This study examines whether conference calls provide additional information to analysts. For a large sample of conference calls, hosted by German firms between 2004 and 2007, our results show that conference calls improve analysts' ability to forecast future earnings accurately. This suggests that additional information is released during conference calls. The reduction in forecast error is economically significant and larger in magnitude when compared to results for the US (Bowen et al., 2002). These findings are consistent with the notion that committing to additional disclosures is likely to yield greater effects in a less stringent disclosure system (Verrecchia, 2001). Since the majority of our sample firms conduct conference calls as closed calls, the evidence of this paper suggests that conference calls may contribute to an information gap between call participants and non-invited parties. Our findings should be of substantial interest to European regulators seeking to level the informational playing field for all investors. 相似文献
This paper integrates the insight that exporting firms are typically more productive and employ higher‐skilled workers into a directed search model of the labour market. The model generates a skill premium as well as residual wage inequality among identical workers. A trade liberalization increases the skill premium and likely increases residual inequality among high‐skilled workers. The calibrated model generates results consistent with the prior literature examining the effect of the Canada‐US Free Trade Agreement on the Canadian labour market: a significant decrease in employment in manufacturing, but only a small change in unemployment and wages. 相似文献
Die Staatsschuldenkrise im Euroraum kann kurzfristig nicht gel?st werden: Die finanzielle Unterstützung für die Schuldnerstaaten
reicht nicht aus, deren Austerit?tsprogramme wirken zu restriktiv und die Mitgliedsl?nder sind nicht bereit, auf Fiskalkompetenz
zu verzichten. Die Autoren stellen hier ein Konzept vor, das zu h?heren sWachstumsraten und niedrigeren Schuldenquoten in
den betroffenen L?ndern führt. 相似文献
Despite the presence of the term ‘entrepreneurial role model’ (ERM) in the discourse on entrepreneurship, existing empirical evidence on the effects of role models is rather limited. By investigating 86 published journal articles, we provide a structured overview of the academic research on role models’ effects on entrepreneurial intentions and behavior. We reveal that prior research focuses particularly on different types of role models (by whom), at which stage of life (when) and in which context the exposure to role models occurs. We use these research areas to structure our review. By expanding the understanding of the current state of ERM research, we reveal research gaps and provide future research recommendations. Our work could help policy makers and educators consider the different types of role models, the sociocultural context and the life cycle stage of the participants in structuring their entrepreneurship education programs.
During the last decade, developing (and some developed) economies have accumulated large amounts of international reserves, mainly for precautionary reasons. This phenomenon has been coupled with insufficient economic growth. The resources being amassed largely overwhelm protective needs, there is an excess of resources that is being wasted, and which could be utilised for alternative productive projects, namely to promote growth. If insufficient aggregate demand can largely explain low growth, it is clear that this excess of international reserves can be used to stimulate aggregate demand. This paper argues that the excess of international reserves represents a potential resource to boost growth. 相似文献
We introduce several notions of potentials for mechanism design problems with interdependent values, and relate them to implementation
in ex-post equilibrium. Whereas ex-post implementation is closely linked to the ordinal concept of best-alternative potentials, the celebrated Vickrey–Clarke–Groves mechanism corresponds to the stronger notion of a cardinal potential: agents agree not only on the best alternative, but also on the quantitative differences between all alternatives. We characterize
all valuations that allow for cardinal potentials, and use this characterization for: (1) Identifying valuations for which
ex-post implementation is possible; (2) Identifying classes of valuations for which all ex-post implementable choice rules
correspond to cardinal potentials. The latter allows us to extend to interdependent valuations a result for dominant strategy
implementation in private values settings, due to Roberts (The Characterization of Implementable Choice Rules, North-Holland,
Amsterdam, 1979).
We wish to thank an associate editor, two anonymous referees, Paul Milgrom and Burkhard Schipper for helpful comments and
stimulating remarks. 相似文献
Journal of Business Ethics - We ask what type of neutralization techniques corporations apply to allegations of human rights abuses. We proceed by undertaking a Qualitative Content Analysis (QCA)... 相似文献