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2014

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Articles 271 - 300 of 307

Full-Text Articles in Finance and Financial Management

Corporate Social Responsibility In The Nigerian Banking Sector, Cecily Joy Adeleke Jan 2014

Corporate Social Responsibility In The Nigerian Banking Sector, Cecily Joy Adeleke

Walden Dissertations and Doctoral Studies

Corporate social responsibility is presently defined by the World Business Council of Sustainable Development as persistent commitment by businesses to behave ethically and contribute to economic development while also increasing the quality of life of employees, their families, and the community. Guided by Freeman's stakeholder theory, this study examined the relationship between corporate social responsibility and the Nigerian bankers' reported satisfaction with the Nigerian banking sector. Survey data were collected from a convenience sample of 99 Nigerian bankers, including branch managers, zonal managers, tellers, marketers, and investors. A single-stage sampling procedure was used to elicit their satisfaction with the Nigerian …

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Stock Options As Lotteries, Brian H. Boyer, Keith Vorkink Jan 2014

Stock Options As Lotteries, Brian H. Boyer, Keith Vorkink

Faculty Publications

We investigate the relationship between ex ante total skewness and holding returns on individual equity options. Recent theoretical developments predict a negative relationship between total skewness and average returns, in contrast to the traditional view that only coskewness is priced. We find, consistent with recent theory, that total skewness exhibits a strong negative relationship with average option returns. Differences in average returns for option portfolios sorted on ex ante skewness range from 10% to 50% per week, even after controlling for risk. Our findings suggest that these large premiums compensate intermediaries for bearing unhedgeable risk when accommodating investor demand for …

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Performance Persistence Of Institutional Investors In Ipo Market : Evidence From China, Sibo Liu Jan 2014

Performance Persistence Of Institutional Investors In Ipo Market : Evidence From China, Sibo Liu

Lingnan Theses

Using a dataset consisting of complete bid information for 477 bookbuilt IPOs that took place during Nov 2010 to Oct 2012 in China, I examine whether the performance of institutional investors demonstrates persistence in the IPO market. Building on the adverse selection model as developed by Rock (1986) and a twoperiod analysis, I develop three hypotheses and obtain empirical results that are consistent with the hypotheses. Firstly, I find that the performance of institutional investors continues into the next period. Secondly, I find that the performance persistence exists only for the investors with good past performance but not for investors …

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An Analysis Of The Structure And Dynamics Of The Philippine Macroeconomy: Results From A Dsge-Based Estimation, Ruperto P. Majuca Jan 2014

An Analysis Of The Structure And Dynamics Of The Philippine Macroeconomy: Results From A Dsge-Based Estimation, Ruperto P. Majuca

DLSU Business & Economics Review

I use Bayesian methods to estimate a medium-scale closed economy dynamic stochastic general equilibrium (DSGE) model for the Philippine economy. Bayesian model selection techniques indicate that among the frictions introduced in the model, the investment adjustment costs, habit formation, and the price and wage rigidity features are important in capturing the dynamics of the data, while the variable capital utilization, fixed costs, and the price and wage indexation features are not important. I find that the Philippine macroeconomy is characterized by more instability than the U.S. economy. An analysis of the several subperiods in Philippine economic history also reveals some …

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Liberalizing The Philippine Mining Industry: A Cge Approach Into Analyzing Its Sectoral Impacts On The Economy, Jesus Carlos Exequiel D. Castillo, Krista Danielle S. Yu Jan 2014

Liberalizing The Philippine Mining Industry: A Cge Approach Into Analyzing Its Sectoral Impacts On The Economy, Jesus Carlos Exequiel D. Castillo, Krista Danielle S. Yu

DLSU Business & Economics Review

The mining industry in the Philippines was once a promising venture that could contribute to the growth of output in the economy. Numerous legislations in support of mining in the Philippines that were passed through the years have proven ineffective in spurring development in the industry. Despite the spotted history of mining in the Philippines, the rising prices of precious metals in the world would seem that mining as a venue for output is as lustrous as ever. Due to the economic downturn in the mid 2000s, the markets turned their attention back to heavy investments in metals, causing most …

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Estimating The Efficiency Of Philippine Public High Schools Using Spatio-Temporal Stochastic Frontier Analysis, Michael Ralph M. Abrigo, Rouselle F. Lavado, Erniel B. Barrios, Brian C. Gozun Jan 2014

Estimating The Efficiency Of Philippine Public High Schools Using Spatio-Temporal Stochastic Frontier Analysis, Michael Ralph M. Abrigo, Rouselle F. Lavado, Erniel B. Barrios, Brian C. Gozun

