Conformity Voting and the Value of Public Information

2018 ◽  
Vol 7 (04) ◽  
pp. 913-920
Author(s):  
Haritz Garro
Keyword(s):  
Private Information ◽  
Public Information ◽  
Candidate Model ◽  
Quality Of Information ◽  
Face To Face ◽  
Public Signals ◽  
Private And Public

I study how the quality of information affects politician selection in a two-candidate model where voters want to vote for the best candidate but also for the winner. Voters receive private and public signals about candidates’ relative valence. Public information has a stronger effect on equilibrium outcomes because voters use it to infer other voters’ beliefs. Contrary to what might be expected, more precise public information does not always benefit the better candidate’s electoral prospects: when voters’ private information is precise enough, improving public information hurts the better candidate’s electoral prospects. The model provides a rationale for the prevalence of large swings in voter sentiment in close elections, and for front-runner candidates’ tendency to avoid face-to-face television debates with the underdog.

Rules versus Discretion in Bank Resolution

2020 ◽  
Vol 33 (12) ◽  
pp. 5594-5629 ◽  
Author(s):  
Ansgar Walther ◽  
Lucy White
Keyword(s):  
Private Information ◽  
Optimal Policy ◽  
Financial Crises ◽  
Public Information ◽  
Time Inconsistency ◽  
Bank Resolution ◽  
Public Signals ◽  
Rules Versus Discretion

Abstract Recent reforms have given regulators broad powers to “bail-in” bank creditors during financial crises. We analyze efficient bail-ins and their implementation. To preserve liquidity, regulators must avoid signaling negative private information to creditors. Therefore, optimal bail-ins in bad times only depend on public information. As a result, the optimal policy cannot be implemented if regulators have wide discretion, due to an informational time-inconsistency problem. Rules mandating tough bail-ins after bad public signals, or contingent convertible (co-co) bonds, improve welfare. We further show that bail-in and bailout policies are complementary: if bailouts are possible, then discretionary bail-ins are more effective.

scholarly journals Learning from prices: information aggregation and accumulation in an asset market

2020 ◽  
Author(s):  
Michele Berardi
Keyword(s):  
Private Information ◽  
Dynamic Properties ◽  
Public Information ◽  
Information Aggregation ◽  
Time Varying ◽  
Private Signals ◽  
Private And Public ◽  
Fundamental Value ◽  
Over Time

Abstract Can prices convey information about the fundamental value of an asset? This paper considers this problem in relation to the dynamic properties of the fundamental (whether it is constant or time-varying) and the structure of information available to agents. Risk-averse traders receive two potential signals each period: one exogenous and private and the other, prices, endogenous and public. Prices aggregate private information but include aggregate noise. Information can accumulate over time both through endogenous and exogenous signals. With a constant fundamental, the precision of both private and public cumulative information increases over time but agents put progressively more weight on the endogenous signals, asymptotically disregarding private ones. If the fundamental is time-varying, the use of past private signals complicates the role of prices as a source of information, since it introduces endogenous serial correlation in the price signal and cross-correlation between it and innovations in the fundamental. A modified version of the Kalman filter can still be used to extract information from prices and results show that the precision of the endogenous signals converges to a constant, with both private and public information used at all times.

The Strength of the Centre: Downtown Offices and Metropolitan Decentralization Policy in Toronto

1983 ◽  
Vol 15 (10) ◽  
pp. 1361-1380 ◽  
Author(s):  
W R Code
Keyword(s):  
Central Area ◽  
Theoretical Level ◽  
Quality Of Information ◽  
Subsequent Increase ◽  
Face To Face ◽  
The Core ◽  
Decentralization Policy ◽  
The Difference ◽  
Office Development

Within the context of recent attempts by Toronto to restrict office development in its downtown, the author examines, from several perspectives, the apparent locational conservatism of office activities in the existing core. He begins by arguing that in terms of overall systems efficiency the rationale for the decentralization strategy for Toronto was incomplete and that existing data on the frequencies of face-to-face contact indicated that a substantial increase in the difference between core and suburban rents was necessary to induce a significant removal of office activities from the central area. The subsequent increase in this difference beyond the theoretical level where out-migration should occur suggests the importance of other variables besides those traditionally measured by information linkage studies. Neglected among these factors is the quality of information, reflecting the ability to ‘shop’ among alternative information sources, which in a fundamental sense depends on accessibility. It is suggested that Toronto should not be surprised at increasing resistance to outward movement among the remaining office functions and the consequent higher differences between core and suburban rents, which are necessary to induce decentralization. Finally, through an examination of the origins of demand for suburban office-space in Metropolitan Toronto, the increasing level of resistance to removal by the office functions which remain in the core is shown to be consistent with recent migration trends.

