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Prediction Markets For Corporate Governance
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Book Synopsis Prediction Markets for Corporate Governance by : Michael Abramowicz
Download or read book Prediction Markets for Corporate Governance written by Michael Abramowicz and published by . This book was released on 2006 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: Building on the success of prediction markets at forecasting political elections and other matters of public interest, firms have made increasing use of prediction markets to help make business decisions. This Article explores the implications of prediction markets for corporate governance. Prediction markets can increase the flow of information, encourage truth telling by internal and external firm monitors, and create incentives for agents to act in the interest of their principals. The markets can thus serve as potentially efficient alternatives to other approaches to providing information, such as the Sarbanes-Oxley Act's internal controls provisions. Prediction markets can also produce an avenue for insiders to profit on and thus reveal inside information while maintaining a level playing field in the market for a firm's securities. This creates a harmless way around existing insider trading laws, undercutting the argument for the repeal of these laws. In addition, prediction markets can reduce agency costs by providing direct assessments of corporate policies, thus serving as an alternative or complement to shareholder voting as a means of disciplining corporate boards and managers. Prediction markets may thus be particularly useful for issues where agency costs are greatest, such as executive compensation. Deployment of these markets, whether voluntarily or perhaps someday as a result of legal mandates, could improve alignment between shareholders and managers on these issues better than other proposed reforms. These markets might also displace the business judgment rule because they can furnish contemporaneous and relatively objective benchmarks for courts to evaluate business decisions.
Book Synopsis Market Efficiency and Continuous Information Arrival by : Paul Docherty
Download or read book Market Efficiency and Continuous Information Arrival written by Paul Docherty and published by . This book was released on 2019 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two regularities in financial economics are that prices underreact to news events and that they display short-term momentum. This paper tests for the presence of these regularities in prediction markets offered by the betting exchange Betfair on the 2008 Ryder Cup Golf Competition. Betfair offered in-play prediction markets on the individual match-play pairings and on the Cup result, with trading being virtually continuous in all markets.Modelled probabilities of the Cup result were updated continuously using trades in the individual match-play pairings. These probabilities were then compared with the probabilities of the Cup result implied by odds in that market.The odds in the market for the Cup result underreact to both good and bad news that is provided by changes in the odds in the markets for the individual pairings. Further, these modelled probabilities Granger cause changes in the probabilities of the Cup result implied by odds in the market on that outcome. In addition, economically and statistically significant evidence of momentum is found in the odds in the market on the Cup result.
Book Synopsis Stock Market Returns, Corporate Governance and Capital Market Equilibrium by : Bruno Maria Parigi
Download or read book Stock Market Returns, Corporate Governance and Capital Market Equilibrium written by Bruno Maria Parigi and published by . This book was released on 2013 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Corporate Governance Indices and Firms' Market Values by : Bernard S. Black
Download or read book Corporate Governance Indices and Firms' Market Values written by Bernard S. Black and published by . This book was released on 2009 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is increasing evidence that broad measures of firm-level corporate governance predict higher share prices. However, almost all prior work relies on cross-sectional data. This work leaves open the possibility that endogeneity or omitted firm-level variables explain the observed correlations. We address the second possibility by offering time-series evidence from Russia for 1999-present, exploiting a number of available governance indices. We find an economically important and statistically strong correlation between governance and market value both in OLS and in fixed effects regressions with firm-index fixed effects. We also find large differences in coefficients and significance levels, including some sign reversals, between OLS and fixed effects specifications. This suggests that cross-sectional results may be unreliable. We also find significant differences in the predictive power of different indices, and in the components of these indices. How one measures governance matters.This prepublication version is substantively the same as the published version, except that this version includes results for subindices and results with firm-index random effects, which were omitted from the published version due to space constraints.A Russian translation of this article is available at lt;a href=quot;http://ssrn.com/abstract=1435838quot;gt;http://ssrn.com/abstract=1435838lt;/agt.
