in this paper, an exchange of letters between the philosopher jacques derrida and architect peter eisenman is used as a catalyst to discuss the material qualities of glass and its relationship with the concept of transparency in architecture. in his criticism of an architecture devoid of human qualities, derrida uses glass, defined through walter benjamin’s writings, as a hard and cold material...

To estimate the cost of a data breach to the inflicted firm, this study examines the relationship between a breach incident and changes in the inflicted firm’s profitability, perceived risk, and the inflicted firms’ information environment transparency. Profitability is measured as reported earnings and analysts’ earnings forecasts. Perceived risk is measured as reported stock return volatility...

This paper examines the market efficiency consequences of accounting disclosure in the context of stock markets as a Keynesian beauty contest, an influential metaphor originally proposed by Keynes (1936) and recently formalized by Allen, Morris, and Shin (2006). In such markets, public information plays an additional coordination role, biasing stock prices away from the consensus fundamental va...

This paper documents order submission strategies during the Toronto Stock Exchange’s pre-opening session. I find that the registered trader (RT) actively participates in the market opening despite not being able to set the opening price directly and not having an apparent informational advantage. I find that RT opening trades are profitable, are able to moderate overnight price changes, and may...

Research shows consolidation in the private health insurance industry leads to premium increases, even though insurers with larger local market shares generally obtain lower prices from health care providers. Additional research is needed to understand how to protect against harms and unlock benefits from scale. Data on enrollment, premiums, and costs of commercial health insurance--by insurer,...

This paper finds that footnote transparency is effective at disciplining managerial discretion and that the market will use information provided in footnotes to assess firm value. After the introduction of FAS132R, firms used less discretion in setting pension assumptions, and the distribution of discretion across firms was reduced. The primary driver of changes in pension expense resulting fro...

ABSTRACT This paper analyzes the association between voluntary disclosure of compensation and firm value based on the notion that comprehensive information on compensation provides higher transparency signals and lower agency conflict. The evidence shows that firms voluntarily disclosing comprehensive information on director and executive compensation are evaluated with higher market value. How...

We have developed a statistical method for the valuation of residential properties using a hierarchical Bayesian approach, which takes into consideration the unique structure of the Hong Kong property market. Our model is calibrated on a dataset that covers all residential real estate transactions in ten major Hong Kong residential complexes from February 2008 to February 2009. Although parsimo...