Add an opening stage of signal acquisition to a canonical portfolio choice model and let investors have rational expectations about the ensuing Walrasian equilibrium. The expected marginal utility of a signal (its action value) falls in the number of signals and turns strictly negative at a finite number because signals diminish the asset’s excess return. There is a natural transparency limit a...

We provide elementary insights into the effectiveness of certification to increase market transparency. In a market with opaque product quality, sellers use certification as a signaling device, while buyers use it as an inspection device. This difference alone implies that seller-certification yields more transparency and higher social welfare. Under buyer-certification profit maximizing certif...

Theory predicts that the quality of a firm’s information disclosure can affect the term structure of its corporate bond yield spreads. Using cross-sectional regression and NelsonSiegel yield curve estimation, I find that firms with higher Association for Investment Management and Research disclosure rankings tend to have lower credit spreads. Moreover, this transparency spread is especially lar...

Although excessive transparency and accountability demands can have a counterproductive effect on organisational performance (Bovens 2005), longstanding hierarchical accountability structures to ensure financial conformance in English local government continue to endure. Interestingly however, the previously top-down regime for performance accountability in English local government has been rep...

This paper aims to optimize the Central Bank transparency level which corresponds to the minimum of output volatility in 28 states of the Organization of Islamic Cooperation (due to the maximum data availability) during the period 2003-2014. For this purpose, the Dincer-Eichengreen index is used, which includes five aspects covering political, economic, procedural, policy, and operational trans...

In light of the increased attention the IRS is paying to not-for-profit organizations, healthcare financial managers should stay alert to developments regarding: community benefit standard, executive compensation, corporate governance, transparency and form 990, political activity.

BACKGROUND AND OBJECTIVES There has been an increasing focus on the relationship between pediatric prescribers and the biomedical industry. There is a lack of research, however, on the biomedical industry's relationship with the professional medical associations (PMAs) of pediatric prescribers. We developed a systematic method to assess this relationship by evaluating PMA transparency and compl...