Book Synopsis The Modern Corporation and Private Property by : Adolf Augustus Berle
Download or read book The Modern Corporation and Private Property written by Adolf Augustus Berle and published by . This book was released on 1937 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Prediction Markets by : Leighton Vaughan Williams
Download or read book Prediction Markets written by Leighton Vaughan Williams and published by Routledge. This book was released on 2011-06-16 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: How does one effectively aggregate disparate pieces of information that are spread among many different individuals? In other words, how does one best access the ‘wisdom of the crowd’? Prediction markets, which are essentially speculative markets created for the purpose of aggregating information and making predictions, offer the answer to this question. The effective use of these markets has the potential not only to help forecast future events on a national and international level, but also to assist companies, for example, in providing improved estimates of the potential market size for a new product idea or the launch date of new products and services. The markets have already been used to forecast uncertain outcomes ranging from influenza to the spread of infectious diseases, to the demand for hospital services, to the box office success of movies, climate change, vote shares and election outcomes, to the probability of meeting project deadlines. The insights gained also have many potentially valuable applications for public policy more generally. These markets offer substantial promise as a tool of information aggregation as well as forecasting, whether alone or as a supplement to other mechanisms like opinion surveys, group deliberations, panels of experts and focus groups. Moreover, they can be applied at a macroeconomic and microeconomic level to yield information that is valuable for government and commercial policy-makers and which can be used for a number of social purposes. This volume of original readings, contributed by many of the leading experts in the field, marks a significant addition to the base of knowledge about this fascinating subject area. The book should be of interest to anyone looking at monetary economics, economic forecasting and microeconomics.
Book Synopsis Predictocracy by : Michael Abramowicz
Download or read book Predictocracy written by Michael Abramowicz and published by Yale University Press. This book was released on 2008-10-01 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: Predicting the future is serious business for virtually all public and private institutions, for they must often make important decisions based upon such predictions. This text explores how institutions might improve their predictions and arrive at better decisions by means of prediction markets.
Book Synopsis Economic Forecasting by : Graham Elliott
Download or read book Economic Forecasting written by Graham Elliott and published by Princeton University Press. This book was released on 2016-04-05 with total page 566 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive and integrated approach to economic forecasting problems Economic forecasting involves choosing simple yet robust models to best approximate highly complex and evolving data-generating processes. This poses unique challenges for researchers in a host of practical forecasting situations, from forecasting budget deficits and assessing financial risk to predicting inflation and stock market returns. Economic Forecasting presents a comprehensive, unified approach to assessing the costs and benefits of different methods currently available to forecasters. This text approaches forecasting problems from the perspective of decision theory and estimation, and demonstrates the profound implications of this approach for how we understand variable selection, estimation, and combination methods for forecasting models, and how we evaluate the resulting forecasts. Both Bayesian and non-Bayesian methods are covered in depth, as are a range of cutting-edge techniques for producing point, interval, and density forecasts. The book features detailed presentations and empirical examples of a range of forecasting methods and shows how to generate forecasts in the presence of large-dimensional sets of predictor variables. The authors pay special attention to how estimation error, model uncertainty, and model instability affect forecasting performance. Presents a comprehensive and integrated approach to assessing the strengths and weaknesses of different forecasting methods Approaches forecasting from a decision theoretic and estimation perspective Covers Bayesian modeling, including methods for generating density forecasts Discusses model selection methods as well as forecast combinations Covers a large range of nonlinear prediction models, including regime switching models, threshold autoregressions, and models with time-varying volatility Features numerous empirical examples Examines the latest advances in forecast evaluation Essential for practitioners and students alike
Download or read book Oracles written by Donald N. Thompson and published by Harvard Business Press. This book was released on 2012-05-22 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why Prediction Markets Are Good for Business From selecting the lead actress in a Broadway musical, to predicting a crucial delay in the delivery of Boeing’s 787 Dreamliner months before the CEO knew about it, to accurately forecasting US presidential elections—prediction markets have realized some amazing successes by aggregating the wisdom of crowds. Until now, the potential for this unique approach has remained merely an interesting curiosity. But a handful of innovative organizations—GE, Google, Motorola, Microsoft, Eli Lily, even the CIA—has successfully tapped employee insights to change how business gets done. In Oracles, Don Thompson explains how these and other firms use prediction markets to make better decisions, describing what could be the origins of a social revolution. Thompson shows how prediction markets can: • draw on the hidden knowledge of every employee • tap the “intellectual bandwidth” of retired employees • replace surveys • substitute for endless meetings By showing successes and failures of real organizations, and identifying the common roadblocks they’ve overcome, Oracles offers a guide to begin testing expertise against the collective wisdom of employees and the market—all to the benefit of their bottom line.
Book Synopsis Perspectives on Financing Innovation by : James E. Daily
Download or read book Perspectives on Financing Innovation written by James E. Daily and published by Routledge. This book was released on 2014-05-16 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although much has been written about innovation in the past several years, not all parts of the innovation lifecycle have been given the same treatment. This volume focuses on the important first step of arranging financing for innovation before it is made, and explores the feedback effect that innovation can have on finance itself. The book brings together a diverse group of leading scholars in order to address the financing of innovation. The chapters address three key areas, intellectual property, venture capital, and financial engineering in the capital markets, in order to provide fresh and insightful analyses of current and future economic developments in financing innovation. Chapters on intellectual property cover topics including innovation in law-making, orphan business models, and the use of intellectual property to protect financial engineering innovations and developing intellectual property regimes in Brazil, Russia, India, and China. The book also covers the tax treatment of venture capital founders, the treatment of preferred stock by the Delaware Courts, asset-backed lending hedge funds, and corporate governance for small businesses after the Dodd-Frank financial reform bill. The book will be of interest to scholars, practitioners, and students in law, innovation, finance, and business.
