Biased Boards

2018 ◽  
Vol 94 (2) ◽  
pp. 1-27 ◽  
Author(s):  
Tim Baldenius ◽  
Xiaojing Meng ◽  
Lin Qiu
Keyword(s):  
Cheap Talk ◽  
Relevant Information ◽  
Information Gathering ◽  
Corporate Board ◽  
Rent Extraction ◽  
Initial Information ◽  
Precise Information ◽  
Optimal Contracting ◽  
Information Advantage ◽  
Empirical Regularity

ABSTRACT We study a corporate board tasked with monitoring a firm's CEO and providing incrementally decision-relevant information. The board has both compensation and non-pecuniary incentives—we label the latter board bias. Friendly boards have muted information gathering incentives, but can more effectively engage in cheap talk communication with management. As a result, the direction of the optimal board bias is determined by the CEO's initial information advantage: the board should be weakly friendly if the CEO is endowed with precise information, and weakly antagonistic (to the CEO) otherwise. Aside from assembling a friendly board, another way for shareholders to foster CEO/board communication is by granting the CEO more equity. In general, we find board friendliness and CEO equity grants to be positively associated, in equilibrium. This provides an optimal contracting rationale for an empirical regularity often interpreted as friendly boards facilitating rent extraction.

scholarly journals Penggunaan Aplikasi E-Office dalam Pengelolaan Arsip Elektronik di Kantor Wilayah Direktorat Jendral Perbendaharaan Sumatera Barat

2020 ◽  
Vol 8 (2) ◽  
pp. 72
Author(s):  
Raudya Tuzzahra ◽  
Elva Rahmah
Keyword(s):  
Direct Observation ◽  
Relevant Information ◽  
Information Gathering ◽  
Cultural Literacy ◽  
Fishing Communities ◽  
Resource Exploitation ◽  
Strongly Agree ◽  
Gender System ◽  
Client Relations ◽  
Social Leadership

AbstractThe purpose of this paper is to describe the process of creating a cultural literacy package in Kampung Batu Fishermen Village, Batang Arau, Padang Selatan, Padang City. This research uses a descriptive method. Data was collected through a literature review as well as direct observation and interviews with the Chairman of the RW, fishermen, and community leaders in Kampung Batu Fishermen Village located in RW II, Batang Arau Sub-District, Padang Selatan District, Padang City. Based on research that has been done can be concluded as follows. Making this information package is done through five stages. First, the culture of fishing communities in Kampung Batu Fishermen Village, Batang Arau, Padang Selatan, Padang City, among others: (1) Gender system; (2) Labor Agent-Fisherman Relations; (3) patterns of resource exploitation; (4) Social leadership. Secondly, the creation of a Culture literacy information package in Kampung Batu Fishermen Village, Batang Arau, South Padang, Padang City is carried out through five stages, namely: (1) Establishing the topic and type of information package packaging; (2) information gathering; (3) Analysis of the results of information gathering; (4) packaging information; (5) Evaluation of information packages. The explanation of the results of the manufacturing process is as follows: Determine the topic and type of information package packaging, the topic raised is Cultural Literacy in the Kampung Batu Fishermen Village, Batang Arau, South Padang, Padang City which is packaged in a printed information package; Information gathering is done by interview and direct observation to the Kampung Batu Fisherman Village. In addition, it is necessary to search the literature so that the data obtained for an information package becomes a product that presents true and relevant information; Analysis of the results of information gathering. From the information gathering, it is known that what is considered important as a cultural identity builder of fishing communities such as gender systems, patron-client relations, patterns of resource exploitation, and social leadership; Packaging information, done by presenting information that has been obtained from gathering information in the form of an information package; Evaluation of the information package is done by submitting a questionnaire to 10 respondents and it is known that 92.4% of respondents strongly agree that the cultural literacy information package is interesting, informative and has benefits for its users.Keywords: e-office, electronic archive.

Value of Information in the Oil and Gas Industry: Past, Present, and Future

2009 ◽  
Vol 12 (04) ◽  
pp. 630-638 ◽  
Author(s):  
Reidar B. Bratvold ◽  
J. Eric Bickel ◽  
Hans Petter Lohne
Keyword(s):  
Value Of Information ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Relevant Information ◽  
Information Gathering ◽  
Information Value ◽  
Analysis Tool ◽  
Well Test ◽  
Gas Industry ◽  
Decision Context

