Information Assymetry

The importance of information is seldom centered in modern college access, college disparities, and college-going discussions. This article situates information and how it shapes college pursuits and intensifies inequities, particularly for minoritized groups. Specifically, the author unpacks two components from the Iloh Model of College-Going Decisions and Trajectories, information and information deserts, and explores their role and complexities. In doing so, the author attends to how information asymmetries, whether intentional or not, contribute to stratification and predatory college-going ecologies in the postsecondary education marketplace.

İngiltere’nin dünya kapitalizminde Birinci Dünya Savaşı’na kadar oynadığı rolü devralan ABD özellikle İkinci Dünya Savaşı’ndan bu yana küresel ekonomik düzenin temel kural koyucusu ve yönlendiricisidir. Özellikle 1980’lerle birlikte sermaye piyasalarını ön plana çıkaran bir yaklaşımla küresel etkinliğini pekiştiren ABD ekonomisi, 2007 yılının ortalarında başladıktan sonra küresel nitelik kazanan finansal kriz ile birlikte önemli açmazlarla karşı karşıya kalmıştır. Finansal sektörün diğer finansal aracıları
ile birlikte, özellikle yatırım bankacılığı sektöründe ortaya çıkan geniş ölçekli finansal başarısızlıklar ve kamu müdahalesine dayalı çözümler ABD kapitalizminin niteliğinin sorgulanmasına neden olmuştur. Bu çalışmada özellikle son finansal krizle birlikte ABD’li finansal aracılarda ortaya çıkan dikkat çekici finansal başarısızlık hikâyelerinin erken dönem analizleri ile bu dönem öncesinde yaşanan finansal başarısızlıklara yönelik olarak kamu müdahalesi yoluyla verilen tepkinin niteliklerinden hareketle, ABD kapitalizminin yakın geleceği değerlendirilmektedir.

Many commentators have argued that securitization – where investment banks pool receivables, such as mortgages, and then resell them as a collection of securities – creates investments so complex that even sophisticated investors cannot determine asset quality. Securitization’s critics often cite evidence of widespread fraud in the securitization of subprime residential mortgage loans as an exemplar of this argument. Relying on recent work in behavioral economics and social psychology, these critics conclude that mandatory disclosure will be insufficient to protect investors from overpaying for lower quality assets because of limitations endemic to human behavior.

However, loans securitized in the $800 billion market for commercial mortgage backed securities (“CMBS”) have not experienced widespread defaults or evidenced fraud. Even though few CMBS issuances took place during the financial crisis, the resiliency of commercial mortgage loans is an example of where, even under stress, investments created through securitization have met investors’ expectations. As a result, CMBS stand as an unexplored counterexample to securitization’s critics who contend that securitization makes accurate pricing of assets impossible. This Article fills an important gap in the literature by being the first to examine the CMBS market and its resilience during the Market Meltdown and one of the first to examine the effects of the Dodd-Frank Wall Street Reform Bill on securitization.

Even in a market with perfect information, some critics of securitization suggest that behavioral biases will prevent investors from acting rationally. I argue that these behavioral biases may be (i) culturally specific, (ii) overcome through use of technology, and (iii) mitigated through learning and cross checking.

Drawing on research of information asymmetries in economics and finance, I propose an alternate regulatory framework to determine, in a market where not all information is publicly available, at what point prices will inform investors about investment quality. In particular, I use the framework to show that, even in an illiquid market, sufficient publicly available information about substitute investments is the best investor protection. I conclude that protecting investors from themselves robs uninformed investors of the information necessary to transact with sophisticated investors and subsidizes sophisticated investors’ ignorance at the expense of all market participants.

This study aims to examine the effect of information asymmetry on the dividend policy of nonfinancial
companies listed on the Indonesia Stock Exchange. Basically, there is information asymmetry between
managers and investors in which investors only know company information through dividend information,
while managers have all the company's actual internal information. The study used a sample of companies
that pays dividends listed on the Indonesia Stock Exchange and a control variable of growth opportunity
(market-to-book ratio, asset structure), firm size, firm risk, and profitability. The findings of this study concluded
that information asymmetry does not significantly influence the dividend policy of non-financial companies
listed on the Indonesia Stock Exchange. The dividend payment is not influenced by the high or low
asymmetry of the available information; this is because the dividend payment policy is an expensive policy.

In the past twenty years, several models have contributed to the understanding of public policy instrument choice. The model presented here, applied to environmental policy tools, is based on a combination of institutional economics’ notion of information, on the one hand, and on the sociology and political science notion of legitimacy, on the other. Policy instrument choices are seen as specific intersections between these two elements, where non-governmental and business actors often possess relative advantages in knowledge and information, while governmental actors nevertheless possess relative advantages in legitimacy. Over time, these relative advantages are changing, giving way to four successive types of policy tools (forming a ‘U’ shaped pattern on our figures 1 and 2): self-regulative, informative, proactive and, finally, interactive instruments.

