles existing in international finance. This puzzle is characterized by the concentration of domestic equity in any investor's portfolio, which is in contradiction with the benchmark of full diversification in a world mutual fund. Based on Admati's (1985) and Gehrig's (1993) noisy rational expectation models, the author tries to explain the effect of asymmetric information in the home equity bias puzzle. While asymmetric information helps to explain the puzzle for the case of one domestic, and one foreign equity, this result relies on very restrictive assumptions. Using a model with one domestic asset and two foreign assets, the author illustrates that asymmetries of information are also consistent with home equity bias reversals. One proposition generalizes these results. Simulations corroborate the main theoretical predictions of the model presented by the author.

Information Asymmetries and Institutional Investor Mandates

Didier, Tatiana
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
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45.8%
The preference among foreign institutional investors for large firms is widely documented. This paper deepens our understanding of international investments by providing evidence that foreign institutional investors with broader investment scopes prefer to invest in firms where they are less prone to information disadvantages than more specialized ones. In other words, there is heterogeneity in how information asymmetries affect investors' portfolio choices. Theoretically, a model with costly information and short-selling constraints shows that the broader the investor's mandate, the smaller the incentives to gather and process costly information. Empirically, an analysis of the mutual fund industry in the United States supports this hypothesis.

Do Export Promotion Agencies Promote New Exporters?

Cruz, Marcio
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
55.53%
Do export promotion agencies impact the probability of non-exporting firms to export? In the last decade many countries have introduced export promotion agencies to support their firms to deal with asymmetric information problems and make feasible additional gains from trade. Some recent studies have found that the support of these agencies has been effective with respect to the intensive and extensive margins of trade. Nevertheless, because of the lack of information on non-exporting firms, few of them analyze their impact on the probability of promoting new exporters. This paper evaluates the impact of the Brazilian Trade and Investment Promotion Agency (Apex-Brasil) on firms' export status using a unique firm-level dataset that covers the full manufacturing sector in Brazil. To identify the impact of Apex's assistance on firms' export propensity, the paper relies on a procedure of matching difference-in-difference estimators. The empirical results show evidence of the program's positive impact on the probability of promoting new exporters. The effect is heterogeneous according to firms' size categories and sectors. Furthermore...

The Heavenly Liquidity Twin : The Increasing Importance of Liquidity Risk

Montes-Negret, Fernando
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
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45.68%
Liquidity and solvency have been called the "heavenly twins" of banking (Goodhart, Charles, 'Liquidity Risk Management', Financial Stability Review -- Special Issue on Liquidity, Banque de France, No. 11, February, 2008). Since these "twins" interact in complex ways, it is difficult -- particularly at times of crisis--to distinguish between them, especially in the presence of information asymmetries (Information asymmetry occurs when one party has more or better information than the other, creating an imbalance of power, giving rise to adverse selection and moral hazard ). An insolvent bank can be liquid or illiquid, and a solvent bank may be at times illiquid. In the latter case, insolvency is not far away, since banking is grounded in information and confidence, and it is confidence which in the end determines liquidity. In other words, liquidity is very much endogenous, determined by the general condition of a bank, as well as the perception of it by the public and market participants. Dealing with liquidity risk is more challenging than dealing with other risks...

Essays on coordination, cooperation, and learning

Chassang, Sylvain Guillaume
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 149 p.
Português
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This thesis is a collection of essays on coordination and learning in dynamic cooperation games. Chapter One begins by establishing results which are required in order to extend the global games approach to settings where the game structure is endogenous. In particular it shows that the selection argument of Carlsson and van Damme (1993) holds uniformly over appropriately controlled families of games. It also discusses selection results when the game lacks dominance regions. Chapter Two uses these results to investigate the impact of miscoordination fear in a class of dynamic cooperation games with exit. More specifically, it explores the effect of small amounts of private information on a class of dynamic cooperation games with exit. It is shown that lack of common knowledge creates a fear of miscoordination which pushes players away from the full-information Pareto frontier. Unlike in one-shot two-by-two games, the global games information structure does not yield equilibrium uniqueness, however, by making it harder to coordinate, it does reduce the range of equilibria and gives bite to the notion of local dominance solvability.; (cont.) Finally, Chapter Two provides a simple criterion for the robustness of cooperation to miscoordination fear...

