Economics of Accounting: Information in Markets examines the fundamentals of a variety of economic analyses of the decision-facilitating and decision-influencing roles of information that are pertinent to the study of the economic impact of accounting. While much of information economic analysis makes no explicit reference to accounting, many generic results apply to accounting reports. Furthermore, the impact of accounting reports depends on the other information received by the economy's participants. Hence, it is essential that accounting researchers have a broad understanding of the impact…mehr
Economics of Accounting: Information in Markets examines the fundamentals of a variety of economic analyses of the decision-facilitating and decision-influencing roles of information that are pertinent to the study of the economic impact of accounting. While much of information economic analysis makes no explicit reference to accounting, many generic results apply to accounting reports. Furthermore, the impact of accounting reports depends on the other information received by the economy's participants. Hence, it is essential that accounting researchers have a broad understanding of the impact of publicly reported information within settings in which there are multiple sources of public and private information.
The focus in this volume is on the decision-facilitating role of information, with emphasis on the impact of public and private information on the equilibria and investor welfare in capital and product markets. Hinweis: Dieser Artikel kann nur an eine deutsche Lieferadresse ausgeliefert werden.
1. Introduction to Information in Markets.- 1.1 Basic Decision-facilitating Role of Information.- 1.2 Public Information in Equity Markets.- 1.3 Private Investor Information in Equity Markets.- 1.4 Disclosure of Private Owner Information in Equity and Product Markets.- 1.5 Concluding Remarks.- A Basic Decision-Facilitating Role of Information.- 2. Single Person Decision Making under Uncertainty.- 3. Decision-Facilitating Information.- 4. Risk Sharing, Congruent Preferences, and Information in Partnerships.- B Public Information in Equity Markets.- 5. Arbitrage and Risk Sharing in Single-period Markets.- 6. Arbitrage and Risk Sharing in Multi-period Markets.- 7. Public Information in Multi-period Markets.- 8. Production Choice in Efficient Markets.- 9. Relation Between Market Values and Future Accounting Numbers.- 10. Relation Between Market Values and Contemporaneous Accounting Numbers.- C Private investor Information in Equity Markets.- 11. Impact of Private Investor Information in Equity Markets.- 12. Strategic Use of Private Investor Information in Equity Markets.- D Disclosure of Private Owner Information in Equity and Product Markets.- 13. Disclosure of Private Information by an Undiversified Owner.- 14. Disclosure of Private Information by Diversified Owners.- 15. Disclosure of Private Information in Product Markets.- Author Index.
to Performance Evaluation.- Performance Evaluation in Single-Period/Single-Agent Settings.- Optimal Contracts.- Ex Post Performance Measures.- Linear Contracts.- Multiple Tasks and Multiple Performance Measures.- Stock Prices and Accounting Numbers as Performance Measures.- Private Agent Information and Renegotiation in Single-Period/Single-Agent Settings.- Post-Contract, Pre-Decision Information.- Pre-Contract Information — Uninformed Principal Moves First.- Intra-Period Contract Renegotiation.- Contracting in Multi-period/Single-agent Settings.- Multi-Period Contracts with Full Commitment and Independent Periods.- Timing and Correlation of Reports in a Multi-Period LEN Model.- Full Commitment Contracts with Interdependent Periods.- Inter-Period Contract Renegotiation.- Contracting with Multiple Agents in Single-period Settings.- Contracting with Multiple Productive Agents.- Contracting with a Productive Agent and a Monitor.
1. Introduction to Information in Markets.- 1.1 Basic Decision-facilitating Role of Information.- 1.2 Public Information in Equity Markets.- 1.3 Private Investor Information in Equity Markets.- 1.4 Disclosure of Private Owner Information in Equity and Product Markets.- 1.5 Concluding Remarks.- A Basic Decision-Facilitating Role of Information.- 2. Single Person Decision Making under Uncertainty.- 3. Decision-Facilitating Information.- 4. Risk Sharing, Congruent Preferences, and Information in Partnerships.- B Public Information in Equity Markets.- 5. Arbitrage and Risk Sharing in Single-period Markets.- 6. Arbitrage and Risk Sharing in Multi-period Markets.- 7. Public Information in Multi-period Markets.- 8. Production Choice in Efficient Markets.- 9. Relation Between Market Values and Future Accounting Numbers.- 10. Relation Between Market Values and Contemporaneous Accounting Numbers.- C Private investor Information in Equity Markets.- 11. Impact of Private Investor Information in Equity Markets.- 12. Strategic Use of Private Investor Information in Equity Markets.- D Disclosure of Private Owner Information in Equity and Product Markets.- 13. Disclosure of Private Information by an Undiversified Owner.- 14. Disclosure of Private Information by Diversified Owners.- 15. Disclosure of Private Information in Product Markets.- Author Index.
to Performance Evaluation.- Performance Evaluation in Single-Period/Single-Agent Settings.- Optimal Contracts.- Ex Post Performance Measures.- Linear Contracts.- Multiple Tasks and Multiple Performance Measures.- Stock Prices and Accounting Numbers as Performance Measures.- Private Agent Information and Renegotiation in Single-Period/Single-Agent Settings.- Post-Contract, Pre-Decision Information.- Pre-Contract Information — Uninformed Principal Moves First.- Intra-Period Contract Renegotiation.- Contracting in Multi-period/Single-agent Settings.- Multi-Period Contracts with Full Commitment and Independent Periods.- Timing and Correlation of Reports in a Multi-Period LEN Model.- Full Commitment Contracts with Interdependent Periods.- Inter-Period Contract Renegotiation.- Contracting with Multiple Agents in Single-period Settings.- Contracting with Multiple Productive Agents.- Contracting with a Productive Agent and a Monitor.
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