More is Less: Publicizing Information and Market Feedback

2020 ◽  
Author(s):  
Andrew Bird ◽  
Stephen A Karolyi ◽  
Thomas G Ruchti ◽  
Phong Truong
Keyword(s):  
Unintended Consequences ◽  
External Information ◽  
Crowding Out ◽  
Real Economy ◽  
Firm Investment ◽  
Playing Field ◽  
Internal Information ◽  
Market Feedback ◽  
The Cost ◽  
Web Platform

Abstract We study whether and how publicizing internal information affects the value of financial markets to the real economy. By publicizing corporate filings, the SEC’s EDGAR web platform reduces the cost of acquiring internal information for outsiders and so makes it relatively less attractive to gather external information. We find that the staggered introduction of EDGAR reduced the sensitivity of firm investment to prices, consistent with prices being less informative to managers due to the crowding out of external information gathering. This crowding out effect is stronger when outsiders’ incentives for gathering information are stronger and for firms that rely more on external information. Our findings suggest that policies designed to “level the playing field” by publicizing internal information can have significant unintended consequences by reducing the informativeness of prices for real decisions.

scholarly journals Government Borrowing and Crowding Out

2021 ◽  
Author(s):  
Yasin Kürşat Önder ◽  
Maria Alejandra Ruiz-Sanchez ◽  
Sara Restrepo-Tamayo ◽  
Mauricio Villamizar-Villegas
Keyword(s):  
Welfare Analysis ◽  
Quantitative Model ◽  
Crowding Out ◽  
Firm Investment ◽  
Percentage Point Increase ◽  
Point Increase ◽  
Banking Relationships ◽  
The Cost ◽  
Lending Behavior ◽  
The Impact

We investigate the impact of fiscal expansions on firm investment by exploiting firms that have multiple banking relationships. Further, we conduct a localized RDD approach and compare the lending behavior of banks that barely met and missed the criteria of being a primary dealer, as well as barely winners and losers at government auctions. Our results indicate that a 1 percentage point increase in banks’ bonds-to-assets ratio decreases loans by up to 0.4%, which leads to significant declines in firm investment, profits and wages. Our findings are grounded in a quantitative model with financial and real sectors with which we undertake a welfare analysis and compute the cost of government borrowing on the overall economy.

Potential of existing online 24-hour dietary recall tools for national dietary surveys

2021 ◽  
pp. 1-62
Author(s):  
Rozenn Gazan ◽  
Florent Vieux ◽  
Ségolène Mora ◽  
Sabrina Havard ◽  
Carine Dubuisson
Keyword(s):  
Grey Literature ◽  
Quality Data ◽  
High Quality Data ◽  
Require Time ◽  
Dietary Recall ◽  
Dietary Surveys ◽  
Almost All ◽  
The Cost ◽  
Web Platform ◽  
Country Specific

Abstract Objective: To describe existing online 24-hour dietary recall (24hDR) tools in terms of functionalities and ability to tackle challenges encountered during national dietary surveys, such as maximizing response rates and collecting high-quality data from a representative sample of the population, while minimizing the cost and response burden. Design: A search (from 2000 to 2019) was conducted in peer-reviewed and grey literature. For each tool, information on functionalities, validation and user usability studies, and potential adaptability for integration into a new context was collected. Setting: Not country-specific Participants: General population Results: Eighteen online 24hDR tools were identified. Most were developed in Europe, for children ≥10 years old and/or for adults. Eight followed the five multiple-pass steps, but used various methodologies and features. Almost all tools (except three) validated their nutrient intake estimates, but with high heterogeneity in methodologies. User usability was not always assessed, and rarely by applying real-time methods. For researchers, eight tools developed a web platform to manage the survey and five appeared to be easily adaptable to a new context. Conclusions: Among the eighteen online 24hDR tools identified, the best candidates to be used in national dietary surveys should be those that were validated for their intake estimates, had confirmed user and researcher usability, and seemed sufficiently flexible to be adapted to new contexts. Regardless of the tool, adaptation to another context will still require time and funding, and this is probably the most challenging step.