Essays on the macroeconomics of the labor markets

Guerrieri, Veronica
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 160 p.; 8002754 bytes; 8011639 bytes; application/pdf; application/pdf
Português
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In Chapter 1, I study the efficiency properties of competitive search equilibria in economies with informational asymmetries. Employers and workers are both risk-neutral and ex-ante homogeneous. I characterize an equilibrium where employers post contracts and workers direct their search towards them. When a match is formed, the disutility of labor is drawn randomly and observed privately by the worker. An employment contract is an incentive-compatible mechanism that satisfies a participation constraint on the worker's side. I first show that in a static setting the competitive search equilibrium is constrained efficient, that is, it cannot be Pareto improved by a Social Planner subject to the same informational and participation constraints faced by the decentralized economy. I then show that in a dynamic setting, on the contrary, the equilibrium can be constrained inefficient. The crucial difference between the static and the dynamic environment is that the worker's outside option is exogenously given in the former, while in the latter it is endogenously determined as the equilibrium continuation utility of unemployed workers. Inefficiency arises because the worker's outside option affects the ex-ante cost of information revelation...

Measurement of the Forward-Backward Asymmetries of e+e- -> Z -> b bbar and e+e- -> Z -> c cbar using prompt leptons

The DELPHI Collaboration; Abdallah, J.
Fonte: Universidade Cornell Publicador: Universidade Cornell
Tipo: Artigo de Revista Científica
Publicado em 27/03/2004 Português
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45.67%
The forward-backward asymmetries of the processes e+e- -> Z -> b bbar and e+e- -> Z -> c cbar were measured from a sample of hadronic Z decays collected by the DELPHI experiment between 1993 and 1995. Enriched samples of b bbar and c cbar events were obtained using lifetime information. The tagging of b and c quarks in these samples was based on the semileptonic decay channels b/c -> X + mu and b/c -> X + e combined with charge flow information from the hemisphere opposite to the lepton. Combining the A_{FB}^{b bbar} and A_{FB}^{c cbar} measurements presented in this paper with published results based on 1991 and 1992 DELPHI data samples, the following pole asymmetries were obtained: A_{FB}^{0,b} = 0.1021 +/- 0.0052 (stat) +/- 0.0024 (syst) A_{FB}^{0,c} = 0.0728 +/- 0.0086 (stat) +/- 0.0063 (syst) The effective value of the weak mixing angle derived from these measurements is sin^2 theta_{W,eff}^{lept} = 0.23170 +/- 0.00097 .; Comment: 27 pages, 5 figures, Accepted by Eur. Phys. J. C

information, asymmetry of information and regulation of the suplemental health market; Informação, assimetria de informações e regulação do mercado de saúde suplementar 10.5007/1518-2924.2006v11nesp1p132

Lima, Clóvis Ricardo Montenegro de; UFSC - Florianópolis - SC
Fonte: Departamento de Ciência da Informação – UFSC Publicador: Departamento de Ciência da Informação – UFSC
Tipo: info:eu-repo/semantics/article; info:eu-repo/semantics/publishedVersion; ; Formato: application/pdf
Publicado em 06/12/2007 Português
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Information is a necessary condition for democracy. The social networks are relevant in today’s cultural development since they are a priviledged means to produce and broadcast information. New technologies make it easier to store and publish files, specially with the Internet. The discussion ethics which aims common agreement between the parties implies the need for a communicative behavior based on rational propositions. Information asymmetries among market players create the need for regulation. The market usually works in an imperfect way, so that very often it is unable to disclosure information about prices and other socially acceptable supply conditions. Health care frameworks are different according to the social-cultural context. The Brazilian private health insurance market has about 2,200 insurers and covers 40 million beneficiaries. ANS (Agência Nacional de Saúde Suplementar), the Brazilian regulatory agency for private health insurance, enforces the Laws n. 9656/98 and 9961/00, which defines the regulatory benchmarks in this market. Information production, organization, consolidation and dissemination are important regulation tools.; A informação é condição para a democracia. As redes sociais são relevantes nas formações culturais atuais...

The determinants of cross-border equity flows

Portes, Richard; Rey, Helene
Fonte: Centre for Economic Performance, London School of Economics and Political Science Publicador: Centre for Economic Performance, London School of Economics and Political Science
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em /02/2000 Português
Relevância na Pesquisa
45.66%
We apply a new approach to a new panel data set on bilateral gross cross-border equity flows between 14 countries, 1989-96. The remarkably good results have strong implications for theories of asset trade. We find that the geography of information heavily determines the pattern of international transactions. Our model integrates elements of the finance literature on portfolio composition and the international macroeconomics and asset trade literature. Gross asset flows depend on market size in both source and destination country as well as trading costs, in which both information and the transaction technology play a role. The resulting augmented ''gravity'' equation has equity market capitalisation representing market size and distance proxying some informational asymmetries, as well as a variable representing openness of each economy. But other variables explicitly represent information transmission (telephone call traffic and multinational bank branches), an information asymmetry between domestic and foreign investors (degree of insider trading), and the efficiency of transactions (''financial market sophistication''). This equation accounts for almost 70% of the variance of the transaction flows. Dummy variables (adjacency, language...

