scholarly journals Coalitional Public Announcement Games

2012 ◽  
pp. 1-15
Author(s):  
Thomas Ågotnes ◽  
Hans van Ditmarsch
Keyword(s):  
Public Announcement

An improved QKD protocol without public announcement basis using periodically derived basis

2021 ◽  
Vol 20 (2) ◽  
Author(s):  
Qidong Jia ◽  
Kaiping Xue ◽  
Zhonghui Li ◽  
Mengce Zheng ◽  
David S. L. Wei ◽  
...  
Keyword(s):  
Public Announcement

Does uncertainty boost overconfidence? The case of financial analysts' forecasts

2014 ◽  
Vol 40 (3) ◽  
pp. 300-324 ◽  
Author(s):  
Véronique Bessière ◽  
Taoufik Elkemali
Keyword(s):  
Stock Returns ◽  
Private Information ◽  
High Tech ◽  
Cross Sectional ◽  
Forecast Dispersion ◽  
Content Type ◽  
The Public ◽  
Public Announcement ◽  
Before And After ◽  
Sectional Analysis

Purpose – This article aims to examine the link between uncertainty and analysts' reaction to earnings announcements for a sample of European firms during the period 1997-2007. In the same way as Daniel et al., the authors posit that overconfidence leads to an overreaction to private information followed by an underreaction when the information becomes public. Design/methodology/approach – In this study, the authors test analysts' overconfidence through the overreaction preceding a public announcement followed by an underreaction after the announcement. If overconfidence occurs, over- and underreactions should be, respectively, observed before and after the public announcement. If uncertainty boosts overconfidence, the authors predict that these two combined misreactions should be stronger when uncertainty is higher. Uncertainty is defined according to technology intensity, and separate two types of firms: high-tech or low-tech. The authors use a sample of European firms during the period 1997-2007. Findings – The results support the overconfidence hypothesis. The authors jointly observe the two phenomena of under- and overreaction. Overreaction occurs when the information has not yet been made public and disappears just after public release. The results also show that both effects are more important for the high-tech subsample. For robustness, the authors sort the sample using analyst forecast dispersion as a proxy for uncertainty and obtain similar results. The authors also document that the high-tech stocks crash in 2000-2001 moderated the overconfidence of analysts, which then strongly declined during the post-crash period. Originality/value – This study offers interesting insights in two ways. First, in the area of financial markets, it provides a test of a major over- and underreaction model and implements it to analysts' reactions through their revisions (versus investors' reactions through stock returns). Second, in a broader way, it deals with the link between uncertainty and biases. The results are consistent with the experimental evidence and extend it to a cross-sectional analysis that reinforces it as pointed out by Kumar.

afterwards, the company's chairman agreed to the company being taken over by another company. The merchant bankers informed the appellant of the proposed take-over and told him that a public announcement would be made shortly but that until then the information was sensitive and highly confidential. The appellant promptly purchased 6,000 shares in the company and, following the announcement of the take over, made a substantial profit. He was charged with two offences of dealing in the securities of a company as a prohibited person, contrary to s1(3) and (4)(a) of the Company Securities (Insider Dealing) Act 1985 (subsequently replaced by Criminal Justice Act 1993, Pt V). The trial judge directed the jury to acquit the appellant on the ground that there was no evidence that he had 'obtained' the information, for the purposes of s1(3), since it had been given to him unsolicited. The Attorney General then referred to the Court of Appeal for its opinion the question of the meaning of 'obtained' in s1(3) of the 1985 Act. The Court of Appeal held that a person obtained information for the purposes of s1(3) and (4)(a) of the 1985 Act, even if he came by it without any positive action on his part. On the appellant's application the Court of Appeal referred the point to the House of Lords. where-(a)

2012 ◽  
pp. 185-188
Keyword(s):  
Criminal Justice ◽  
Attorney General ◽  
Trial Judge ◽  
Public Announcement ◽  
House Of Lords ◽  
Positive Action ◽  
Insider Dealing ◽  
A Company ◽  
Court Of Appeal

Tableaux for Public Announcement Logic

2008 ◽  
Vol 20 (1) ◽  
pp. 55-76 ◽  
Author(s):  
P. Balbiani ◽  
H. van Ditmarsch ◽  
A. Herzig ◽  
T. de Lima
Keyword(s):  
Public Announcement ◽  
Public Announcement Logic
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