DLSU Business & Economics Review

This paper proposes a method for modeling production function of education using a stochastic frontier model with spatial temporal terms. Using a unique dataset that combines school achievement scores with school characteristics from 2005-2008, the efficiency of 4,900 public high schools in the Philippines in converting school inputs into test scores was estimated. Results show that the average inefficiency is at 41% and that there is a significant positive spatial externality in efficiency, which means that efficiency in one school can spill over to its neighbors. The model was found to be robust to various environmental variables included in the …

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Human Capital And Savings In An Olg Economy With Migration Possibilities: A Theoretical Note, Lawrence B. Dacuycuy, Dickson A. Lim Jan 2014

Human Capital And Savings In An Olg Economy With Migration Possibilities: A Theoretical Note, Lawrence B. Dacuycuy, Dickson A. Lim

DLSU Business & Economics Review

In a theoretical study by Stark, Helmenstein, and Prskawetz (1998), the presence of migration possibilities may increase human capital formation. This note verifies the robustness of the said result by introducing savings as a choice variable in an overlapping generations model with migration possibilities. Results indicate that human capital formation will still increase provided that certain technical conditions are met.

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The China Renaissance: The Rise Of Xi Jinping And The 18th Communist Party Congress By The Writers, Artists And Editors Of The South China Morning Post, Edited By Jonathan Sharp, Tai Wei Lim Jan 2014

The China Renaissance: The Rise Of Xi Jinping And The 18th Communist Party Congress By The Writers, Artists And Editors Of The South China Morning Post, Edited By Jonathan Sharp, Tai Wei Lim

DLSU Business & Economics Review

No abstract provided.

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Something Old Is New Again: Airline-Airport Consortia And Key Stakeholder Benefits, Janet K. Tinoco, Brian W. Sherman Jan 2014

Something Old Is New Again: Airline-Airport Consortia And Key Stakeholder Benefits, Janet K. Tinoco, Brian W. Sherman

Management, Marketing and Operations - Daytona Beach

Although consortia in the aviation sector predate deregulation by decades, this type of cooperative agreement, particularly in the airline industry, is experiencing a resurgence of interest from industry participants and academia. Airlines are searching for new innovative ways to reduce costs while airports are searching for private partners to improve terminal facilities and equipment and update services. Passengers, on the other hand, continue to balance price versus performance in their travel experience. This empirical research study finds evidence of positive influences of airline consortia to all key stakeholders; however the majority of benefit appears to be felt by the airlines …

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Retail Islamic Financial Services In North America: The (Upper) Michigan Connection, Brian A. Zinser Jan 2014

Retail Islamic Financial Services In North America: The (Upper) Michigan Connection, Brian A. Zinser

Journal Articles

The purpose of this paper is to explore how a small remote Midwestern bank reformulated itself into a major marketer of retail Islamic financial services in the United States and influenced Islamic financial services marketing in North America. The paper is based on a review of existing literature and a case study of how University Bank, now based in Ann Arbor, Michigan, has become the leading providerof Islamic financial services in the United States. University Bank whose principals are Roman Catholic identified the Muslim market in Southeast Michigan as measurable, differentiable, accessible and substantial. As part of the Bank’s reformulation …

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Transnational Regulatory Regimes In Finance: A Comparative Analysis Of Their (Dis-)Integrative Effects, Katharina Pistor Jan 2014

Transnational Regulatory Regimes In Finance: A Comparative Analysis Of Their (Dis-)Integrative Effects, Katharina Pistor

Faculty Scholarship

Financial markets have become increasingly interconnected with financial intermediaries and instruments linking local and national markets to form regional or even global ones. The global financial crisis of 2008 demonstrated once more that financial interdependence can be both a blessing and a curse. It facilitates the movement of capital and the expansion of credit, and as such promotes economic development in good times; however, in bad times it transmits liquidity shortages throughout the system triggering financial crises and economic recessions where credit expansion earlier fuelled expansion and growth. A critical question therefore is how to structure the governance of transnational …

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Financial Forest, Karen Carlson Jan 2014

Financial Forest, Karen Carlson

Electronic Theses and Dissertations

Regular savings behavior is critical for low-income Americans to achieve financial mobility. New technology tools are being used to improve personal awareness and attention to financial goals. This thesis reviews mobile learning (mLearning) research and leading commercial personal finance smartphone apps, both of which inform the design of Financial Forest, a savings app. Participants in the 4-week Financial Forest savings study are found to have a statistically significant improved perception of the difficulty of building an emergency fund.

