Search results

In games with strategic complementarities, public information about the state of the world has a larger impact on equilibrium actions than private information of the same precision, because the former is more informative about the likely behavior of others. This may lead to welfare-reducing “overreactions” to public signals as shown by Morris and Shin (2002). Recent experiments on games with strategic complementarities show that subjects attach a lower weight to public signals than theoretically predicted. The purpose of this paper is to reconsider the welfare effects of public signals accounting for the weights observed in experiments.

Aggregate behavior observed in experiments on games with strategic complementarities can be explained by a cognitive hierarchy model where subjects employ limited levels of reasoning. They respond in a rational way to the non-strategic part of a game and they account for other players responding rationally, but they neglect that other players also account for others’ rationality. This paper analyzes the welfare effects of public information under such limited levels of reasoning.

In the model by Morris and Shin (2002) public information is always welfare improving if strategies are derived from such low reasoning levels. The optimal degree of publicity is decreasing in the levels of reasoning. For the observed average level of reasoning, full transparency is optimal, if public information is more precise than private information. If the policy maker has instruments that are perfect substitutes to private actions, the government should secretly respond to its information without disclosing or signaling it to the private sector independent of the degree of private agents’ rationality.

This paper takes experimental evidence back to theory and shows that the main result obtained by the theory under rational behavior breaks down if theory accounts for the bounded rationality observed in experiments.

Exploring the considerations that guide and influence members of Facebook medical support groups to disclose private information.

The sample included 293 participants, aged 18–85 years, who answered an online survey, 155 members of Facebook medical support groups and 138 members of other Facebook groups.

Members of medical support groups attach greater importance to privacy policy, give greater value to privacy and reveal more private information, compared to members of other groups. Members of medical support groups tend to feel that they receive more support and feel that the privacy policy preserves their privacy much more. These feelings are associated with greater self-disclosure of groups' members.

The research insights will help medical support groups' members and admins to put into action the fundamental right to privacy and build a set of rules tailored to their individual and group needs.

This research studies private information from extreme price movements or jumps. The authors calculate the private information using a reduced form model from the stochastic volatility jump process and use several statistical robustness tests as well as several frequencies to improve our consistency. This study reveals that private information is significant in explain the existence of jumps in capital markets in Southeast Asia, whereas macroeconomic events cannot explain them. The authors determine empirically that private information in Malaysia, Singapore, Thailand, and Indonesia are not persistent and its value gradually decreases when we use the lower frequency. Based on the Fama–Macbeth regression, this study shows that private information in the capital market has a strong positive relationship with individual returns in Indonesia’s capital market and Thailand’s capital market for all frequencies.

Based on communication privacy management (CPM) theory, this study aimed to explore how gender and age criteria, motivational criterion (locatability), benefit-risk ratio criteria (perceived benefits of privacy information disclosure and privacy concerns), contextual criteria (privacy experience) and boundary coordination and turbulence (perceived effectiveness of privacy policy) interact and combine in leading to voice assistant (VA) users' intention to reveal or conceal their privacy information.

A questionnaire was designed and distributed to car drivers who have intelligent VA use experience while driving. A total of 230 valid responses were collected. The fuzzy-set qualitative comparative analysis (fsQCA) approach was used to analyse the data.

Via configuration analysis with fsQCA, five equivalent configurations leading to the high intention of disclosing privacy information, and one configuration leading to the intention of concealing privacy information were identified. Four theoretical configurational propositions were proposed. Moreover, the theoretical and practical implications of the findings are discussed.

This study offers some insightful implications in the field of private information communication in artificial intelligence applications as well as practical implications for intelligent VA application design. The findings provide empirical evidence of privacy communication management in the context of smart VA usage.

Explores the central role that private information on corporate intangibles plays in the private corporate governance role of financial institutions (FIs). The institutional fund managers’ (FMs) private understanding of many qualitative or intellectual capital factors driving corporate performance was the basis for wide‐ranging corporate governance influence concerning financial performance and conventional Cadbury‐style corporate governance issues. This was primarily a private, implicit corporate governance process by FIs and their FMs during good corporate performance. Also reveals how the nature of FM corporate governance influence became more interventionist with adverse changes in corporate performance factors, in FI‐side influence factors and in environmental circumstances. The qualitative intangible factors, especially board and top management qualities, were central to this more proactive form of intervention. Finally, discusses the case results within the research literature on the corporate governance role of FIs, identifies new directions for research and discusses policy implications briefly.