Summary An important task that petroleum engineers and geoscientists undertake is to produce decision-relevant information. Some of the most important decisions we make concern what type and what quality of information to produce. When decisions are fraught with geologic and market uncertainties, this information gathering may such forms as seismic surveys, core and well test analyses, reservoir simulations, market analyses, and price forecasts--which the industry spends billions of US dollars each year. Yet, considerably less time and resources are expended on assessing the profitability or value of this information. Why is that? This paper addresses how to make value-of-information (VOI) analysis more accessible and useful by discussing its past, present, and future. On the basis of a survey of SPE publications, we provide an overview of the use of VOI in the oil and gas industry, focusing on how the analysis was carried out and for which types of decisions VOI analysis has been performed. We highlight areas in which VOI methods have been used successfully and identify important challenges. We then identify and discuss the possible causes for the limited use of VOI methods and suggest ways to increase the use of this powerful analysis tool. Introduction One of the most useful features of decision analysis is its ability to distinguish between constructive and wasteful information gathering. VOI analysis evaluates the benefits of collecting additional information before making a decision. Such information gathering may be worthwhile if it holds the possibility of changing the decision that would be made without further information. VOI attributes no value to "uncertainty reduction" or "increased confidence" per se. Rather, value is added by enabling the decision maker (DM) to better "tune" his/her choice to the underlying uncertainty. Thus, information value is forever an entanglement of uncertainty and decision making; one cannot value information outside of a particular decision context.

The Influence of Analysts, Institutional Investors, and Insiders on the Incorporation of Market, Industry, and Firm-Specific Information into Stock Prices

2004 ◽  
Vol 79 (4) ◽  
pp. 1119-1151 ◽  
Author(s):  
Joseph D. Piotroski ◽  
Darren T. Roulstone
Keyword(s):  
Institutional Investors ◽  
Stock Prices ◽  
Stock Return ◽  
Relevant Information ◽  
Specific Information ◽  
Specific Component ◽  
Future Earnings ◽  
Industry Level ◽  
Level Information ◽  
Information Advantage

We investigate the extent to which the trading and trade-generating activities of three informed market participants—financial analysts, institutional investors, and insiders—influence the relative amount of firm-specific, industry-level, and market-level information impounded into stock prices, as measured by stock return synchronicity. We find that stock return synchronicity is positively associated with analyst forecasting activities, consistent with analysts increasing the amount of industry-level information in prices through intra-industry information transfers. In contrast, stock return synchronicity is inversely related to insider trades, consistent with these transactions conveying firm-specific information. Supplemental tests show that insider and institutional trading accelerate the incorporation of the firm-specific component of future earnings news into prices alone, while analyst forecasting activity accelerates both the industry and firm-specific component of future earnings news. Our results suggest that all three parties influence the firm's information environment, but the type of price-relevant information conveyed by their activities depends on each party's relative information advantage.

scholarly journals FORECASTING OF SHIP’S CONSTRUCTION COST BY USING THE METHOD OF THE FUZZY SETS THEORY

2014 ◽  
pp. 74-80
Author(s):  
M. Y. Alekhin ◽  
V. V. Raev
Keyword(s):  
Positive Impact ◽  
Relevant Information ◽  
Construction Cost ◽  
Fuzzy Logic System ◽  
Economic Sustainability ◽  
Fuzzy Sets Theory ◽  
Initial Information ◽  
Cost Forecasting ◽  
Sets Theory ◽  
Logic System

In order to take a rational decision about construction of a ship it is necessary to have an adequate predictive estimate of a construction cost. Traditional forecasting methods do not provide the required level of reliability of a shipyard’s cost estimates. The method of cost forecasting based on fuzzy logic system is proposed. This method has several advantages, including: use of fuzzy initial information for forecasting; increase of the result’s validity due to the potential of use all relevant information for forecasting. In view of the aforesaid it increases the validity of management decisions and has a positive impact on the overall economic sustainability of an enterprise.

scholarly journals Conducting Comprehensive Environmental Scans in Health Research: A Process for Assessing the Subject Matter Landscape

2018 ◽  
Vol 1 (2) ◽  
pp. 71-80 ◽  
Author(s):  
Maaz Shahid ◽  
Tanvir C Turin
Keyword(s):  
Subject Matter ◽  
Health Research ◽  
Relevant Information ◽  
Information Gathering ◽  
Current Status ◽  
Intended Audience ◽  
Surface Level ◽  
Environmental Scan ◽  
The Subject

Environmental scans provide researchers with an assessment of the landscape around an issue of interest. In this process relevant information is systematically amassed to identify current status, scopes or opportunities, and risks. This paper aims to serve as a basic and surface level guide to understanding and planning for conducting an environmental scan. The intended audience includes students and researchers new to the use of environmental scans. Before discussion of all the steps, some examples of the use of environmental scans in health research is provided. The process of conducting an environmental scan is outlined in five steps that revolve around purpose, people, questions, information gathering and presenting. The paper concludes with a discussion on advantages and challenges of conducting environmental scans.

