In the restaurant industry, information gap between inside management and outside stakeholders could be considerable due to analyst’ lack of interest in the restaurant industry and restaurant firms’ high intangible asset and scant corporate payout. Given the possible seriousness of information asymmetry in the restaurant industry, the subject of information asymmetry could bear great importance in the restaurant industry. Nevertheless, information asymmetry has never been the subject of study in the restaurant industry, not to mention the hospitality industry generally. With this research gap in mind, this study conducted extensive research to understand the various implications of information asymmetry in the restaurant industry. The first objective of this study was to examine the magnitude of information asymmetry in the restaurant industry. This study demonstrated the seriousness of information asymmetry in the restaurant industry by showing that the size of information asymmetry within the restaurant industry is greater than that of other services industries (i.e., utility, REIT, and airline industries). The second objective of this study was to examine the unique determinants of information asymmetry in the restaurant industry. The results of this study showed that in the restaurant industry, information asymmetry widens as the size of accruals increases. Additionally, information asymmetry was found to be smaller for franchise restaurants than for non-franchise restaurants. The third objective of this study was to investigate the impact of information asymmetry on some managerial behaviors in the restaurant industry. This study showed that in the restaurant industry, information asymmetry leads to a manager’s reduced corporate payout and increased investment inefficiency. The last objective of this study was to examine the impact of information asymmetry on firm value in the restaurant industry. By demonstrating a curvilinear relationship between information asymmetry and firm value, this study showed that there exists not only a negative impact of information asymmetry but also a positive impact of information asymmetry on firm value in the restaurant industry. Furthermore, this study showed that the positive impact of information asymmetry on firm value is more prominent for high-leveraged and mature firms than their counterpart groups. This study’s results not only help understand the characteristics of information asymmetry in the restaurant industry but also introduce a new window for understanding managerial behaviors and firm value in the restaurant industry.

Företags finansiella offentliggöranden når ofta endast ett begränsat antal investerare, vilket resulterar i ökad informationsasymmetri och som ett resultat lägre aktielikviditet. Detta är särskilt framträdande för företag som är mindre till storleken, eftersom dessa företag tenderar att få mindre täckning av traditionella kanaler såsom pressnyheter och analytiker. Samtidigt har företag i allt större utsträckning börjat använda Twitter som en del av sin strategi för investerarrelationer, där Twitter skiljer sig från traditionella investerarrelationer genom att information kan distribueras snabbare och blir mer lättillgängligt. Syftet med denna studie är således att testa om offentliggöranden och ökad spridning av finansiell information på Twitter kan minska informationsasymmetrier och därmed göra marknader mer effektiva för att allokera kapital från investerare till företag. Tidigare studier har studerat sambandet mellan ökad spridning av företagsinformation och dess påverkan på företags finansiella prestation och har funnit att spridning av finansiell information via Twitter påverkar informationsasymmetrin i företagsaktier. Genom att studera svenska små och medelstora företag (SME:s) fyller denna studie ett tidigare forskningsgap där vikten ligger i att studera vilken påverkan Twitter har på mindre företag som är mindre synliga i traditionell media och hos analytiker. Undersökningen har baserats på historiska aktiekurser från Nasdaq som sträcker sig över tidsperioden 2020 till 2022. Företagen som ingick i studien var listade på Nasdaqs First North Growth Market, för vilka datamaterial i form av börsdata och frekvens av Twitter-inlägg har samlats in. För att kvantifiera informationsasymmetri och aktielikviditet används avvikande bid-ask spread (eng. Abnormal bid-ask spread) och Amivest likviditetsratio. Studien har använt en kvantitativ forskningsansats för att visa hur sambandet ser ut mot Twitter och utifrån regressionsanalyser, där ett antal Twittervariabler inkluderats, har frågeställning kunnat studeras. Med hjälp av statistiska hypotesetester och en analys av den teoretiska referensramen med intressentmodellen, effektiva marknadshypoteser och investor recognition hypotheses försöker studien förklara hur informationsasymmetrier påverkar effektiviteten hos den finansiella marknaden och hur det kan motverkas genom ökad synlighet. Studien kunde inte hitta något signifikant samband mellan spridning av finansiell information på Twitter och en minskad informationsasymmetri eller ökad aktielikviditet. Resultatet indikerar att större företag som är mer synliga i medier och därmed har en högre grad av investor recognition har en lägre informationsasymmetri. I resultatet är det tydligt att det är få företag i populationen som använder Twitter aktivt för att sprida finansiell information, och de företag som gör det är inte konsekventa, vilket kan innebära att intressenter söker sig till andra mer pålitliga kanaler under rapportperioder. Slutsatsen lyder att företag inte kan ompaketera information och distribuera den via Twitter för att minska informationsasymmetri, då marknaden redan effektivt har tagit informationen i beaktelse på annat håll. Denna studie är ändå relevant för flertalet intressenter som studerar eller arbetar med investerarrelationer, då den bidrar med intressant information inom området.

