Show simple item record

dc.contributor.authorBianchi, Milo
dc.contributor.authorJehiel, Philippe
dc.date.accessioned2013-03-07T13:23:51Z
dc.date.available2013-03-07T13:23:51Z
dc.date.issued2015
dc.identifier.issn0022-0531
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/11093
dc.language.isoenen
dc.subjectcompetition
dc.subjectefficient market hypothesis
dc.subjectfinancial reporting
dc.subjectsophistication
dc.subjectExtrapolation
dc.subject.ddc332en
dc.subject.classificationjelC72en
dc.subject.classificationjelD53en
dc.subject.classificationjelG14en
dc.titleFinancial reporting and market efficiency with extrapolative investors
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenWe consider a competitive financial market in which companies engage in strategic financial reporting knowing that investors only payattention to finitely many aspects of firms reports and extrapolate from their sample. We investigate the extent to which stock prices differ from the fundamental values, assuming that companies must reportall their activities but are otherwise free to disaggregate their reportsas they wish. We show that no matter how many aspects investors are able to consider, a monopolist can induce a price of its stock bounded away from the fundamental. Besides, competition between companies may exacerbate stock mispricing.
dc.publisher.cityParisen
dc.relation.isversionofjnlnameJournal of Economic Theory
dc.relation.isversionofjnlvol157
dc.relation.isversionofjnldate2015
dc.relation.isversionofjnlpages842-878
dc.relation.isversionofdoi10.1016/j.jet.2015.02.009
dc.relation.isversionofjnlpublisherAcademic Press
dc.subject.ddclabelEconomie financièreen
dc.description.submittednonen
dc.description.ssrncandidatenon
dc.description.halcandidateoui
dc.description.readershiprecherche
dc.description.audienceInternational
dc.relation.Isversionofjnlpeerreviewedoui
dc.date.updated2016-12-03T15:35:31Z


Files in this item

Thumbnail

This item appears in the following Collection(s)

Show simple item record