Public Information Flows in Rural Australia

1983 ◽  
Vol 15 (2) ◽  
pp. 255-263 ◽  
Author(s):  
D J Walmsley
Keyword(s):  
Complex System ◽  
New England ◽  
Private Information ◽  
Publishing Industry ◽  
News Coverage ◽  
Public Information ◽  
Information Flows ◽  
Face To Face ◽  
South Wales ◽  
Flow Of Information

Geographical studies of the transmission of information have focussed overwhelmingly on private information flows based on direct, face-to-face contact. Very little attention has been directed to media-based public information flows despite the potential importance of this type of flow in regional development. Yet an examination of newspaper content for the New England region of New South Wales for 1971 and 1977 reveals that major changes are occurring in newspaper-based information flows. Rural newspapers are becoming increasingly aspatial and parochial in their news coverage and the flow of information between rural centres is changing from a complex system to a less complex system. The reasons for these trends are not entirely clear, but may relate to economic and technological changes within the newspaper publishing industry as well as to the fortunes of regional policy in Australia.

scholarly journals Non-financial corporations in Lebanon: Who governs? “The governance myopia”

2016 ◽  
Vol 14 (1) ◽  
pp. 84-95 ◽  
Author(s):  
Mireille Chidiac El Hajj ◽  
Richard Abou Moussa ◽  
Maha Akiki ◽  
Anthony Sassine
Keyword(s):  
Capital Market ◽  
Stock Exchange ◽  
Board Members ◽  
Exchange Market ◽  
Quality Of Information ◽  
Face To Face ◽  
Governance Practices ◽  
First Time

The purpose of this paper is to study governance practices in non-financial enterprises in Lebanon, and it is the first time that such enterprises are studied in the Lebanese context. Only three non-financial institutions are listed in the Beirut Stock Exchange (BSE), which constitute the whole population of this research. Built on Principles, Governance is based on transparency and on accurate, relevant, and timely information in order to support the Board members’ decision-making (OECD, 2015). Balanced between Jensen and Meckling’s (1976) agency theory and Donaldson and Davis’ (1991) Stewardship theory, the results of our Qualitative study showed that the main problems faced by the enterprises are not in the quality of information but rather in its selection and filtering, which opens doors to “Governance Myopia”. Face-to-face interviews showed that the primary conflict in our case is between the non-financial enterprises and the BSE, since the BSE is controlled by the enterprises and is not controlling them. The main reason of such practices come from the fear of the BSE of losing a potential position in the MENA Exchange Market, doubled with the fear of losing potential investors. All these reasons weigh heavily on the Administrators of the BSE in Lebanon, forcing them to choose the “Laisser passer” way. Referring to the soft Law when dealing with the companies, the BSE is playing the double role of a marketer and a controller, thus not willing to impose restrictions. A need for “harder laws”, for “Privatization” of the BSE, and a call to the Capital Market Authority (CMA) to put more restrictions on Corporations should be observed.

scholarly journals Pelaksanaan Jaring Aspirasi Sebagai Komunikasi Publik Pemerintah Daerah Kabupaten Kulon Progo

2019 ◽  
Vol 4 (1) ◽  
pp. 1-16
Author(s):  
Bawa Supratman ◽  
Fatah Nashir ◽  
Ahmad Syafi'i Rahman ◽  
Zainul Arifin ◽  
Cipto Sembodo
Keyword(s):  
Public Service ◽  
Public Information ◽  
Regional Government ◽  
Face Model ◽  
Face To Face ◽  
The People ◽  
The Face ◽  
Data Validity ◽  
Legal Sociology

Jaring Aspirasi is a liaison between the people and the local government leaders of Kulonprogo Regency. With the face-to-face model with a regent every Thursday, it is hoped that public information will be absorbed immediately to solve problems as soon as possible. This legal sociology study is intended to find out how the process works. then the research was conducted by means of observation, documentation and interviews. Triangulation was also carried out to obtain data validity as expected. Qualitative analysis is analytical descriptive of the results of the collected data. The information and public complaints in the seminar department are resolved in four categories depending on the quality of the information. This pattern satisfies members of the community and makes them realize that information cannot always be resolved at one time, especially in matters requiring disposition with other institutions. Kamispaginan as a form of public service is a form of joint deliberation between the regional government and the community which should be continued with increased socialization so that community participation will also increase.

Public information and conspecific nest parasitism in wood ducks: does nest density influence quality of information?

