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Information asymmetry |
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Information asymmetry Condition that information is known to some, but not all, participants. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| Conversely, firms operating in a highly competitive environment may have greater incentive to disclose, as there is potentially less risk to their competitive position and, in fact, the release of additional information could benefit the firm by reducing information asymmetries between management and the shareholders (Hayes & Lundholm 1996; Harris 1998; Botosan & Stanford 2005). In the presence of pronounced information asymmetries about credit history, our results justify a loan officer's increased trust in a client with whom the bank has had a stronger relationship; such clients, ceteris paribus, are less likely to default. But Arrow intervened in the debate and asserted that information asymmetries were responsible for shaping many of the institutions, not nefarious conspiracies. |
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