Buyer information and the hedonic: The impact of a seller disclosure on the implicit price for airport noise

Revealed preference methods like the hedonic model generally assume economic agents have access to publicly available information and use it effectively. In the housing market, the recent proliferation of seller disclosure laws suggests that policymakers perceive buyers to be less than “fully informed,” presumably since they face higher information acquisition costs than sellers. The introduction of an airport noise disclosure in the residential housing market surrounding the Raleigh–Durham International Airport is used as a quasi-random experiment to analyze the impact of this type of information asymmetry between buyers and sellers on housing prices. The results from a regression analysis that controls for potential spatial and temporal confounders, suggest that the airport noise disclosure reduced the value of houses most heavily impacted by airport noise by 2.9 percent. This represents approximately a 37 percentage point increase in the implicit price of airport noise. The results provide evidence that publicly available information, such as that available for airport noise, may not be adequately considered by all buyers. They also suggest that the information environment should be carefully considered when using housing data and the hedonic model to value urban amenities and disamenities.     

Optimal auctions and information disclosure

We characterise properties of optimal auctions if the seller may disclose information about the quality of the object for sale. We show that the seller maximizes his expected revenue by revelation of all information to all bidders and implementing a second price auction with appropriate reservation price.     

The CIR report on disclosure of information: a critique

The publication of the CIR's long-awaited report on disclosure of information seems to have been greeted with an embarrassing silence. Little comment has been heard from the news media, Parliament, trade unions or employers' associations. This may reflect concern with more pressing issues in industrial relations, such as, for example, the search for a prices and incomes policy, but the nature of the report itself may also explain why it created scarcely a ripple in public consciousness. Far from being a clear guide to decision and action, it is merely a collection of very general recommendations which will create little controversy because they are so unexceptional.     

On identification disclosure and prediction disclosure for microdata

Two definitions of statistical disclosure - identification disclosure and prediction disclosure - are compared. Identification disclosure implies prediction disclosure but not vice versa. It is argued, however, that if sampling takes place then cases where prediction disclosure occurs and identification disclosure does not either have very small probability or do not present disclosure problems different from those normally met in the release of aggregate statistics. Finally the estimation of population uniqueness using the Poisson-Gamma model is considered.     

我国衍生金融工具信息披露制度的思考

国内外接连续发生了多起衍生金融工具交易巨亏事件,衍生金融工具的风险信息披露成为眼前迫切的研究课题。     

上市公司信息披露研究综述

本文从上市公司信息披露动机、信息披露方式、信息披露质量及其经济后果三个角度对国内外有关上市公司信息披露的文献进行了回顾和评析,并针对我国信息披露研究的不足,提出了信息披露的研究方向。     

追溯调整法与上市公司信息披露

会计政策变更和会计差错更正通常均采用追溯调整法进行处理。这一方法对企业当期及前期的会计信息均可能产生较大的影响,正确理解追溯调整法对信息披露的影响,将直接关系到会计信息分析的正确性。     

浅析会计信息披露问题

文章对当前会计信息披露中存在的问题进行分析,提出只有加强内部会计管理,强化社会会计监督,完善会计法律法规建设,才能提高会计信息披露质量。     

我国衍生金融工具信息披露制度的思考

国内外接连续发生了多起衍生金融工具交易巨亏事件,衍生金融工具的风险信息披露成为眼前迫切的研究课题.     

商业银行会计信息披露问题研究

本文对目前我国商业银行信息披露存在的问题及成因作了论述,并对如何规范我国商业银行信息披露提出了若干建议.     

内部控制信息披露的理论分析

本文对公司内部控制信息披露进行了理论分析,阐述了基本概念以及与之相关的理论,委托代理理论、信息不对称理论和信号传递理论,并从不同角度分析内部控制信息披露的重要意义。     

论公证员的告知义务

文章从公正告知义务的意义、告知对象、告知内容的设计等几个方面论述了公证员的告知义务.     

