The Many Faces of Information Disclosure
The Many Faces of Information Disclosure

Author: d W. A. Boot

Publisher:

Published: 2010

Total Pages:

ISBN-13:

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In this article we ask: what kind of information and how much of it should firms voluntarily disclose? Three types of disclosures are considered. One is information that complements the information available only to informed investors (to-be-processed complementary information). The second is information that is orthogonal to that which any investor can acquire and thus complements the information available to all investors (preprocessed complementary information). And the third is information that substitutes for the information of the informed investors in that it reveals to all what was previously known only by the informed (substitute information). Our main results are as follows. First, in equilibrium, all types of firms voluntarily disclose all three types of information. Second, in contrast to the existing literature, complementary information disclosure by firms strengthens investors` private incentives to acquire information. Substitute information disclosure weakens private information acquisition incentives. Third, while complementary information disclosure has an ambiguous effect on financial innovation incentives, substitute information disclosure weakens those incentives.

The Many Faces of Information Disclosure
The Many Faces of Information Disclosure

Author: Arnoud W. A. Boot

Publisher:

Published: 2003

Total Pages:

ISBN-13:

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In this paper we ask: what kind of information and how much of it should firms voluntarily disclose? Three types of disclosures are considered. One is information that complements the information available only to informed investors (to-be-processed complementary information). The second is information that is orthogonal to that which any investor can acquire and thus complements the information available to all investors (preprocessed complementary information). And the third is information that substitutes for the information of the informed investors in that it reveals to all what was previously known only by the informed (substitute information).Our main results are as follows. First, in equilibrium, all types of firms voluntarily disclose all three types of information. Second, in contrast to the existing literature, complementary information disclosure by firms strengthens investors' private incentives to acquire information. Substitute information disclosure weakens private information acquisition incentives. Third, while complementary information disclosure has an ambiguous effect on financial innovation incentives, substitute information disclosure weakens those incentives.

More Than You Wanted to Know
More Than You Wanted to Know

Author: Omri Ben-Shahar

Publisher: Princeton University Press

Published: 2014-04-20

Total Pages: 239

ISBN-13: 0691161704

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How mandated disclosure took over the regulatory landscape—and why it failed Perhaps no kind of regulation is more common or less useful than mandated disclosure—requiring one party to a transaction to give the other information. It is the iTunes terms you assent to, the doctor's consent form you sign, the pile of papers you get with your mortgage. Reading the terms, the form, and the papers is supposed to equip you to choose your purchase, your treatment, and your loan well. More Than You Wanted to Know surveys the evidence and finds that mandated disclosure rarely works. But how could it? Who reads these disclosures? Who understands them? Who uses them to make better choices? Omri Ben-Shahar and Carl Schneider put the regulatory problem in human terms. Most people find disclosures complex, obscure, and dull. Most people make choices by stripping information away, not layering it on. Most people find they can safely ignore most disclosures and that they lack the literacy to analyze them anyway. And so many disclosures are mandated that nobody could heed them all. Nor can all this be changed by simpler forms in plainer English, since complex things cannot be made simple by better writing. Furthermore, disclosure is a lawmakers' panacea, so they keep issuing new mandates and expanding old ones, often instead of taking on the hard work of writing regulations with bite. Timely and provocative, More Than You Wanted to Know takes on the form of regulation we encounter daily and asks why we must encounter it at all.

Lessons Not Learned
Lessons Not Learned

Author: Dr Susanne Trimbath

Publisher: Spiramus Press Ltd

Published: 2015-10-23

Total Pages: 280

ISBN-13: 1910151238

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Dr Trimbath demonstrates that an existing framework for regulating financial systems, available since at least 2001, could have prevented the systemic failure in the US that led to the collapse of global credit markets in 2008. Step by step the book guides you through what could have been done to prevent the crisis and what investors can do to protect themselves from the next one, and concludes with a key idea for making financial services businesses stand out from the crowd ensuring future success. The list of 10 Steps is quite straight-forward and simple. Have private, independent rating agencies. Provide some government safety net but not so much that banks are not held accountable (“Too Big to Fail”) Allow very little government ownership and control of national financial assets. Allow banks to reduce the volatility of returns by offering a wide-range of services. Require financial market players to register and be authorized. Provide information, including setting standards, to enhance market transparency. Routinely examine financial institutions to ensure that the regulatory code is obeyed. Enforce the code and discipline transgressors. Develop policies that keep the regulatory code up to date. Encourage the creation of specialized financial institutions. For each step the reader will find: the legislative and regulatory background on the existing rules; a review of academic research on the theory behind each step; and the facts and data connecting each step to the financial crisis of 2008. “In a time of mind-boggling complexity in financial regulation - too complex, according to Ben Bernanke, for the Federal Reserve System to understand its impact - Lessons Not Learned is a refreshing call to return to a simpler, more basic approach. Susanne Trimbath emphasizes that the failure to implement regulations, a key factor in the crisis of 2008, remains the system’s Achilles heel. This book features a refreshing combination of research grounding and pragmatic experience. A must read for taxpayers and their reresentatives!” Jerry Caprio - Currently: Williams College, William Brough Professor of Economics and Chair, Center for Development Economics. Former (1988-2005): The World Bank, Director, Operations and Policy Department, Financial Sector Vice Presidency

Development Models, Globalization and Economies
Development Models, Globalization and Economies

Author: John B. Kidd

Publisher: Springer

Published: 2005-01-31

Total Pages: 270

ISBN-13: 0230523552

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This text considers different economic models available in the global market. The US or Anglo-Saxon model is often portrayed as the best but now Asia is again on a roll. The book analyzes how these models have influenced both regional and global development, and engages in discussions upon alternatives and the search for the 'grail'.

Handbook of Financial Intermediation and Banking
Handbook of Financial Intermediation and Banking

Author: Anjan V. Thakor

Publisher: Elsevier

Published: 2008-07-07

Total Pages: 605

ISBN-13: 0080559921

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The growth of financial intermediation research has yielded a host of questions that have pushed "design" issues to the fore even as the boundary between financial intermediation and corporate finance has blurred. This volume presents review articles on six major topics that are connected by information-theoretic tools and characterized by valuable perspectives and important questions for future research. Touching upon a wide range of issues pertaining to the designs of securities, institutions, trading mechanisms and markets, industry structure, and regulation, this volume will encourage bold new efforts to shape financial intermediaries in the future. Original review articles offer valuable perspectives on research issues appearing in top journals Twenty articles are grouped by six major topics, together defining the leading research edge of financial intermediation Corporate finance researchers will find affinities in the tools, methods, and conclusions featured in these articles

The Many Faces of Germany
The Many Faces of Germany

Author: John A. McCarthy

Publisher: Berghahn Books

Published: 2004-04-01

Total Pages: 304

ISBN-13: 1789205972

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With the fall of the Berlin Wall and the shifting of American foreign policy away from "old" Europe, long-established patterns of interaction between Germany and the U.S. have come under review. Although seemingly disconnected from the cultural and intellectual world, political developments were not without their influence on the humanities and their curricula during the past century. In retrospect, we can speak of the many different roles Germany has played in American eyes. The Many Faces of Germany seeks to acknowledge the importance of those incarnations for the study of German culture and history on both sides of the Atlantic. One of the major questions raised by the contributors is whether the transformations in the transatlantic dynamics and in the importance of Germany for the U.S. have had a major influence on the study of things German in the U.S. internally. The volume gathers together leading voices of the older and younger generations of social historians, literary scholars, film critics, and cultural historians.