By Alnoor Bhimani
The ebook comprehensively covers verified and rising components within the quickly altering box of administration Accounting. good proven accounting practices akin to budgeting, costing, accountability accounting and capital funding research are mentioned along leading edge and rising accounting established methods to organizational regulate.
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However, in many settings, it is reasonable to expect that the agent has superior information about these or other problem variables. Clearly, bottom-up budgeting is based on this premise. When the agent has private information about a variable, knowledge of which, would aVect the principal’s valuation of the outcome or his or her choice of the agent’s obedient action, we have a ‘hidden information’ or ‘adverse selection’ problem. In this section, we will see how contract theory deals with this additional complicating factor.
E. E(xja). The only thing that the market learns about x from observing the yi signals is information about the Wrm cash Xow noise term, «x . The correct stock price then is P ¼ a þ b1 y1 þ b2 y2 , where bi ¼ cov(«x , «i )=var(«i ) is the covariance of the cash Xow noise term and the signal yi noise term, divided by the variance of the latter. Thus, stock price is a linear aggregation of the signals, where the weight assigned to signal yi is cov(«x , «i )=var(«i ). e. provide no information about the cash Xow noise term), then the weights assigned to the signals by the market are zero and stock price is P ¼ E(xja).
For a large class of problems, the optimal variance investigation policy will be either of two forms depending on the risk-aversion of the agent: 1. e. e. Ey U (s(x, y)) < U (s(x)) for all x _ x ). e. upper2. e. Ey U (s(x, y)) > U (s(x)) for all x ! ^ x ). Notice that the optimality of one-tail variance investigation policies is certainly consistent with policies observed in practice. To understand the logic of the result, let us Wrst consider a very risk-averse agent. Recall that the signal y is stochastically related to the agent’s action choice.
Contemporary Issues in Management Accounting by Alnoor Bhimani