The role of travel experience and gender on travel information source selection

2017 ◽  
Vol 8 (2) ◽  
pp. 296-310 ◽  
Author(s):  
Bahar Yasin ◽  
Fakhri Baghirov ◽  
Ye Zhang
Keyword(s):  
Information Sources ◽  
Information Source ◽  
Distribution Area ◽  
External Information ◽  
Content Type ◽  
Travel Information ◽  
Travel Agents ◽  
Travel Experience ◽  
Internal Information ◽  
And Gender

Purpose This paper aims to identify the most popular travel information sources used among tourists and investigates how travel information selection differs across travel experience and gender. Design/methodology/approach This study used convenient and quota sampling strategy, questionnaires were distributed to 270 respondents at Sultanahmet and Grand Bazaar areas. A screening question was used to classify respondents. Findings First, past travel experience, travel agent, travel websites and hotel websites are generally the most frequently used travel information sources in destination selection due to conveniences and reliability. Second, first-timers prefer to use external information sources such as Facebook, guidebooks, travel agents and newspapers to gather information about destinations, whereas repeat visitors prefer to use internal information sources such as friends’ suggestions and past travel experience. Lastly, female visitors rely more on internal information sources such as friends’ suggestions and past travel experience. However, males prefer to use external information sources like Facebook, television, blog, travel agents, newspaper and guidebooks in choosing Turkey as a destination. Research limitations/implications Because factors studied, travel information sources selected, number of respondents and questionnaire distribution area are limited, future studies can expand to a bigger area so more respondents could get more reliable results. Practical implications This paper could help tourism industries understand searching behaviours among different types of tourists better to promote businesses in convenient sources and reach target customers easily. Originality/value This paper fulfils an identified need to study how travel information searching behaviours differ among tourists.

Capital Regulation and Bank Deposits*

2018 ◽  
Vol 23 (4) ◽  
pp. 831-853 ◽  
Author(s):  
Stefan Arping
Keyword(s):  
Recent Literature ◽  
Capital Requirements ◽  
Capital Regulation ◽  
Crowding Out ◽  
Bank Capital ◽  
Bank Deposits ◽  
Small Rise ◽  
The Cost

Abstract Recent literature suggests that higher capital requirements for banks might lead to a socially costly crowding out of deposits by equity. This paper shows that additional equity in banks can help to crowd in deposits. Intuitively, as banks have more equity and become safer, the cost of deposit funding may decline; this, in turn, can encourage banks to expand their deposits. However, I also find that, for this effect to occur, capital requirements may have to be stringent enough: When bank capital is low, a small rise in capital requirements can cause banks to substitute equity for deposits. Overall, a non-monotonic relationship between the required amount of equity in banks and their level of deposit funding obtains.

Perspectives on the Field of Cognitive Informatics and its Future Development

2012 ◽  
pp. 20-34
Author(s):  
Yingxu Wang ◽  
Bernard Carlos Widrow ◽  
Bo Zhang ◽  
Witold Kinsner ◽  
Kenji Sugawara ◽  
...  
Keyword(s):  
Information Processing ◽  
Computer Science ◽  
Future Development ◽  
External Information ◽  
Cognitive Computing ◽  
Cognitive Informatics ◽  
Internal Information ◽  
Processing Mechanisms ◽  
The Brain ◽  
Science Information

The contemporary wonder of sciences and engineering has recently refocused on the beginning point of: how the brain processes internal and external information autonomously and cognitively rather than imperatively like conventional computers. Cognitive Informatics (CI) is a transdisciplinary enquiry of computer science, information sciences, cognitive science, and intelligence science that investigates the internal information processing mechanisms and processes of the brain and natural intelligence, as well as their engineering applications in cognitive computing. This paper reports a set of eight position statements presented in the plenary panel of IEEE ICCI’10 on Cognitive Informatics and Its Future Development contributed from invited panelists who are part of the world’s renowned researchers and scholars in the field of cognitive informatics and cognitive computing.

