11 research outputs found
Disagreement about fundamentals: measurement and consequences
No full textWe propose a measure of disagreement, which reflects differences of opinion as opposed to information asymmetry, that can be extracted from sequences of analyst forecasts. Using a Bayesian theoretical framework, we prove that when analysts agree, a regression of an analyst's forecast on the previous forecast issued by another analyst should have a slope coefficient of one. The magnitude of the estimated regression coefficient's deviation from one is then employed as a disagreement measure. We validate the measure using tests tied to predicted relations between disagreement and trading volume and bid-ask spreads. Finally, we employ our measure to test for associations between disagreement and expected returns predicted by antecedent theoretical studies.N
Creditor control rights and executive bonus plans
No full textWe study the extent to which creditors shape the executive bonus plans of their financially distressed borrowers. Financial distress can exacerbate agency conflicts between creditors and borrowers as concerns with underinvestment become more acute due to managerial myopia and debt overhang. Consequently, we expect creditors to exert their influence to ensure that these managers' incentive-compensation plans encourage longer-term investments and directly reward outcomes that benefit creditors without exposing managers to unnecessary risk. We argue that bonus plans are an especially important way to provide these incentives because their flexibility allows creditors to more precisely target specific investment objectives. We find that borrowers' bonus plans tend to have longer horizons and more convex payouts following covenant violations, especially when bonus plans can be a particularly effective way to address distress-related agency conflicts. Our evidence suggests that creditors protect their interests by exercising their control rights to shape their borrowers' incentive-compensation plans.Y
Earnings News and Over-the-Counter Markets
No full textWe document significant increases in bond market liquidity around earnings announcements. These increases are attributed to decreased search and bargaining costs, which arise from the over-the-counter (OTC) nature of bond markets and outweigh increases in information asymmetry during these periods. Our evidence traces reductions in search and bargaining costs to two sources around earnings announcements: (1) improved access to dealers and (2) increased participation from institutional investors, who can more easily transact with multiple dealers. Overall, our findings highlight a novel channel through which firm-specific information affects asset prices.N
Signaling long-term information using short-term forecasts
No full textThis paper shows theoretically and empirically that the decision to disclose a short-term earnings forecast can reveal managers private information about long-term performance. Consistent with the predictions of our model, we find that the decision to disclose a short-term earnings forecast predicts long-term performance for up to three years. The relation strengthens when current period performance is poor, when managers have longer horizons, and when competitive threats are lower. Endogenizing the proprietary costs of disclosure, our analysis suggests that––despite the short horizon––the decision to provide an earnings forecast contains significant information about long-term performance and thus can entail proprietary costs.Y
Chongho Kim, Korean Shamanism. The Cultural Paradox
No full textVoici un ouvrage qui tranche sur la masse des travaux anthropologiques consacrés au chamanisme coréen. Ceux-ci en effet, qu'ils soient dus à des auteurs coréens ou occidentaux, sont centrés sur les chamanes et leurs pratiques. La plupart soulignent le renouveau contemporain du chamanisme en Corée et son émergence, sous forme théâtralisée, sur la scène internationale. Frappé par le décalage entre l'image positive qui émane de ces ouvrages et l'image négative qui prévaut chez les Coréens, C. Ki..
Spillover Effects of Financial Reporting on Public Firms\u27 Corporate Investment
No full textI examine whether public firms’ financial reporting has spillover effects on the amount and efficiency of other public firms’ investment and quantify the relative importance of these indirect spillover effects vis-à-vis the direct effects due to firms’ own financial reporting. Spillover effects are important for understanding (i) how financial reporting affects corporate investment, which is fundamental for generating firm value and macroeconomic growth, and (ii) whether positive externalities are a meaningful economic justification for financial reporting regulation. The primary empirical challenge for studying spillovers is that every public firm not only discloses its own financial report, but also simultaneously benefits from spillovers from other firms’ financial reports, making it difficult to disentangle the observed combination of direct and spillover effects. I overcome this challenge by structurally estimating a model that links firms’ financial reporting and investment, which I use to decompose the effect of financial reporting into its direct and spillover components. I examine the effect of financial reporting on aggregate output from the public corporate sector’s investment, which combines the effects on both the amount and efficiency of investment, and estimate that a significant portion—roughly half of the total effect of financial reporting and a quarter of the marginal effect of an incremental change in financial reporting precision—is due to spillover effects. This evidence suggests that spillovers constitute a meaningful benefit of financial reporting for a wide range of public firms
The study of the old Korean Maps
No full textThe purpose of this study is to sho-N how do -the political, so:::ial and cultural phenomena in the Yi Dynasty affect the geographical development and reveal the relationship with geography and a phase of the cartographic techniques from the scientific point of view. The related matters to geography were particularly emphasized on the advancement of cartographic methods and the practical application of maps. The four maps were used for the purpose of this study: "Pal-do-do" (the map of 8 Provinces) by Yi Hoe (1402), "Tong Kook-Chido" (Map of Korea) by Chong Chok (1390-1475). "Paldo- do" by Chong Sang-ki (1628-1752) and "Taidongyojido" by Kim Chong-ho (? -1864). These are the representative maps in the Yi Dynasty v, hich show the process of progress in the cartographic methods and the geogrzphic background of the period. Cartography was greatly improved and drawing to scale, which had been learned from Chinese translations of ·Western geographies, was employed. Surveys were carried out to make map as accurate as possible and atlases were compiled. Large folding maps were made which began to approach modern scientific standards, the most famous of wihch was the Taidongyojido by Kim Chongho
Micro Bump System for 2nd Generation Silicon Interposer with GPU and High Bandwidth Memory (HBM) Concurrent Integration
No full textKorean Shamanism: The Cultural Paradox. By Chongho Kim. Aldershot, Hants, and Burlington, Vt.: Ashgate, 2003. xxi, 248 pp. $34.95 (paper).
No full text