2009 ◽  
Vol 77 (6) ◽  
pp. 1367-1373 ◽  
Author(s):  
Charlotte Roy ◽  
John M. Eadie ◽  
Eric M. Schauber ◽  
Nicole S. Odell ◽  
Elena C. Berg ◽  
...  
Keyword(s):  
Public Information ◽  
Nest Density ◽  
Quality Of Information ◽  
Nest Parasitism ◽  
Wood Ducks

Corporate Disclosure Quality and Properties of Analysts' Information Environment

2003 ◽  
Vol 18 (3) ◽  
pp. 355-378 ◽  
Author(s):  
Donal Byard ◽  
Kenneth W. Shaw
Keyword(s):  
Private Information ◽  
Public Information ◽  
Earnings Forecasts ◽  
Corporate Disclosure ◽  
Empirical Measures ◽  
Information Precision ◽  
Public Disclosures ◽  
Privileged Communications ◽  
Annual Earnings

This study examines how the quality of corporate disclosures impacts the precision of information that financial analysts incorporate into their forecasts of annual earnings. Our empirical measures distinguish between individual analysts' common and idiosyncratic (uniquely private) information precision, and between the quality of firms' public disclosures and the quality of their private communications with analysts. We find that higher quality disclosures increase the precision of analysts' commonand idiosyncratic information. Further, we find that the increased precision of analysts' idiosyncratic information is primarily due to higher quality annual and quarterly accounting-related disclosures, publicly available to all investors. These results suggest that higher-quality public information better enables analysts to generate idiosyncratic insights. We find no evidence to suggest that the quality of analysts' private communications with management impacts analysts' information precision after controlling for the quality of publicly available accounting information. In sum, the results suggest that when forming their annual earnings forecasts, analysts rely more heavily on publicly available financial data rather than privileged communications with management.

scholarly journals Interpersonal Surveillance on Social Media

2012 ◽  
Vol 37 (2) ◽  
Author(s):  
Daniel Trottier
Keyword(s):  
Social Media ◽  
Private Information ◽  
Contextual Information ◽  
Public Information ◽  
Information Flows ◽  
Virtual Self ◽  
Médias Sociaux ◽  
Private And Public ◽  
Medias Sociaux

This article examines changing rules and regimes of visibility on social media, using Facebook as a case study. Interpersonal social media surveillance warrants a care of the virtual self. Yet this care is complicated by social media’s rapid growth, and especially Facebook’s cross-contextual information flows that publicize otherwise private information. Drawing from a series of thirty interviews, this article focuses on how users perceive and manage their own visibility and take advantage of the visibility of other users. These experiences are tied to shifting understandings of private and public information, as well as new terms like “stalking” and “creeping” that frame surveillant practices.Cet article examine l’évolution des règles et des régimes de visibilité sur les médias sociaux, en utilisant Facebook comme une étude de cas. La surveillance interpersonnelle sur les médias sociaux nécessite un soin de l’être virtuel. Pourtant, ce soin est compliqué par l’expansion rapide des médias sociaux, et en particulier la nature inter contextuel de Facebook, qui diffuse de l’information privé. Tirant d’une série de trente entrevues, cet article concentre sur la manière dont les utilisateurs perçoivent et gèrent leur proper visibilité sur Facebook ainsi que de profiter de la visibilité des autres. Ces expériences sont liées à l’évolution des conceptions de l’information publique et privée, ainsi que de termes nouveaux comme «harcèlement» et «stalking» qui caractérise la surveillance sur les médias sociaux.

scholarly journals Stem Cells in Orthopedic Web Information: An Assessment with the DISCERN Tool

Cartilage ◽  
2021 ◽  
pp. 194760352110401
Author(s):  
Michele Venosa ◽  
Alessio Tarantino ◽  
Irene Schettini ◽  
Roberto Padua ◽  
Maria Grazia Cifone ◽  
...  
Keyword(s):  
Stem Cells ◽  
Regenerative Medicine ◽  
Public Information ◽  
Public Hospitals ◽  
Quality Information ◽  
Scientific Journals ◽  
Quality Of Information ◽  
Significant Spread ◽  
Strong Expansion

Objective Regenerative medicine is experiencing a strong expansion worldwide, including the treatment of some common orthopedic pathologies, with an increase in physicians adopting these technologies. This growing interest has been associated with an equally significant spread of websites dedicated to public information on this topic, often lacking scientific bases. This study aims to evaluate the quality of information on the World Wide Web about stem cells for cartilage disorders in orthopedic practice. Design On February 19, 2021 we performed a search on Google using as keywords “cartilage stem cells,” considering only the freely accessible sites in Italian, English, French, and Spanish. We selected the first 50 valid results for each language and evaluated them using the DISCERN scale. Results A total of 249 sites were observed, of which 49 were discarded as duplicates (8) or not relevant to the topic (41). Of the 200 sites surveyed, 47 were affiliated to a singular surgeon (23.5%), 31 to private stakeholders (15.5%), 73 to information sites (36.5%), 8 to public hospitals (4%), 13 to universities (6.5%), and 28 referred to international scientific journals (14%). Only 76 sites (38%) were rated as fair or better, while the remaining 124 (62%) were classified as poor or very poor. Conclusions The quality of the information promoted for stem cells in orthopedics is generally low, although a significant minority of the sites offers good quality information. A greater commitment on the part of surgeons and other stakeholders is desirable to promote information on regenerative medicine through scientific criteria supported by adequate literature.

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