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Modelling Risk Management In Banks: Examining Why Banks Fail?, Daniel Onyebuchi Okehi Jan 2014

Modelling Risk Management In Banks: Examining Why Banks Fail?, Daniel Onyebuchi Okehi

Walden Dissertations and Doctoral Studies

The persistent bank failures in the Nigerian financial system have been a major concern of the government, depositors, shareholders, and the general public because of the important roles banks play in the economy. The aim of this research was to determine why there have been persistent bank failures in Nigeria and to investigate whether ineffective risk management in banks, coupled with poor corporate governance practices and nonadherence to regulations (independent variables), play a significant role in the banks' performance(dependent variable). The variables were operationalized by taking VaR as the proxy for risk management, having CRO as proxy for ERM , …

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An Empirical Examination Of Negative Economic Value Added Firms., Stoyu Ivanov, Kenneth Leong, Janis Zaima Jan 2014

An Empirical Examination Of Negative Economic Value Added Firms., Stoyu Ivanov, Kenneth Leong, Janis Zaima

Faculty Publications

Economic value-added or EVA is a common metric that quantifies the value of the firm. However, recent studies that examine portfolio investment strategies using EVA suggest that portfolios formed with negative EVA earn relatively higher returns compared to some positive EVA firms. This study investigates whether firms with current negative EVAs perform well in the future. A sample of firms with negative EVAs in 2003 is identified, then four portfolios are formed by ranking firms from the most negative to the least negative EVAs. The returns of the four portfolios are tracked from 2004 through 2009 and correlated to four …

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An Approximation Of The Internal Rate Of Return Of Investment In Selected Undergraduate Degree Programs, Editha A. Lupdag–Padama, John Paolo R. Rivera, Rhory C. Fernandez–Go, Krista Danielle S. Yu, Francesca Dianne B. Solis, Rosanina A. Sayoc Jan 2014

An Approximation Of The Internal Rate Of Return Of Investment In Selected Undergraduate Degree Programs, Editha A. Lupdag–Padama, John Paolo R. Rivera, Rhory C. Fernandez–Go, Krista Danielle S. Yu, Francesca Dianne B. Solis, Rosanina A. Sayoc

DLSU Business & Economics Review

The situation of a typical Filipino household, overseas employment, and the culture of migration are deemed as determinants for investing in higher education such as in the specialized fields of accountancy, education science and teacher training, engineering, and nursing. We examine both local and international labor demand for accountants, teachers, engineers, and nurses as well as its underlying implications on the exodus of professionals. As such, the determination of the internal rate of return to investment is of crucial importance to households to fully maximize educational opportunities and for the government and other institutions to confront this globally-changing situation. Using …

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On The Governance Of Innovation: Institutional Ownership Vs. Stock Price, Huong Thi Thu Le Jan 2014

On The Governance Of Innovation: Institutional Ownership Vs. Stock Price, Huong Thi Thu Le

LSU Doctoral Dissertations

Firms can change their outstanding shares to manage their stock price levels. Those with lower stock prices tend to attract more speculative trading, which causes higher price volatility and may force their managers to excessively focus on short-term earnings at the expense of R&D and other long-term projects. Thus, I hypothesize that keeping high stock price levels allows firms to (i) limit speculative traders’ influences on stock prices and thus mitigate investor short-termism, and (ii) enhance R&D productivity. Indeed, I find that high-priced firms are less likely to cut R&D to reverse an earnings decline, less likely to fire their …

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Using Tips To Discount To Present Value, Raymond Strangways, Bruce L. Rubin, Michael Zugelder Jan 2014

Using Tips To Discount To Present Value, Raymond Strangways, Bruce L. Rubin, Michael Zugelder

Finance Faculty Publications

The practice of forensic economics has a long history of trying to identify the correct interest rate to use when valuing economic losses in personal injury and wrongful death cases. We trace the legal history as it relates to the appropriate interest rates and adjustments for inflation. We then discuss the use of Treasury Inflation Protected Securities, TIPS, and an analysis of the combined effect of realized inflation and taxes on the effective return. We come to the unexpected conclusion that the use of TIPS does not lend itself to a simple adjustment to the rate for taxes nor eliminate …

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Applying Insights From Behavioral Economics To Policy Design, Brigitte C. Madrian Jan 2014

Applying Insights From Behavioral Economics To Policy Design, Brigitte C. Madrian

Faculty Publications

The premise of this article is that an understanding of psychology and other social science disciplines can inform the effectiveness of the economic tools traditionally deployed in carrying out the functions of government, which include remedying market failures, redistributing income, and collecting tax revenue. An understanding of psychology can also lead to the development of different policy tools that better motivate desired behavior change or that are more cost-effective than traditional policy tools. The article outlines a framework for thinking about the psychology of behavior change in the context of market failures. It then describes the research on the effects …