Book Synopsis Advances in Business and Management Forecasting by : Kenneth D. Lawrence
Download or read book Advances in Business and Management Forecasting written by Kenneth D. Lawrence and published by Emerald Group Publishing. This book was released on 2011-11-16 with total page 219 pages. Available in PDF, EPUB and Kindle. Book excerpt: Intends to present advanced studies in the application of forecasting methodologies to such areas as sales, marketing, and strategic decision making. This title includes topics such as: sales and marketing, forecasting, new product forecasting, judgmentally-based forecasting, the application of surveys to forecasting, and sales response models.
Book Synopsis OECD Sovereign Borrowing Outlook 2021 by : OECD
Download or read book OECD Sovereign Borrowing Outlook 2021 written by OECD and published by OECD Publishing. This book was released on 2021-05-20 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edition of the OECD Sovereign Borrowing Outlook reviews developments in response to the COVID-19 pandemic for government borrowing needs, funding conditions and funding strategies in the OECD area.
Book Synopsis Convergence and Persistence in Corporate Governance by : Jeffrey N. Gordon
Download or read book Convergence and Persistence in Corporate Governance written by Jeffrey N. Gordon and published by Cambridge University Press. This book was released on 2004-04-08 with total page 409 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance is on the reform agenda all over the world. How will global economic integration affect the different systems of corporate ownership and governance? Is the Anglo-American model of shareholder capitalism destined to become the template for a converging global corporate governance standard or will the differences persist? This reader contains classic work from leading scholars addressing this question as well as several new essays. In a sophisticated political economy analysis that is also attuned to the legal framework, the authors bring to bear efficiency arguments, politics, institutional economics, international relations, industrial organization, and property rights. These questions have become even more important in light of the post-Enron corporate governance crisis in the United States and the European Union's repeated efforts at corporate integration. This will become a key text for postgraduates and academics.
Book Synopsis Research Handbook on the Economics of Corporate Law by : Claire A. Hill
Download or read book Research Handbook on the Economics of Corporate Law written by Claire A. Hill and published by Edward Elgar Publishing. This book was released on 2012-04-01 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: Comprising essays specially commissioned for the volume, leading scholars who have shaped the field of corporate law and governance explore and critique developments in this vibrant and expanding area and offer possible directions for future research. This important addition to the Research Handbooks in Law and Economics series provides insights into subjects such as the role of directors, shareholders, creditors and employees; empirical studies of litigation and shareholder activism; executive compensation; corporate gatekeepers; comparative law; and behavioral approaches to law and finance. Topics are organized within five sections: corporate constituencies, insider governance, gatekeepers, jurisdiction, and new theory. Taken as a whole, the volume serves as an introduction for those new to the field and as a reference for those unfamiliar with some of the topics discussed. Authoritative and accessible, the Research Handbook on the Economics of Corporate Law will be a valuable resource for students, scholars, and practitioners of corporate law and economics.
Book Synopsis Securities Markets and Corporate Governance by : Yuwa Wei
Download or read book Securities Markets and Corporate Governance written by Yuwa Wei and published by Routledge. This book was released on 2016-04-01 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the rationalities and functions of securities markets and takeover activities. Focusing on the Chinese experience of utilizing the securities market as an effective mechanism of corporate control, this volume analyses the future development of China's financial market in the era of economic globalization. Providing an overview of the historical development of the securities market and a literature review of the economic functions of stock markets, Securities Markets and Corporate Governance also examines the legal regimes governing securities markets and takeovers in some leading corporate economies including the US, Germany, Japan and the UK. This volume then focuses on the Chinese experience, proposing a model which balances internal corporate governance and external market control for China.
Book Synopsis The Trust Revolution by : M.Todd Henderson
Download or read book The Trust Revolution written by M.Todd Henderson and published by Cambridge University Press. This book was released on 2019-08-15 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traces the history of innovation and trust, demonstrating how the Internet offers new ways to rehabilitate and strengthen trust.
Book Synopsis The Unbounded Home by : Lee Anne Fennell
Download or read book The Unbounded Home written by Lee Anne Fennell and published by Yale University Press. This book was released on 2009-09-01 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: Lee Anne Fennell explores the relationship between home ownership and neighbourhood, arguing that the desire for active participation in local affairs is directly linked to conern about property values. She looks at how critical issues of neighbourhood control & community composition might be addressed through this link.
