The author systematically examines one of the important issues of information — establishing the market price. He introduces the concept of «search» — where a buyer wanting to get a better price, is forced to question sellers. The article deals with various aspects of finding the necessary information.

Economics of Information

What makes organizations so similar? We contend that the engine of rationalization and bureaucratization has moved from the competitive marketplace to the state and the professions. Once a set of organizations emerges as a field, a paradox arises: rational actors make their organizations increasingly similar as they try to change them. We describe three isomorphic processes-coercive, mimetic, and normative—leading to this outcome. We then specify hypotheses about the impact of resource centralization and dependency, goal ambiguity and technical uncertainty, and professionalization and structuration on isomorphic change. Finally, we suggest implications for theories of organizations and social change.

The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields (Chinese Translation)

This paper solves explicitly a simple equilibrium model with liquidity risk. In our liquidityadjusted capital asset pricing model, a security s required return depends on its expected liquidity as well as on the covariances of its own return and liquidity with the market return and liquidity. In addition, a persistent negative shock to a security s liquidity results in low contemporaneous returns and high predicted future returns. The model provides a unified framework for understanding the various channels through which liquidity risk may affect asset prices. Our empirical results shed light on the total and relative economic significance of these channels and provide evidence of flight to liquidity. r 2005 Elsevier B.V. All rights reserved.

Market Liquidity: Asset Pricing with Liquidity Risk

Earnings Management to Avoid Earnings Decreases and Losses

The purpose of this study is to investigate the determinants of corporate cash holdings in Canada. This study also seeks to extend the findings of Afza and Adnan (2007). A sample of 166 Canadian firms listed on Toronto Stock Exchange for a period of 3 years (from 2008-2010) was selected. This study applied co-relational and non-experimental research design. The results show that market-to-book ratio, cash flow, net working capital, leverage, firm size, board size, and the CEO (chief executive officer) duality significantly affect the corporate cash holdings in Canada. This study contributes to the literature on the factors that determine the corporate cash holdings. The findings may be useful for the financial managers, investors, and financial management consultants.

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Determinants of Corporate Cash Holdings: Evidence from Canada

Purpose – The purpose of this paper is to examine the interaction between corporate governance, ownership structure, cash holdings, and firm value on the Ghana Stock Exchange.Design/methodology/approach – A multiple regression approach using the seemingly unrelated regression to mitigate the problems of multicollinearity between the cash‐holding variable and other control variables is adopted.Findings – Board size is found to be positively and statistically significantly related to share price among the corporate governance variables. However, a significant relationship between inside ownership and share price is not found. The results also indicate that additional units of cash holdings do not have a statistically significant influence on share price. Finally, leverage and income volatility are found to be significant determinants of share price.Originality/value – This is the first of its kind in the country that considers the impact of corporate governance, ownership structure, and firm value on the Gh...

Corporate governance, ownership structure, cash holdings, and firm value on the Ghana Stock Exchange

Purpose – The purpose of this paper is to examine the interaction between corporate disclosure and foreign share ownership on the Ghana Stock Exchange (GSE).Design/methodology/approach – The paper follows the trinary procedure of Aksu and Kosedag and uses the Standard & Poor's transparency and disclosure items in the construction of the disclosure index. Therefore, the paper adopts a panel data analysis covering a period from 2002 to 2007 using the seemingly unrelated regression approach.Findings – The results indicate a statistically significant interaction between corporate disclosures and foreign share ownership among the sample firms. The market value of equity and market‐to‐book value ratio is documented; free cash flow and financial leverage have statistically significant relationships with foreign share ownership.Originality/value – This is the first of its kind in the country that considers the impact of corporate governance and disclosure on foreign share ownership despite the numerous studies ca...

Corporate governance, disclosure and foreign share ownership on the Ghana Stock Exchange

This study investigated the impact of the novel coronavirus disease 2019 (COVID-19) outbreak on prices of maize, sorghum, imported rice and local rice in sub-Saharan Africa (SSA). We estimated dynamic panel data models with controls for macroeconomic setting using general method of moments estimation. The study found that the COVID-19 outbreak led to increases in food prices of the sampled countries. Restrictions on movements or lockdowns in the wake of COVID-19 was associated with an increase in the price of maize only. We also found that exchange rate, inflation and crude oil prices exerted a detrimental effect on food prices. We recommend that governments of SSA countries invest in infrastructure that improves efficiencies in the food supply chain during pandemics. Providing adequate support to industries in the value chain will also improve food availability and food price stability post-COVID-19.

https://onlinelibrary.wiley.com/doi/pdf/10.1111/1467-8268.12525

COVID-19 and food prices in sub-Saharan Africa.

Purpose – The purpose of this paper is to examine the impact of ownership structure and corporate governance on corporate liquidity policy from a developing country perspective, Ghana Stock Exchange (GSE).Design/methodology/approach – The authors adopt multiple regression analysis in estimating the relationship between ownership structure, corporate governance and corporate liquidity policy as well as the impact of corporate governance on insider ownership.Findings – The authors find that foreign share ownership significantly predicts corporate cash holding on the GSE. The empirical result also portrays positive and statistically significant relationship between board size, financial leverage, firm size, profitability and corporate liquidity holding, and a negative and statistically significant relationship between board composition and corporate liquidity holding. The authors also document positive and statistically significant relationship between the various industry classifications namely manufacturin...

Ownership structure, corporate governance and corporate liquidity policy

Purpose – The purpose of this paper is to examine corporate liquidity management of companies listed on the Ghana Stock Exchange (GSE) with the aim of ascertaining the determinants of corporate liquidity holdings.Design/methodology/approach – The paper adopts a dynamic panel model where a lagged dependable variable is introduced as an explanatory variable. Annual data from the annual reports and financial statements of the firms together with the GSE Factbook are used in the gathering of data spanning 1991‐2007. The Arrellano‐Bond estimator is used which incorporates the Sargan test for over identification.Findings – Leverage is found to be not significant to Ghanaian‐listed firms' liquidity demand perhaps due to the developmental stage of the financial market. However, liquidity is found to be statistically significantly influenced by a target liquidity level, size of the firm, return on assets and net working capital.Originality/value – This is the first of its kind in the country despite the numerous s...

Zangina Isshaq

Papers

Corporate governance, ownership structure, cash holdings, and firm value on the Ghana Stock Exchange

Corporate governance, disclosure and foreign share ownership on the Ghana Stock Exchange

COVID-19 and food prices in sub-Saharan Africa.

Ownership structure, corporate governance and corporate liquidity policy

Corporate liquidity management of listed firms in Ghana