Study on the environmental information disclosure of Chinese forestry enterprises

Environmental accounting is a kind of accounting which focuses on the compensation for the resources spending. It combines the theories of environmental economics and traditional accounting and uses scientific as well as systematic ways to coordinate the development of economics and the protection of environment. It is just in the primary process for forestry enterprises in China to introduce the research and practice of environmental accounting. Based on discussion about the principle of environmental information disclosure and analysis on the current situation of the environmental information disclosure of the forestry enterprises, this paper attempted to propose that the supplementary report mode of information disclosure should be appropriate for the forestry enterprises, which provide the balance sheet of environment, the income statement of environment besides the original three financial report to reflect the general environmental information of the enterprise.     

环境信息披露制度的国际经验及启示

工业革命以来,科学技术和全球经济取得了飞速发展,同时,环境恶化也愈演愈烈,企业环境信息披露问题逐渐成为各国关注的重点。2020年12月30日,中央全面深化改革委员会第十七次会议明确提出,环境信息依法披露是重要的企业环境管理制度,是生态文明制度体系的基础性内容。本文选取美国、欧洲、日本和澳大利亚等发达经济体系统阐释环境信息披露制度的国际经验,重点介绍了各个国家与环境信息披露有关的制度发展历程及法律法规体系,并结合我国环境信息披露制度存在的主要问题,从完善有关环境信息披露的法律法规、加强政府和第三方的监督作用、发挥企业的主观能动性、分阶段有步骤充实披露内容等方面提出了相关的启示和借鉴。     

Optimal disclosure of costly information packages in auctions

In an independent, private values, second-price auction with entry fees we discuss the way in which a seller should optimally spread costly information among the bidders. We find that marginal gross revenues do not generally behave monotonically in total information release. In the two bidder case, essentially, any asymmetric allocation of information dominates the symmetric information allocation. Even the bidder who gets less information is willing to pay a higher entry fee for asymmetric information allocations than for the symmetric one. His entry fee coincides with that of the better informed bidder. Losses from allocating an amount of information non-optimally can be substantial.     

信息技术行业上市公司研发费用披露探讨

本文对我国信息技术行业上市公司2003-2005年年报中所披露的研发费用信息进行分析，揭示出我国上市公司在研发费用披露方面存在的不足，并结合新会计准则就我国上市公司研发费用的披露提出一些建议。     

On efficient trading mechanisms between one seller and n buyers

Myerson and Satterthwaite (1983) prove that if one seller and one buyer have independent private valuations for an indivisible object then no individually rational and incentive compatible trading mechanism can guarantee ex post efficiency when gains from trade are uncertain. Makowski and Mezzetti (1993) show that this is not the case when there are at least two buyers. In the latter context, if the highest possible seller's valuation is not too large, we provide an ex post efficient mechanism in which the mechanism designer and the agents are not required to know the probability distribution for the seller's valuation. Received: February 18, 1998 / Accepted: September 10, 1999     

论会计信息处理的质量要求

我国财政部于1993年发布了<企业会计准则--基本准则>,在第二章中提出了十二项"一般原则".笔者认为,"一般原则"的实质应为"会计信息及其处理的质量要求".会计信息质量要求体系是由内容相关性、完整性、客观性、明晰性、可比性、公允性、合法性和及时性等要求所组成的.会计信息处理质量要求体系是由会计确认质量要求和会计计量质量要求所组成的.     

On optimal regulation of price and R&D with asymmetric information

This paper deals with the optimal regulation for cost-reducing R&D and pricing in natural monopoly that is privately informed on its efficiency. We extend the work of Cantner and Kuhn (Rev Econ Des 4:191–204, 1999) and then we are able to analyse the entire effects of the interplay between agent’s efficiency and investment in R&D particularly considering the substitutability case.     

上市公司自愿性信息披露研究

本文对我国上市公司自愿性信息披露的现状进行了分析,指出了上市公司自愿性信息披露的动因与难点,并为提高其披露质量提供了政策性建议.