skip to main content
US FlagAn official website of the United States government
dot gov icon
Official websites use .gov
A .gov website belongs to an official government organization in the United States.
https lock icon
Secure .gov websites use HTTPS
A lock ( lock ) or https:// means you've safely connected to the .gov website. Share sensitive information only on official, secure websites.


Title: Disclosing a Random Walk
ABSTRACT We examine a dynamic disclosure model in which the value of a firm follows a random walk. Every period, with some probability, the manager learns the firm's value and decides whether to disclose it. The manager maximizes the market perception of the firm's value, which is based on disclosed information. In equilibrium, the manager follows a threshold strategy with thresholds below current prices. He sometimes reveals pessimistic information that reduces the market perception of the firm's value. He does so to reduce future market uncertainty, which is valuable even under risk‐neutrality.  more » « less
Award ID(s):
2116250
PAR ID:
10565989
Author(s) / Creator(s):
; ;
Publisher / Repository:
Wiley Periodicals LLC on behalf of American Finance Association.
Date Published:
Journal Name:
The Journal of Finance
Volume:
79
Issue:
2
ISSN:
0022-1082
Page Range / eLocation ID:
1123 to 1146
Format(s):
Medium: X
Sponsoring Org:
National Science Foundation
More Like this
  1. null (Ed.)
    Compressed videos constitute 70% of Internet traffic, and video upload growth rates far outpace compute and storage improvement trends. Past work in leveraging perceptual cues like saliency, i.e., regions where viewers focus their perceptual attention, reduces compressed video size while maintaining perceptual quality, but requires significant changes to video codecs and ignores the data management of this perceptual information. In this paper, we propose Vignette, a compression technique and storage manager for perception-based video compression in the cloud. Vignette complements off-the-shelf compression software and hardware codec implementations. Vignette's compression technique uses a neural network to predict saliency information used during transcoding, and its storage manager integrates perceptual information into the video storage system. Our results demonstrate the benefit of embedding information about the human visual system into the architecture of cloud video storage systems. 
    more » « less
  2. Abstract We report the first direct measurement of the helium isotope ratio, 3 He/ 4 He, outside of the Local Interstellar Cloud, as part of science-verification observations with the upgraded CRyogenic InfraRed Echelle Spectrograph. Our determination of 3 He/ 4 He is based on metastable He i * absorption along the line of sight toward Θ 2 A Ori in the Orion Nebula. We measure a value 3 He/ 4 He = (1.77 ± 0.13) × 10 −4 , which is just ∼40% above the primordial relative abundance of these isotopes, assuming the Standard Model of particle physics and cosmology, ( 3 He/ 4 He) p = (1.257 ± 0.017) × 10 −4 . We calculate a suite of galactic chemical evolution simulations to study the Galactic build up of these isotopes, using the yields from Limongi & Chieffi for stars in the mass range M = 8–100 M ⊙ and Lagarde et al. for M = 0.8–8 M ⊙ . We find that these simulations simultaneously reproduce the Orion and protosolar 3 He/ 4 He values if the calculations are initialized with a primordial ratio 3 He / 4 He p = ( 1.043 ± 0.089 ) × 10 − 4 . Even though the quoted error does not include the model uncertainty, this determination agrees with the Standard Model value to within ∼2 σ . We also use the present-day Galactic abundance of deuterium (D/H), helium (He/H), and 3 He/ 4 He to infer an empirical limit on the primordial 3 He abundance, 3 He / H p ≤ ( 1.09 ± 0.18 ) × 10 − 5 , which also agrees with the Standard Model value. We point out that it is becoming increasingly difficult to explain the discrepant primordial 7 Li/H abundance with nonstandard physics, without breaking the remarkable simultaneous agreement of three primordial element ratios (D/H, 4 He/H, and 3 He/ 4 He) with the Standard Model values. 
    more » « less
  3. Although perception is an increasingly dominant portion of the overall computational cost for autonomous systems, only a fraction of the information perceived is likely to be relevant to the current task. To alleviate these perception costs, we develop a novel simultaneous perception–action design framework wherein an agent senses only the task-relevant information. This formulation differs from that of a partially observable Markov decision process, since the agent is free to synthesize not only its policy for action selection but also its belief-dependent observation function. The method enables the agent to balance its perception costs with those incurred by operating in its environment. To obtain a computationally tractable solution, we approximate the value function using a novel method of invariant finite belief sets, wherein the agent acts exclusively on a finite subset of the continuous belief space. We solve the approximate problem through value iteration in which a linear program is solved individually for each belief state in the set, in each iteration. Finally, we prove that the value functions, under an assumption on their structure, converge to their continuous state-space values as the sample density increases. 
    more » « less
  4. Although perception is an increasingly dominant portion of the overall computational cost for autonomous systems, only a fraction of the information perceived is likely to be relevant to the current task. To alleviate these perception costs, we develop a novel simultaneous perception–action design framework wherein an agent senses only the task-relevant information. This formulation differs from that of a partially observable Markov decision process, since the agent is free to synthesize not only its policy for action selection but also its belief-dependent observation function. The method enables the agent to balance its perception costs with those incurred by operating in its environment. To obtain a computationally tractable solution, we approximate the value function using a novel method of invariant finite belief sets, wherein the agent acts exclusively on a finite subset of the continuous belief space. We solve the approximate problem through value iteration in which a linear program is solved individually for each belief state in the set, in each iteration. Finally, we prove that the value functions, under an assumption on their structure, converge to their continuous state-space values as the sample density increases. 
    more » « less
  5. Although perception is an increasingly dominant portion of the overall computational cost for autonomous systems, only a fraction of the information perceived is likely to be relevant to the current task. To alleviate these perception costs, we develop a novel simultaneous perception–action design framework wherein an agent senses only the task-relevant information. This formulation differs from that of a partially observable Markov decision process, since the agent is free to synthesize not only its policy for action selection but also its belief-dependent observation function. The method enables the agent to balance its perception costs with those incurred by operating in its environment. To obtain a computationally tractable solution, we approximate the value function using a novel method of invariant finite belief sets, wherein the agent acts exclusively on a finite subset of the continuous belief space. We solve the approximate problem through value iteration in which a linear program is solved individually for each belief state in the set, in each iteration. Finally, we prove that the value functions, under an assumption on their structure, converge to their continuous state-space values as the sample density increases. 
    more » « less