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Performance Analysis Of Banks Headquartered In Hollywood Versus Silicon Valley., Stoyu Ivanov Jan 2014

Performance Analysis Of Banks Headquartered In Hollywood Versus Silicon Valley., Stoyu Ivanov

Faculty Publications

In this study we examine the performance of banks headquartered in Hollywood and banks headquartered in Silicon Valley in the period - first quarter 2008 until second quarter 2012, which includes the period of the Great Recession - December 2007 to June 2009. We find that during the financial crisis both Silicon Valley and Hollywood banks suffered but Silicon Valley banks much less than Hollywood banks. After the recession, banks in both regions improved performance again Silicon Valley banks recovering faster. We also find that the level of deposits, the leverage ratio and total loan chargeoffs consistently play a role …

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The Contributors, Marites Tiongco Jan 2014

The Contributors, Marites Tiongco

DLSU Business & Economics Review

No abstract provided.

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Research Of The Sustainability Of U.S. Public Debt And The Influence For Chinese Economy And Finance, Zikun Xu Jan 2014

Research Of The Sustainability Of U.S. Public Debt And The Influence For Chinese Economy And Finance, Zikun Xu

Senior Honors Theses and Projects

In the summer of 2010, the U.S. debt ceiling dispute attracted the attention of the world, and financial markets were shocked when Standard & Poor's finally cut the United States AAA rating. But with the increase of the debt ceiling as well as the European sovereign debt crisis intensified, the U.S. national debt problem was temporarily covered up. It must be noted, however, that the U.S. national debt has ballooned to the highest level since World War II, the ratio of national debt to GDP has reached to nearly 100%, coupled with the long-term U.S. fiscal deficit and the continuing …

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What Makes Annuitization More Appealing?, John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian, Stephen P. Zeldes Jan 2014

What Makes Annuitization More Appealing?, John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian, Stephen P. Zeldes

Faculty Publications

We conduct and analyze two large surveys of hypothetical annuitization choices. We find that allowing individuals to annuitize a fraction of their wealth increases annuitization relative to a situation where annuitization is an “all or nothing” decision. Very few respondents choose declining real payout streams over flat or increasing real payout streams of equivalent expected present value. Highlighting the effects of inflation increases demand for cost of living adjustments. Frames that highlight flexibility, control, and investment significantly reduce annuitization. A majority of respondents prefer to receive an extra “bonus” payment during one month of the year that is funded by …

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The Efects Of Cryptocurrency Wealth On Household Consumption And Investment, Darren Aiello, Scott R. Baker, Tetyana Balyuk, Marco Di Maggio, Mark J. Johnson, Jason Kotter Jan 2014

The Efects Of Cryptocurrency Wealth On Household Consumption And Investment, Darren Aiello, Scott R. Baker, Tetyana Balyuk, Marco Di Maggio, Mark J. Johnson, Jason Kotter

Faculty Publications

This paper uses transaction-level bank and credit card data to identify cryptocurrency investors and assess the impact of crypto wealth fuctuations on household consumption, as well as on investments in other assets. We fnd an $0.09 MPC from crypto gains, exceeding most previous estimates from unrealized equity gains. However, crypto investors are mostly also active equity investors, with many similar consumption patterns across gains from both asset classes. Households sell cryptocurrencies to increase discretionary and housing expenditures, with the latter causing local house price appreciation.

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Bank Valuation In Malaysia: An Empirical Comparison Of Conventional And Interest-Free (Islamic) Banking Models, Charlie Charoenwong, Ramin Cooper Maysami, David K. Ding Jan 2014

Bank Valuation In Malaysia: An Empirical Comparison Of Conventional And Interest-Free (Islamic) Banking Models, Charlie Charoenwong, Ramin Cooper Maysami, David K. Ding

Research Collection Lee Kong Chian School Of Business

Islamic banking, according to institute for Islamic Banking and Insurance "refers to a system of banking or banking activity that is consistent with the principles of the Shari'ah (Islamic rulings) and its practical application through the development of Islamic economics. Shari'ah prohibits the payment or acceptance of interest charges (riba) for the lending and accepting of money, as well as carrying out trade and other activities that provide goods or services considered contrary to its principles." The thrust of the current article is to examine the underlying factors and variables that guide the valuation of a sample of five Malaysian …

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Informal Banking And Early International Entrepreneurs: The Case Of The Chettiars, Jayarani Tan, Wee Liang Tan Jan 2014

