Open-Market Stock Repurchase Behavior under Asymmetric Information, Theory and Empirical Evidence

2006 ◽  
Author(s):  
Weiping Liu
Keyword(s):  
Information Theory ◽  
Asymmetric Information ◽  
Empirical Evidence ◽  
Open Market ◽  
Stock Repurchase

scholarly journals Transfers in Cash and In-Kind: Theory Meets the Data

2008 ◽  
Vol 46 (2) ◽  
pp. 333-383 ◽  
Author(s):  
Janet Currie ◽  
Firouz Gahvari
Keyword(s):  
Political Economy ◽  
Asymmetric Information ◽  
Empirical Evidence ◽  
Imperfect Information ◽  
Credit Constraints ◽  
The Other ◽  
Tax System ◽  
Transfer Programs ◽  
Interdependent Preferences

We review theoretical explanations for in-kind transfers in light of the limited empirical evidence. After reviewing the traditional paternalistic arguments, we consider explanations based on imperfect information and self-targeting. We then discuss the large literature on in-kind programs as a way of improving the efficiency of the tax system and a range of other possible explanations, including the “Samaritan's Dilemma,” pecuniary effects, credit constraints, asymmetric information amongst agents, and political economy considerations. Our reading of the evidence suggests that paternalism and interdependent preferences are leading overall explanations for the existence of in-kind transfer programs but that some of the other arguments may apply to specific cases. Political economy considerations must also be part of the story.

scholarly journals Annuity choices and income drawdown: evidence from the decumulation phase of defined contribution pensions in England

2015 ◽  
Vol 14 (4) ◽  
pp. 412-438 ◽  
Author(s):  
JAMES BANKS ◽  
ROWENA CRAWFORD ◽  
GEMMA TETLOW
Keyword(s):  
Older Adults ◽  
Empirical Evidence ◽  
Financial Literacy ◽  
Pension Fund ◽  
Open Market ◽  
Defined Contribution ◽  
Private Provision ◽  
Financial Decisions ◽  
Financial Benefits ◽  
Welfare Implications

AbstractWe provide new empirical evidence on the importance of defined contribution pension wealth in England, and the nature of annuitization decisions taken by older adults who retire with such sources of wealth. Other things equal, financial literacy, and numeracy in particular, are important factors governing individuals’ choices over whether to shop around for an annuity as opposed to taking the ‘path of least resistance’ option and purchasing from their original pension fund provider. This has important policy and welfare implications given that buying an annuity on the open market has significant financial benefits for most people. In the context of the increasing reliance on private provision for retirement, the importance of individuals having the financial literacy to successfully navigate complex financial decisions late in life should not be underestimated.

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