Blar i NHH Brage på emneord "private information"
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Partial Adjustment to Public Information in the Pricing of IPOs
(Working paper, 2016-01)Extant literature shows that IPO first-day returns are correlated with market returns preceding the issue. We propose a new explanation for this puzzling predictability by adding a public signal to Benveniste and Spindt ... -
Secrecy Jurisdictions
(Discussion paper;12/15, Working paper, 2015-03-10)This paper surveys tax haven legislation and links the literature on tax havens to the literature on asymmetric information. I argue that the core aim of tax haven legislation is to create private information (secrecy) ... -
When a price is enough : implementation in optimal tax design
(Discussion paper;32/14, Working paper, 2014-09)This paper studies the design of tax systems that implement a planner's secondbest allocation in a market economy. An example shows that the widely used Mirrleesian (1976) tax system cannot implement all incentive-compatible ...