scholarly journals Dashboard Visualization of Information for Emergency Medical Services

2020 ◽  
Author(s):  
Oliver M. Christen ◽  
Yannic Mösching ◽  
Patrik Müller ◽  
Kerstin Denecke ◽  
Stephan Nüssli
Keyword(s):  
Emergency Medical Services ◽  
Literature Search ◽  
Relevant Information ◽  
Information Gathering ◽  
Traffic Information ◽  
Medical Services ◽  
Sources Of Information ◽  
Emergency Situations ◽  
Usability Tests ◽  
Emergency Medical

In emergency situations, every minute counts. Therefore, staff of emergency medical services (EMS) require easily accessible sources of information to organize and coordinate their work as quickly as possible. Digital dashboards can visualize various information at a glance and have thus potential to meet this need. We developed in cooperation with the Emmental Hospital a prototype of a dashboard, which aims to improve organizational aspects of the EMS. Method: A literature search was conducted in PubMed, IEEE and ACM. The goal was to identify design principles for dashboards. Additionally, several interviews and meetings were held with the EMS staff of the Emmental Hospital and with those of another hospital. The aim was to identify requirements of the EMS staff towards such an organizational dashboard and to transform them into use cases. Results: Considering the collected requirements and standards of dashboard design, a prototype of a dashboard was developed. It consists of several modules that show relevant information items such as news or traffic information. Due to this modular development, content is easily interchangeable. The most important information for the EMS is shown on the dashboard aiming at saving time for information gathering. Conclusion: A digital dashboard offers many advantages and optimization possibilities compared to an analog whiteboard. For example, such a dashboard can be connected to other systems and data can be automatically included. Although we developed our dashboard in cooperation with the EMS of a specific hospital, it can easily be applied and adjusted to other EMS. As a next step, we will perform usability tests with the prototype and start implementing the dashboard.

scholarly journals Pembuatan Paket Informasi Literasi Budaya di Perkampungan Nelayan Kampung Batu, Batang Arau, Padang Selatan, Kota Padang

2020 ◽  
Vol 8 (2) ◽  
pp. 1
Author(s):  
Anggia Putri Saldi ◽  
Marlini Marlini
Keyword(s):  
Direct Observation ◽  
Relevant Information ◽  
Information Gathering ◽  
Cultural Literacy ◽  
Fishing Communities ◽  
Resource Exploitation ◽  
Strongly Agree ◽  
Gender System ◽  
Client Relations ◽  
Social Leadership

Abstract The purpose of this paper is to describe the process of creating a cultural literacy package in Kampung Batu Fishermen Village, Batang Arau, Padang Selatan, Padang City. This research uses a descriptive method. Data was collected through a literature review as well as direct observation and interviews with the Chairman of the RW, fishermen, and community leaders in Kampung Batu Fishermen Village located in RW II, Batang Arau Sub-District, Padang Selatan District, Padang City. Based on research that has been done can be concluded as follows. Making this information package is done through five stages. First, the culture of fishing communities in Kampung Batu Fishermen Village, Batang Arau, Padang Selatan, Padang City, among others: (1) Gender system; (2) Labor Agent-Fisherman Relations; (3) patterns of resource exploitation; (4) Social leadership. Secondly, the creation of a Culture literacy information package in Kampung Batu Fishermen Village, Batang Arau, South Padang, Padang City is carried out through five stages, namely: (1) Establishing the topic and type of information package packaging; (2) information gathering; (3) Analysis of the results of information gathering; (4) packaging information; (5) Evaluation of information packages. The explanation of the results of the manufacturing process is as follows: Determine the topic and type of information package packaging, the topic raised is Cultural Literacy in the Kampung Batu Fishermen Village, Batang Arau, South Padang, Padang City which is packaged in a printed information package; Information gathering is done by interview and direct observation to the Kampung Batu Fisherman Village. In addition, it is necessary to search the literature so that the data obtained for an information package becomes a product that presents true and relevant information; Analysis of the results of information gathering. From the information gathering, it is known that what is considered important as a cultural identity builder of fishing communities such as gender systems, patron-client relations, patterns of resource exploitation, and social leadership; Packaging information, done by presenting information that has been obtained from gathering information in the form of an information package; Evaluation of the information package is done by submitting a questionnaire to 10 respondents and it is known that 92.4% of respondents strongly agree that the cultural literacy information package is interesting, informative and has benefits for its users.Keywords: information package; cultural literacy; fisherman

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