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- May 2011
- Article
Consequences and Institutional Determinants of Unregulated Corporate Financial Statements: Evidence from Embedded Value Reporting
By: George Serafeim
I analyze Embedded Value (EV) reporting by firms with life insurance operations to assess the impact of unregulated financial reporting on transparency and to examine the institutional characteristics that promote unregulated reporting. Under EV accounting the present...
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Keywords:
Financial Statements;
Mergers and Acquisitions;
Financial Reporting;
Cash Flow;
Contracts;
Equity;
Profit;
Value;
Corporate Disclosure;
Governing Rules, Regulations, and Reforms;
Business and Shareholder Relations;
Business Earnings
Serafeim, George. "Consequences and Institutional Determinants of Unregulated Corporate Financial Statements: Evidence from Embedded Value Reporting." Journal of Accounting Research 49, no. 2 (May 2011).
- September 2010
- Article
How Firms Respond to Being Rated
By: Aaron K. Chatterji and Michael W. Toffel
While many rating systems seek to help buyers overcome information asymmetries when making purchasing decisions, we investigate how these ratings also influence the companies being rated. We hypothesize that ratings are particularly likely to spur responses from firms...
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Keywords:
System;
Information;
Decisions;
Cost;
Opportunities;
Performance;
Business and Stakeholder Relations;
Economics;
Theory;
System Shocks;
Rank and Position
Chatterji, Aaron K., and Michael W. Toffel. "How Firms Respond to Being Rated." Strategic Management Journal 31, no. 9 (September 2010): 917–945. (Lead article.)
- May 2009
- Article
Asymmetric Information Effects on Loan Spreads
The paper estimates the cost arising from information asymmetry between the lead bank and members of the lending syndicate. In a lending syndicate, the lead bank retains only a fraction of the loan but acts as the intermediary between the borrower and the syndicate...
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Keywords:
Cost;
Banks and Banking;
Financing and Loans;
Interest Rates;
Capital;
Investment Portfolio;
Credit;
Diversification;
Risk and Uncertainty
Ivashina, Victoria. "Asymmetric Information Effects on Loan Spreads." Journal of Financial Economics 92, no. 2 (May 2009): 300–319.
- 2008
- Working Paper
Resolving Information Asymmetries in Markets: The Role of Certified Management Programs
Firms and regulators are increasingly relying on voluntary mechanisms to signal and infer quality of difficult-to-observe management practices. Prior evaluations of voluntary management programs have focused on those that lack verification mechanisms and have found...
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Keywords:
Management Practices and Processes;
Information;
Standards;
Performance Improvement;
Programs;
Environmental Sustainability;
Manufacturing Industry;
United States
Toffel, Michael W. "Resolving Information Asymmetries in Markets: The Role of Certified Management Programs." Harvard Business School Working Paper, No. 07-023, December 2008. (October 2006.)
- 2008
- Working Paper
Consequences of Voluntary and Mandatory Fair Value Accounting: Evidence Surrounding IFRS Adoption in the EU Real Estate Industry
By: Karl A Muller III, Edward J. Riedl and Thorsten Sellhorn
We examine the causes and consequences of European real estate firms' decisions to provide investment property fair values prior to the required disclosure of this information under International Financial Reporting Standards (IFRS). We find evidence that investor...
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Keywords:
Fair Value Accounting;
Financial Reporting;
International Accounting;
Corporate Disclosure;
Standards;
Real Estate Industry;
European Union
Muller, Karl A., III, Edward J. Riedl, and Thorsten Sellhorn. "Consequences of Voluntary and Mandatory Fair Value Accounting: Evidence Surrounding IFRS Adoption in the EU Real Estate Industry." Harvard Business School Working Paper, No. 09-033, September 2008.
- 11 Apr 2005
- Conference Presentation
Resolving Information Asymmetries in Supply Chains: The Role of Certified Voluntary Programs
- June 2002
- Article
External Monitoring of Property Appraisal Estimates and Information Asymmetry
By: Karl A Muller III and Edward J. Riedl
Muller, Karl A., III, and Edward J. Riedl. "External Monitoring of Property Appraisal Estimates and Information Asymmetry." Journal of Accounting Research 40, no. 3 (June 2002): 865–881.
- April 1997
- Article
Firm Asymmetries and Sequential R&D: Theory and Evidence from the Mainframe Computer Industry
By: T. Khanna and M. Iansiti
Keywords:
Research and Development;
Theory;
Information;
Information Infrastructure;
Information Technology;
Computer Industry
Khanna, T., and M. Iansiti. "Firm Asymmetries and Sequential R&D: Theory and Evidence from the Mainframe Computer Industry." Management Science 43, no. 4 (April 1997): 405–421.
- Article
Fly-by-Night Firms and the Market for Product Reviews
By: Gerald R. Faulhaber and Dennis A. Yao
This paper presents a model that permits third-party information provision in a market characterized by information asymmetries and reputation formation. The model is used to examine how the market for information provision affects prices and supply in the primary...
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Keywords:
Markets;
Reputation;
SWOT Analysis;
Mathematical Methods;
Price Bubble;
Inflation and Deflation;
Duopoly and Oligopoly;
Cost;
Information;
Quality;
Price;
Competitive Advantage;
Information Industry
Faulhaber, Gerald R., and Dennis A. Yao. "Fly-by-Night Firms and the Market for Product Reviews." Journal of Industrial Economics 38, no. 1 (September 1989): 65–77. (Harvard users click here for full text.)
- September 1986 (Revised July 2001)
- Case
Eastern Electric Apparatus Repair Company (A)
By: Carliss Y. Baldwin and Harry Gruner
As principals engaged in structuring leveraged buyouts for a well-capitalized risk arbitrage firm, Bob Meehan and George Schwartz are preparing to bid for the business and assets of a Westinghouse subsidiary. The case focuses on the value of the opportunity, methods of...
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Keywords:
Leveraged Buyouts;
Bids and Bidding;
Opportunities;
Business Subsidiaries;
Strategy;
Valuation;
Equity;
Electronics Industry
Baldwin, Carliss Y., and Harry Gruner. "Eastern Electric Apparatus Repair Company (A)." Harvard Business School Case 287-023, September 1986. (Revised July 2001.)
- Research Summary
Corporate Governance and International Competitiveness
By: W. Carl Kester
W. Carl Kester's research involves comparisons of national or broad regional systems of corporate governance (e.g., German, Japanese, Anglo-American), and the influence these systems exert on corporate investment and international competitiveness. Kester has found...
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- Article
Paradise Lost (and Restored?): A Study of Psychological Safety over Time
By: Derrick P. Bransby, Michaela Kerrissey and Amy C. Edmondson
Although prior research indicates that psychological safety can fluctuate, questions about when and why remain. To gain insights into the emergence and temporal dynamics of psychological safety, we explored longitudinal data representing more than 10,000 health care...
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Keywords:
Analytics and Data Science;
Research;
Attitudes;
Working Conditions;
Well-being;
Health Industry
Bransby, Derrick P., Michaela Kerrissey, and Amy C. Edmondson. "Paradise Lost (and Restored?): A Study of Psychological Safety over Time." Academy of Management Discoveries (in press). (Pre-published online March 14, 2024.)