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Three essays on information asymmetr...

Zhang, Xin.

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Three essays on information asymmetry and principal-agent problems .

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Three essays on information asymmetry and principal-agent problems ./
Author:	Zhang, Xin.
Description:	132 p.
Notes:	Source: Dissertation Abstracts International, Volume: 72-04, Section: A, page: 1395.
Contained By:	Dissertation Abstracts International72-04A.
Subject:	Economics, Finance. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=NR69947
ISBN:	9780494699478

Three essays on information asymmetry and principal-agent problems .
Zhang, Xin.

Three essays on information asymmetry and principal-agent problems . - 132 p.

Source: Dissertation Abstracts International, Volume: 72-04, Section: A, page: 1395.

Thesis (Ph.D.)--Queen's University (Canada), 2010.

In this dissertation, we investigate three different questions that are related to information asymmetry and principal-agent problems. The first question is whether principal-agent conflicts lead executives to influence the design of their own employment contracts to exploit the shareholders; the second is the question whether conflicts of interest hamper the effectiveness of affiliated analysts in detecting and curbing earnings management; and the third is whether small investors are at an informational disadvantage. The three studies provide evidence on the existence of information asymmetry and principal-agent problems in various contexts. In particular, we find that the benchmarking process of executive compensation observed is a remedy of the agency costs incurred; that analysts from independent research firms monitor firms they cover more effectively than analysts affiliated with investment banks; and, strikingly, that small investors actually may have better information regarding firms' financials even when compared to professional equity analysts. Together, these studies provide new insights into the cornerstone problems of the finance literature.

ISBN: 9780494699478Subjects--Topical Terms:

626650
Economics, Finance.

Three essays on information asymmetry and principal-agent problems .
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040 $a UMI $c UMI
100 1 $a Zhang, Xin. $3 996620
245 1 0 $a Three essays on information asymmetry and principal-agent problems .
300 $a 132 p.
500 $a Source: Dissertation Abstracts International, Volume: 72-04, Section: A, page: 1395.
502 $a Thesis (Ph.D.)--Queen's University (Canada), 2010.
520 $a In this dissertation, we investigate three different questions that are related to information asymmetry and principal-agent problems. The first question is whether principal-agent conflicts lead executives to influence the design of their own employment contracts to exploit the shareholders; the second is the question whether conflicts of interest hamper the effectiveness of affiliated analysts in detecting and curbing earnings management; and the third is whether small investors are at an informational disadvantage. The three studies provide evidence on the existence of information asymmetry and principal-agent problems in various contexts. In particular, we find that the benchmarking process of executive compensation observed is a remedy of the agency costs incurred; that analysts from independent research firms monitor firms they cover more effectively than analysts affiliated with investment banks; and, strikingly, that small investors actually may have better information regarding firms' financials even when compared to professional equity analysts. Together, these studies provide new insights into the cornerstone problems of the finance literature.
590 $a School code: 0283.
650 4 $a Economics, Finance. $3 626650
690 $a 0508
710 2 $a Queen's University (Canada). $3 1017786
773 0 $t Dissertation Abstracts International $g 72-04A.
790 $a 0283
791 $a Ph.D.
792 $a 2010
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=NR69947