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008201102t20202020onca    ob   f000 0 eng d
040 |aCaOODSP|beng|erda|cCaOODSP
0861 |aFB3-5/2020-43E-PDF
1001 |aSchroth, Josef, |eauthor.
24510|aOutside investor access to top management : |bmarket monitoring versus stock price manipulation / |cby Josef Schroth.
264 1|aOttawa, Ontario, Canada : |bBank of Canada = Banque du Canada, |c2020.
264 4|c©2020
300 |a1 online resource (ii, 45 pages) : |bcolour illustrations.
336 |atext|btxt|2rdacontent
337 |acomputer|bc|2rdamedia
338 |aonline resource|bcr|2rdacarrier
4901 |aStaff working paper = Document de travail du personnel, |x1701-9397 ; |v2020-43
500 |a"Last updated: October 28, 2020."
504 |aIncludes bibliographical references (pages 33-38).
5203 |a"This paper studies the role of voluntary disclosure in crowding out independent research about firm value. In the model, when inside firm owners make it easier for outside investors to obtain inexpensive biased information from the manager, investors rely less on costly unbiased research. As a result, managers are tempted to manipulate the firm stock price more, but investors are better informed because they anticipate manager manipulation. An increase in stock-price informativeness, therefore, has to be traded off against an increase in resources wasted on manipulation. I find that, surprisingly, firm owners grant investors more access to managers that manipulate more strongly. An implication is that the firm cost of capital is negatively related to manager manipulation"--Abstract, page ii.
650 0|aExecutives|xSalaries, etc.|xEconometric models.
650 0|aStocks|xPrices|xEconometric models.
650 0|aSpeculation|xEconometric models.
650 6|aSalaires|xCadres (Personnel)|xModèles économétriques.
650 6|aActions (Titres de société)|xPrix|xModèles économétriques.
650 6|aSpéculation|xModèles économétriques.
7102 |aBank of Canada, |eissuing body.
830#0|aStaff working paper (Bank of Canada)|v2020-43.|w(CaOODSP)9.806221
85640|qPDF|s423 KB|uhttps://publications.gc.ca/collections/collection_2020/banque-bank-canada/FB3-5-2020-43-eng.pdf