Informal Banking And Early International Entrepreneurs: The Case Of The Chettiars, Jayarani Tan, Wee Liang Tan

Research Collection Lee Kong Chian School Of Business

As moneylenders during nineteenth century colonial period the Chettiars were functioned as informal bankers in Asia. They began as communal entrepreneurs in their clan but grew beyond their domestic borders. Despite their smallness and resources, they were able to internationalize. This paper reports a study into their internationalization examining the manner they were able to successfully venture abroad. We found that external factors like the British protectorate and internal factors like their unique socio-cultural institutions and norms and values served as enabling factors for their internationalization. These include a family culture of training the sons for the business, embracing business …

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Sox, Corporate Transparency, And The Cost Of Debt, Sandro Andrade, Gennaro Bernile, Frederick Hood Jan 2014

Sox, Corporate Transparency, And The Cost Of Debt, Sandro Andrade, Gennaro Bernile, Frederick Hood

Research Collection Lee Kong Chian School Of Business

We investigate the impact of the Sarbanes–Oxley (SOX) Act on the cost of debt through its effect on the reliability of financial reporting. Using Credit Default Swap (CDS) spreads and a structural CDS pricing model, we calibrate a firm-level corporate opacity parameter in the pre- and post-SOX periods. Our analysis shows that corporate opacity and the cost of debt decrease significantly after SOX. The median firm in our sample experiences an 18 bp reduction on its five-year CDS spread as a result of lower opacity following SOX, amounting to total annual savings of $ 844 million for the 252 firms …

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Mean Variance Analysis Of Asian Hedge Funds, Zhidong Bai, Kok Fai Phoon, Yongchang Hui, Wing-Keung Wong Jan 2014

Mean Variance Analysis Of Asian Hedge Funds, Zhidong Bai, Kok Fai Phoon, Yongchang Hui, Wing-Keung Wong

Research Collection Lee Kong Chian School Of Business

No abstract provided.

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Online Portfolio Selection: A Survey, Bin Li, Steven C. H. Hoi Jan 2014

Online Portfolio Selection: A Survey, Bin Li, Steven C. H. Hoi

Research Collection School Of Computing and Information Systems

Online portfolio selection is a fundamental problem in computational finance, which has been extensively studied across several research communities, including finance, statistics, artificial intelligence, machine learning, and data mining. This article aims to provide a comprehensive survey and a structural understanding of online portfolio selection techniques published in the literature. From an online machine learning perspective, we first formulate online portfolio selection as a sequential decision problem, and then we survey a variety of state-of-the-art approaches, which are grouped into several major categories, including benchmarks, Follow-the-Winner approaches, Follow-the-Loser approaches, Pattern-Matching--based approaches, and Meta-Learning Algorithms. In addition to the problem formulation …

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Volatility Of The Utilities Industry: Its Causal Relationship To Other Nine Industries, Kuo-Hao Lee, Ahmed Y. Elkassabgi, Wei-Jen Hseih Jan 2014

Volatility Of The Utilities Industry: Its Causal Relationship To Other Nine Industries, Kuo-Hao Lee, Ahmed Y. Elkassabgi, Wei-Jen Hseih

Faculty Publications - The LeMoyne Smith School of Business

The goal of this study is to investigate the causality relationship between the Utilities industry and the nine other industries. Previous literatures show that volatility of stock prices is informative; Granger causality is applied in this research by using of a leveraged bootstrap test developed by Hacker and Hatemi-J (2006) to examine the behavior of the volatility. The results indicate that causality of the volatility of the Utilities industry on the volatility of seven other industries, except the Information Technology and Telecommunication Services industries. The data also suggest that Financials industry has impact on the Utilities industry.

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Releasing Information In Xbrl: Does It Improve Information Asymmetry For Early U.S. Adopters?, Marshall A. Geiger, David S. North, Daniel D. Selby Jan 2014

Releasing Information In Xbrl: Does It Improve Information Asymmetry For Early U.S. Adopters?, Marshall A. Geiger, David S. North, Daniel D. Selby

Accounting Faculty Publications

Information released in XBRL is intended to improve the quality and accessibility of SEC filings, leading to less information asymmetry in the equity market. Research findings on the effects of XBRL on information asymmetry in the US., however, are mixed. Kim et al. (2012) reports that XBRL reduces information asymmetry while Blankespoor et al. (2012) reports that XBRL increases information asymmetry. In contrast to these prior studies, we report that the answer as to whether XBRL affects information asymmetry is matter of firm size. In this study we examine shifts in two measures of information asymmetry for early adopters of …

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