This paper aims to explore how fund managers (FMs) deal with major problems of ignorance and uncertainty in stock selection and in asset allocation decisions.

Interviews were conducted with 40 fund managers in the period October 1997 to January 2000. A seven stage approach was adopted to sift through and process the large volumes of case data. The interview case data formed the basis for identifying common patterns and themes across the cases.

The case data revealed the nature of this private information agenda concerning intellectual capital or intangibles and the dynamic connections between these variables in the value creation process. The case data provided insight into how the book value and market value gap arose and the special role of information on intangibles and intellectual capital in valuing the company.

The fund management behaviour has important implications for regulatory policy issues on insider information, on corporate disclosure, the corporate governance role of financial institutions, and for the governance of financial institutions.

The paper focuses on issues of importance in an increasingly concentrated and global FM industry.

Inter-organisational governance is an important enabler for information processing, particularly in relationships undergoing digital transformation (DT) where partners depend on each other for information in decision-making. Based on information processing theory (IPT), the authors theoretically and empirically investigate how governance mechanisms address information asymmetry (uncertainty and equivocality) arising in capturing, sharing and interpreting information generated by digital technologies.

IPT is applied to four cases of public–private relationships in the Dutch infrastructure sector that aim to enhance the quantity and quality of information-based decision-making by implementing digital technologies. The investigated relationships are characterised by differing degrees and types of information uncertainty and equivocality. The authors build on rich data sets including archival data, observations, contract documents and interviews.

Addressing information uncertainty requires invoking contractual control and coordination. Contract clauses should be precise and incentive schemes functional in terms of information requirements. Information equivocality is best addressed by using relational governance. Identifying information requirements and reducing information uncertainty are a prerequisite for the transformation activities that organisations perform to reduce information equivocality.

The study offers insights into the roles of both governance mechanisms in managing information asymmetry in public–private relationships. The study uncovers key activities for gathering, sharing and transforming information when using digital technologies.

This study draws on IPT to study public–private relationships undergoing DT. The study links contractual control and coordination as well as relational governance mechanisms to information-processing activities that organisations deploy to reduce information uncertainty and equivocality.

The objective of this paper is to investigate the role of information asymmetry in the equity selling mechanisms chosen by the firms from an important emerging market, India. Specifically, the authors look into the choice between the two most popular mechanisms of equity issues – rights issue and private placement of equity.

This study introduces three analyst specific variables as proxies of information asymmetry as the conventional proxies are fraught with several disadvantages. First, the paper tests the choice between rights issue and private placement using a binary logistic model. In the second approach the authors use rights issue and segregate the private placements into preferential allotments and qualified institutional placements and test the impact of information asymmetry using a multinomial logistic regression.

The outcome of this empirical exercise shows that only those firms facing lesser information problems choose rights issue of equity. Private placements are chosen by firms facing higher information problems to circumvent information costs. The results remain invariant even after segregating the qualified institutional placements from private equity placement as the firms with information disadvantage choose to place equity privately.

In contrast to the conventional studies that focus on the debt-equity framework, the authors argue that the impact of information asymmetry is applicable even at disaggregated levels of equity selling mechanism.

Viewdata was a British invention. The inventor, Sam Fedida, came to work at the Post Office research centre in 1970, on a “viewphone” project. Apart from providing television pictures of the caller and recipient involved in a telephone conversation, the viewphone was also to allow transmission of computer data. Such a piece of equipment would, it was hoped, increase telephone network use during off‐peak periods.

The purpose of this paper is twofold: first, it seeks the perception of public-private partnership (PPP) experts on the importance of desirable PPP information that can be voluntarily reported by the private sector; and second, it determines the extent and quality of voluntary disclosure of PPP information by private entities.

In achieving the first objective, the study uses a questionnaire survey. The questionnaire was distributed to PPP experts and 25 usable responses were received. In addressing the second objective, a content analysis procedure was utilized to analyse the 2015 annual reports of 11 construction companies. Descriptive statistics including the mean score, frequency and percentage were employed to analyse the responses of the questionnaire instrument and the annual reports disclosure.

The results of the questionnaire survey reveal that the majority of the items were rated as very important to be disclosed by the private sector in Malaysia. However, from the content analysis, it was also revealed that the extent and quality of voluntary information disclosed by the private construction companies were low.

This study is important as it contributes to the scant literature on PPP disclosure in Malaysia. The study is unique as it not only investigated the extent and quality of voluntary disclosure by private entities, but also solicited the perception of PPP experts on what voluntary items should be disclosed.