Digital platforms are reshaping the geometry of the world. Their wide adoption by the population worldwide for an increasing number of activities, confer them a dominant position, which challenges established powers. Their control over the global flow of data and their algorithmic treatment leads to new asymmetries of power. New systems emerge, that unlike the Westphalian States do not correspond to territories on a map, but to complex networks controlling sectors of activities at a global scale. It is a real challenge and a necessity to reinvent a grammar of territories, to be able to grasp the new objects and their dependencies, and address the related issues of social justice and sustainable interaction with our planet.

... of Material Information to Shareholders and the Privacy Concerns of Executive Officers 3/29/2011 Columbia University School of Law, New York Ufuoma Barbara Akpotaire Page 2. Electronic copy available at: http://ssrn.com/abstract=1855585 Research Page 2 ...

Based on the idea of globalization, companies around the world have multiple mutations, and one of these changes is the separation between control and ownership. Which brought to us the agency, where the latter had many sources varying from the information asymmetry,  the self-interested attitude of the manager, and the risk aversion, etc. These problems have created a burden to the companies and threatened the country’s wealth on the macroeconomics level, and many stakeholders in the micro-level.
Corporate governance came to resolve the problem of agency and many other problems brought into existence after the remodeling of the environment and the development of the enterprise, since it is the aspect of management that interested not only on internal of enterprise but as well to the external of the enterprise.
With much research, journals, institutions document the proposed best practices for corporate governance the only guarantee of the efficiency of the system of corporate governance is the validity and efficacity of its mechanisms. They differ from one system of governance to another but generally, in the internal of the board of directors, the audit committee where else on the external financial market, external auditors.
However, As a result of the financial scandals in the US, Europe, and Japan, internal audit has become an essential tool in the corporate governance system. Indeed, it is considered one of the principal mechanisms in the corporate governance system.
The purpose of this thesis is to examine whether the internal audit cloud is an efficient corporate governance mechanism in the center of Algeria's environment in these three areas: reducing the information asymmetry, protecting the stakeholder's rights, and enhance the enterprise risk management system. Based on the review of the literature of the different theories of corporate governance and the practices of the internal audit. A self-completion questionnaire was distributed to individuals from different departments in a public Algeria Company. Based on the responses we conduct some statistical descriptive and analytic tests to validate or reject the hypothesis.


Keywords: corporate governance, audit, the agency relation, information asymmetry, risk management

Reducing the cost of obtaining information in the market and therefore asymmetry of information may lead to the more efficient outcome of market transactions, where both demand and supply side are better off. This is also true for tourism market where appropriate delivery of tourist information service can furthermore influence tourists’ length of stay, spending and tourists’ behaviour. Since its delivery may have an impact on the whole tourism economy, it is often considered as a public good and public authorities are expect to finance and maintain tourist information service. Still, some cooperation in frames of information exchange is usually performed. The purpose of this study is to evaluate public private cooperation level in dissemination of tourism information in West Pomeranian Province in Poland.

Visibility and knowledge are based on access to information. We usually consider this as either a question of collecting new or examining existing data. However, the term “black box society” (Pasquale) points to a situation in which data are deliberately concealed, enabling complex processes of technocapitalist exploitation. Manufacturing information asymmetry and noise have become effective tools to gain competitive advantage across all levels of life. This text argues that adverse technopolitical schemes can be addressed with an aesthetics of resolution and with the figure of the renegade, an expert who makes the black box speak from inside.

... of Material Information to Shareholders and the Privacy Concerns of Executive Officers 3/29/2011 Columbia University School of Law, New York Ufuoma Barbara Akpotaire Page 2. Electronic copy available at: http://ssrn.com/abstract=1855585 Research Page 2 ...

The article analyzes the influence of information asymmetry on the development of the oil products market in Ukraine. It is shown that the artificial restriction of access to official data on prices, volumes and quality of oil products, the conclusion of informal agreements between the authorities and some market participants, the termination of financing of the state quality control system lead to an increase in the information asymmetry. The negative consequences of the information asymmetry lie in the irrational allocation of resources and the impossibility of establishing market equilibrium. The growth of information asymmetry increases the consumers' distrust of all market participants and policy-making authorities. The protection of the rights of consumers and suppliers should be based on full information about the properties, prices and quality of goods and services. Voluntary initiatives of market participants are an indispensable condition for the existence of a civilized market. If these "rules of the game" are not clearly defined, not only the consumers, but all market participants and the state will suffer.

Effective Border security between Mexico and the United States is a desired state that resides within the complexities of much larger, deeper and more systemic problems that have emerged from the asymmetric nature of free trade, commerce and security, as well as complex problems associated with globalization. Framed within the confines of a qualitative approach, the thesis concludes that a university-lead professional justice education program, supported by specialized technical training and net-centric operations and technology will provide a new and innovative approach to force multiply existing efforts and provide foundational strengths for implementing current and future programs and initiatives. While trade and commerce must be the focus of effort, security and risk management must also be integrated into modeling, planning and evaluating results. The thesis promotes an innovative and new approach through education for building long-term success into culture rather than continuing only with an approach that resembles triage.