Information asymmetries, volatility, liquidity, and the Tobin Tax

Danilova, Albina; Julliard, Christian
Fonte: The London School of Economics and Political Science ,SRC Discussion Paper Publicador: The London School of Economics and Political Science ,SRC Discussion Paper
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em 04/11/2014 Português
Relevância na Pesquisa
45.67%
We develop a tractable model in which trade is generated by asymmetry in agents' information sets. We show that, even if news are not generated by a stochastic volatility process, in the presence of information treatment and/or order processing costs, the (unique) equilibrium price process is characterised by stochastic volatility. The intuition behind this result is simple. In the presence of trading costs and dynamic information, agents strategically choose their trading times. Since new (constant volatility) information is released to the market at trading times, the price process sampled at trading times is not characterised by stochastic volatility. But since trading and calendar times differ, the price process at calendar times is the time change of the price process at trading times – i.e. price movements on the calendar time scale are characterised by stochastic volatility. Our closed form solutions show that: i) volatility is autocorrelated and is a non-linear function of both number and volume of trades; ii) the relative informativeness of numbers and volume of trades depends on the sampling frequency of the data; iii) volatility, the limit order book, and liquidity, in terms of tightness, depth, and resilience, are jointly determined by information asymmetries and trading costs. The model is able to rationalise a large set of empirical evidence about stock market volatility...

Essays on the political economy of financial crises: causes, containment and resolution

O’Keeffe, Mícheál
Fonte: London School of Economics and Political Science Thesis Publicador: London School of Economics and Political Science Thesis
Tipo: Thesis; NonPeerReviewed Formato: text
Publicado em /09/2014 Português
Relevância na Pesquisa
55.48%
What role does politics play in financial crises and how does this affect economic outcomes? This thesis employs a political economy framework to examine the effect politics has on the causes, containment, and resolution of financial crises. The first paper examines the development of Irish financial regulation and supervision in the context of the politics of financial services policy. It argues that domestic politics prior to the crisis in Ireland played a significant contributing role in fostering a permissive banking environment which allowed the build up of financial imbalances. The second paper, with Christopher Gandrud, aims to understand why policymakers may end up choosing sub-optimal financial crisis containment strategies when taking decisions under uncertainty. We develop a signalling model of financial crisis management to enhance our understanding of the interactions between bureaucrats and decision-makers and to show how asymmetries of information can have significant implications for policy choice. The third paper, with Alessio Terzi, uses cross-country econometric evidence to examine the impact that political and party systems have on the fiscal cost of financial sector intervention. The results of our empirical analysis suggest that there is a systematic relationship between political economy factors and the fiscal cost of financial sector intervention in banking crises. We find that governments in presidential systems are associated with lower fiscal costs when managing banking crises. Looking further at crisis containment strategies...

Asymmetries of information in financial markets with applications to debt renegotiation and financial certification.

Jose Martins Lopes Mariano, Beatriz
Fonte: London School of Economics and Political Science Thesis Publicador: London School of Economics and Political Science Thesis
Tipo: Thesis; NonPeerReviewed Formato: application/pdf
Publicado em //2006 Português
Relevância na Pesquisa
65.67%
This thesis investigates a number of issues caused by informational asymmetries between firms and investors. It looks at two situations where problems arise because of asymmetric information, and examines possible solutions, and presents one case where asymmetric information is the solution to a problem. The first situation developed in chapter two provides a theoretical explanation based on reputational concerns for why certification intermediaries like rating agencies may exhibit excess sensitivity to the business cycle and for differences in ratings across agencies. It also analyses how competition in this industry affects the behaviour of these intermediaries and how this depends on reputational disparities among the different competitors. Chapter three looks at the impact of auditor rotation on the gathering and disclosure of information about projects taking into account that longer auditor tenures can generate substantial savings in information collection costs but also make auditors more willing to preserve future expected rents and private benefits. It also shows that the regulation of auditing procedures becomes less relevant if accounting transparency increases. In contrast with the previous two cases, the next chapter finds that co-ordination failures among small creditors during debt renegotiation can be mitigated by the presence of a large and more informed creditor or by a voting requirement. It examines how the strength of these effects depends on the relative precision of private information of the small and large creditors and provides a rationale for a diversified capital structure based on the informational role that some creditors might have in case of financial distress.