This study examines asymmetric information content of REIT IPOs as compared to that of industrial IPOs matched by similar asset size, underwriter reputation ranking, and partial adjustment of the offer-price from the midpoint of the original file range. The asymmetric information level is proxied by the relative bid-ask spread (RELSPREAD), adverse selection component of Glosten and Harris (GH, 1988), and the adverse selection component of Lin, Sanger, and Booth (LSB, 1995). All three measures are estimated over 45- and 60-day windows. Using a sample of 78 equity REIT IPOs and 123 Industrial IPOs for the period of January 1, 1993 to December 31, 2007, the results indicate that REIT IPOs have less asymmetric information content as compared to mature industrial firms. All results control for leverage, beginning assets size, issue proceeds, underpricing, partial adjustment, number of IPOs within the same year, venture capital backing, underwriter reputation, average daily volume, average daily price, specialist’s inventory risk, and the turnover ratio. The results also control for the Nasdaq and NYSE rule change of minimum tick increments from 1/8th to 1/16th on June 2, 1997, and June 24, 1997, respectively. The findings provide strong support for the hypothesis that REIT IPOs have less asymmetric information content than non-REIT IPOs.

This dissertation consists of two essays. The first essay develops a new methodology for estimating the probability of informed trading from the observed quotes and depths, by extending the Copeland and Galai (1983) model. This measure (PROBINF) can be computed for each quote and it represents the specialist's ex-ante estimate of the probability of informed trading. I show that PROBINF exhibits a strong and robust relationship with the observed level of insider trading and with measures of the price impact of trades (ë) estimated based on the models of Glosten and Harris (1988), Madhavan and Smidt (1991) and Foster and Viswanathan (1993). In contrast, the alternative measure of the probability of informed trading (PIN) developed by Easley, Kiefer, O'Hara and Paperman (1996) exhibits a weaker and less robust relationship with insider trading and price impact of trades. The time series pattern of PROBINF in an intra-day analysis around earnings announcement is consistent with previous findings regarding informed trading. An important advantage of PROBINF over PIN and other measures of information asymmetry such as price impact of trades and adverse selection component of the spread is that, unlike these measures, it can be estimated for each quote, and thus can also be used to measure intra-day changes in informed trading and information asymmetry. In the second essay, I examine whether the underwriting syndicate composition influences the secondary market liquidity for initial public offerings (IPOs). Specifically, I argue that co-managers improve the liquidity of IPOs through the other services they provide, besides market making. Using a comprehensive sample of initial public offerings completed between January 1993 and December 2005, I find that IPOs with a high number of co-managers in their syndicates have lower spreads and a lower level of information asymmetry in the aftermarket. I argue that the information produced during the premarket and the analyst coverage in the aftermarket are the main channels through which co-managers mitigate the information asymmetry risk in the secondary market. / Ph. D.

The first chapter of this dissertation estimates the relative contributions of two major exchanges on crude oil futures to the price discovery process-- Chicago Mercantile Exchange (CME) and Intercontinental Exchange (ICE), using trade-by-trade data in 2008. The study also empirically analyzes the effects of trading characteristics on the information share of these two markets. Trading characteristics examined in the study include trading volume, trade size, and trading costs. On average, CME is characterized by greater volume and trade size but also slightly greater bid-ask spread. CME leads the process of price discovery and this leadership is caused by relative trade size and volatility before the financial crisis of 2008; however post-crisis period this leadership is caused by trading volume. Moreover, this study presents evidence that, in times of large uncertainty in the market, the market maker charges a greater bid-ask spread for the more informative market. The second chapter examines the influence of expected oil price volatility, the behavior of the Organization of Petroleum Exporting Countries (OPEC), and the US Dollar exchange rate volatility on the backwardation of crude oil futures during the period from January 1986 to December 2008. The results indicate that oil futures are strongly and weakly backwardated 57% and 69% of the time, respectively. The regression analysis of weak backwardation shows that oil volatility, OPEC overproduction (difference between quota and the actual production), and the volatility of the US Dollar against the Japanese Yen have a positive significant effect on oil backwardation, while OPEC production quota imposed on its members has a negative significant effect on oil backwardation. However the volatility of US Dollar against the British Pound has no significant effect on oil backwardation. The regression analysis of strong backwardation produces qualitatively the same results except that volatility has no effect. In a sub-period analysis, evidence also indicates that trading volume of oil funds and backwardation are negatively related, suggesting that oil funds increase the demand of futures relative to that of spot.

Universiẗat, FB Wirtschaftswiss., Diss.--Hamburg, 2000. / Literaturverz. S. [229] - 254.