Unintended Consequences of Nevada’s Ninety-Percent Prevailing Wage Rule

2020 ◽  
Vol 45 (2) ◽  
pp. 166-185 ◽  
Author(s):  
Kevin Duncan ◽  
Jeffrey Waddoups
Keyword(s):  
Public Schools ◽  
Policy Change ◽  
Unintended Consequences ◽  
Wage Policy ◽  
Construction Costs ◽  
Clark County ◽  
Wage Rates ◽  
Prevailing Wage ◽  
Before And After ◽  
The Cost

In 2015, the State of Nevada reduced prevailing wage rates on education-related construction to 90 percent of the applicable rate for other state-funded construction. The examination of projects built for Clark County School District between 2009 and 2108 indicates that Nevada’s wage policy has no statistically significant effect on school construction costs or bid competition, taking into consideration bids placed before and after the 2015 policy change. However, prevailing wage reductions on education projects motivated union contractors to pursue other opportunities as Nevada’s building industry expanded after 2015. Reduced participation in district bidding by union contractors contributed to a 25-percent overall decrease in bid competition and a 20-percent increase in bid costs following the 2015 policy change. While the goal of the 90-percent prevailing wage rule was to reduce the cost of building public schools, unforeseen consequences contributed to decreased bid competition and increased construction costs.

Access to Subsidised Packing Credit for Financing Export: Who are the Gainers?

2018 ◽  
Vol 66 (1-2) ◽  
pp. 72-88
Author(s):  
Gargi Sanati
Keyword(s):  
Export Growth ◽  
Dynamic Panel ◽  
Empirical Examination ◽  
Playing Field ◽  
Important Means ◽  
Dynamic Panel Analysis ◽  
The Government ◽  
The Cost ◽  
Additional Reduction ◽  
Determinant Factor

This study examines the packing credit or pre-shipment credit (PC) as a key determinant factor for the export growth in India. PC is considered to be an important means of financing export if advance payment is not received by the exporter prior to the shipment of goods. The Government of India’s (GoI) scheme of interest subsidy in PC is mostly to boost the export growth in India. In this backdrop, this article is having threefold objectives: (a) to examine the distribution pattern of PC across various exporting sectors; (b) to analyse the availability of export financing at different interest rate range; and (c) to estimate the sensitivity of export growth of India to its utilisation of PC in small, medium and large exporting sectors. Our preliminary analysis reveals that natural elimination takes place, and the present practice of disbursing PC is not able to fulfil the goal of establishing a level playing field for the exporters. Per capita utilisation of PC shows highly skewed preference of the banks to large borrowers, even if they are not subject to the benefit of interest subvention. This study also reveals that small exporters hold the maximum number of PC account, although having the least outstanding amount per account. On the contrary, our Arellano–Bond Dynamic panel analysis for the period 1996–1997 to 2015–2016 shows that the utilisation of PC by medium and small exporters respectively are more sensitive to boost the export growth of India. This study also finds that the effect of the interest subvention scheme was dampened due to the financial crisis and concludes that the export growth would have been much worse affected in the absence of the subvention scheme. Our empirical examination concludes that interest subvention plays a positive and significant role to boost the export growth and additional reduction in the cost of production may add to the export growth of India. This study recommends that the government may introduce a differential interest subsidy for different creditworthy exporters within the entitled sectors to reduce the cost of fund effectively for more needy and sensitive exporters. Given the resource constraint, it may be ensured that large exporters are restricted from receiving the subsidised export finance. JEL: F49, F30, G01, G18, G32

scholarly journals Transparency of Behavior-Based Pricing

2019 ◽  
Vol 57 (1) ◽  
pp. 78-99 ◽  
Author(s):  
Xi Li ◽  
Krista J. Li ◽  
Xin (Shane) Wang
Keyword(s):  
Social Welfare ◽  
Consumer Surplus ◽  
Unintended Consequences ◽  
History Data ◽  
Consumer Data ◽  
Behavior Based ◽  
The Cost ◽  
Firm Profit ◽  
Commitment Device