Submitted by Aline Martins (1146629@mackenzie.br) on 2016-08-03T17:58:48Z No. of bitstreams: 1 Nelson Bueno de Oliveira .pdf: 1417154 bytes, checksum: be408077bc059e50904b963eb6ce97e5 (MD5) / Approved for entry into archive by Paola Damato (repositorio@mackenzie.br) on 2016-08-05T16:25:02Z (GMT) No. of bitstreams: 1 Nelson Bueno de Oliveira .pdf: 1417154 bytes, checksum: be408077bc059e50904b963eb6ce97e5 (MD5) / Made available in DSpace on 2016-08-05T16:25:02Z (GMT). No. of bitstreams: 1 Nelson Bueno de Oliveira .pdf: 1417154 bytes, checksum: be408077bc059e50904b963eb6ce97e5 (MD5) Previous issue date: 2016-02-18 / The aim of this study is to analyze the economic benefits of transparency or corporate disclosure. It is estimated the reduction of information asymmetry, which is a component of the cost of equity, due to the mandatory adoption of IFRS in Brazil, the level of commitment to corporate governance and the ADR issuance at the New York Stock Exchange. It uses the proxy bid-ask spread to estimate the asymmetry of information, as the dependent variable. The sample consists of non-financial companies of the Ibovespa index. In addition to disclosure variables, this study also analyzes the control variables like size, free float, risk and profitability. The conclusion of this dissertation confirms the initial expectations, in the sense that a higher corporate level of disclosure implies in a reduction of the asymmetry of information. Corporate governance variable, although significant, has a positive relationship with asymmetric information. This result is the opposite of what is expected by theory and can be subject of further studies. It is also statistically significant the expected positive relation between information asymmetry and the beta control variable. / O objetivo deste estudo é analisar os benefícios econômicos da transparência ou disclosure empresarial. Avalia-se a redução da assimetria de informação, que é um componente do custo de capital próprio, em função da adoção obrigatória das IFRS no Brasil, do nível de compromisso com governança corporativa e da emissão de ADR junto à Bolsa de Nova Iorque. Utiliza-se a proxy bid-ask spread para estimar a assimetria de informação, como variável dependente. A amostra é composta pelas empresas não financeiras do índice Ibovespa. Além das variáveis de disclosure, analisa-se as variáveis de controle tamanho, free float, risco e rentabilidade. A conclusão da dissertação é aderente à expectativa inicial, no sentido de que um maior nível de disclosure empresarial implica em uma redução da assimetria de informação. A variável governança corporativa, apesar de significativa, possui relação positiva com a assimetria de informação. Esse resultado é o oposto do esperado pela teoria e pode ser objeto de estudos futuros. Encontra-se também significância estatística na relação positiva esperada entre assimetria de informação e a variável de controle beta.

Lietuvos akcijų rinkos pasiūlos ir paklausos srautų analizei buvo pasirinktos 9 akcijos. Jas, pagal įvykusių sandorių skaičių ir vertę, galima suskirstyti į tris grupes: nelikvidžios, pusiau likvidžios ir likvidžios akcijos. Šių akcijų, viešai skelbiami rinkos gylio ir įvykusių sandorių, duomenys buvo imami iš Vilniaus vertybinių popierių biržos internetinio puslapio http://www.baltic.omxgroup.com/ nuo 2008 02 25 iki 2008 04 18. Darbe buvo skaičiuojami paprastas (inside bid-ask spread), efektyvus (effective spread) ir užfiksuotas kainų skirtumai. Roll matas skaičiuojamas remiantis akcijų įvykusių sandorių kainomis, kurių skirtumų stacionarumas ištirtas RA-kriterijumi (reverse arrangement test). Kaip ir buvo galima tikėtis, parodyta, kad pasirinktų akcijų rinka yra neefektyvi. Dėl šios priežasties, kiekvienai akcijai apskaičiuotas Roll matas yra labai grubus. Naudojant C++ programavimo kalbą, buvo sukurta programinė įranga: • Duomenų skaitymui iš interneto; • Duomenų bazės kūrimui, apdorojimui ir redagavimui; • Duomenų analizei. / Nine types of stock were chosen to analyse quoted bid-ask spread of Vilnius Stock Exchange. According to the value and number of transactions of the stock, it can be divided into three groups: non-liquid, half-liquid and liquid stock. Public market depth information and data of trade was taken from Vilnius Stock Exchange website http://www.baltic.omxgroup.com/ during the period from 25th February 2008 to 18th April 2008. In my work I have analysed inside bid-ask spread, effective spread and fixed prices. Roll measure was measured using trade prices of stock; stationarity of differences of trade prices were examined using reverse arrangement test. As had been expected, I came to conclusion that the stock market for chosen stocks is informationally inefficient. Due to this reason the Roll measure is not correct. By using C++ programming language the following programming tools were created: • Data reading from internet tool; • Data collection and correction tool; • Data analysis tool.

Univ., Diss.--Frankfurt/Main, 2004. / Literaturangaben.

Universiẗat, Diss.--Karlsruhe, 2001.