Behavior-based pricing (BBP) refers to the practice in which firms collect consumers’ purchase history data, recognize repeat and new consumers from the data, and offer them different prices. This is a prevalent practice for firms and a worldwide concern for consumers. Extant research has examined BBP under the assumption that consumers observe firms’ practice of BBP. However, consumers do not know that specific firms are doing this and are often unaware of how firms collect and use their data. In this article, the authors examine (1) how firms make BBP decisions when consumers do not observe whether firms perform BBP and (2) how the transparency of firms’ BBP practice affects firms and consumers. They find that when consumers do not observe firms’ practice of BBP and the cost of implementing BBP is low, a firm indeed practices BBP, even though BBP is a dominated strategy when consumers observe it. When the cost is moderate, the firm does not use BBP; however, it must distort its first-period price downward to signal and convince consumers of its choice. A high cost of implementing BBP serves as a commitment device that the firm will forfeit BBP, thereby improving firm profit. By comparing regimes in which consumers do and do not observe a firm’s practice of BBP, the authors find that transparency of BBP increases firm profit but decreases consumer surplus and social welfare. Therefore, requiring firms to disclose collection and usage of consumer data could hurt consumers and lead to unintended consequences.

Dealing with the visibility created by accounting numbers – A case study of cost accounting translation in a transitional economy

2020 ◽  
Vol 10 (2) ◽  
pp. 277-303
Author(s):  
Catalin Nicolae Albu ◽  
Nadia Albu ◽  
Flavius Andrei Guinea ◽  
Mathew Tsamenyi
Keyword(s):  
Decision Making ◽  
Management Accounting ◽  
Actor Network Theory ◽  
Unintended Consequences ◽  
Content Type ◽  
Construction Companies ◽  
Cost System ◽  
Costing System ◽  
State Taxation ◽  
The Cost

PurposeThis paper investigates the process of translating a costing tool into operational use in the context of a transitional (post-communist) economy, where local institutions challenge the rationality of western methods.Design/methodology/approachBy mobilizing Actor–Network Theory, in particular Callon's four moments of translation, and by drawing data from an interventionist research, the paper focuses on the process of change instilled by the implementation of a costing tool in 20 Romanian construction companies.FindingsThe costing system is initially problematized as a tool for rational decision making. However, the visibility over the accounting figures generated by the costing tool instilled new roles for the cost system to manage internal and external interdependencies. First, two costing datasets were created, one for decision making and one for tax purposes, to manage the relationship with the state taxation authorities. Second, since the costing tool generated visibility over the field practices as well, engineers convinced management to drop the decision-making set of costs. The costing tool ultimately only became used for tax optimization, an originally unintended use, reflecting its translation process.Research limitations/implicationsBy taking an interventionist approach, the paper contributes to theorizing accounting in transitional economies by bringing their economic idiosyncrasies into the analysis.Practical implicationsThe results inform managers about the intended and unintended consequences of management accounting tools and about actors' role in shaping their use.Originality/valueOur research responds to recent calls to study how organizations configure their control systems in a rapidly changing environment and what is the role of management accounting in these arrangements.

scholarly journals Healthcare Services Managers: What Information do They Need and Use?

2008 ◽  
Vol 3 (3) ◽  
pp. 18 ◽  
Author(s):  
Jackie MacDonald ◽  
Peter Bath ◽  
Andrew Booth
Keyword(s):  
Decision Making ◽  
Patient Care ◽  
Critical Incident ◽  
Healthcare Services ◽  
External Information ◽  
Small Scale ◽  
Information Behaviour ◽  
Services Delivery ◽  
Internal Information ◽  
Insight Into

Objectives: To gain insight into the information behaviour of healthcare services managers as they draw on information while engaged in decision making unrelated to individual patient care. Objectives – The purpose of this research project was to gain insight into the information behaviour of healthcare services managers as they use information while engaged in decision-making unrelated to individual patient care. Methods – This small-scale, exploratory, multiple case study used the critical incident technique in nineteen semi-structured interviews. Responses were analyzed using ‘Framework,’ a matrix-based content analysis system. Results – This paper presents findings related to the internal information that healthcare services managers need and use. Their decisions are influenced by a wide variety of factors. They must often make decisions without all of the information they would prefer to have. Internal information and practical experience set the context for new research-based information, so they are generally considered first. Conclusions – Healthcare services managers support decisions with both facts and value-based information. These results may inform both delivery of health library services delivery and strategic health information management planning. They may also support librarians who extend their skills beyond managing library collections and teaching published information retrieval skills, to managing internal and external information, teaching information literacy, and supporting information sharing.

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