information asymmetry

Adverse Selection & Moral Hazard In The Great DepressionIntroductionThe Great Depression was a severe worldwide economic depression in the decade preceding World War II. It was the longest, most widespread, and deepest depression of the 20th century. The Great Depression had devastating effects in virtually every country, rich and poor. Personal income, tax revenue, profits and prices dropped, while international trade plunged by more than 50%. Unemployment in the U.S. rose to 25%, and in some countries rose as high as 33%. Cities all around the world were hit hard, especially those dependent on heavy industry. Construction was virtually halted in many countries. Farming and rural areas suffered as crop prices fell by approximately 60%. Facing plummeting demand with few alternate sources of jobs, areas dependent on primary sector industries such as cash cropping, mining and logging suffered the most.There were multiple causes for the first downturn in 1929. These include the structural weaknesses and specific events that turned it into a major depression and the manner in which the downturn spread from country to country. In relation to the 1929 downturn, historians emphasize structural factors like major bank failures and actions by the US Federal Reserve that contracted the money supply, as well as Britain's decision to return to the Gold Standard at pre-World War I parities.Main BodyIn this report, we mainly consider how adverse selection and moral hazard, which are examples of asymmetric information, contributed to the Great Depression. According to our research, from the financial view, there are two major factors caused the Great Depression.1. The Stock Market CrashThe one of the most important factors that caused the Great Depression is the stock market crash, which started from October 24, 1929, also called "Black Thursday". On Black Thursday, the market lost 11% of its value at the opening bell on very heavy trading. On October 28, more investors decided to get out of the market, and the slide continued with a record loss in the Dow for the day of 38 points, or 13%. The next day, about 16 million shares were traded, and the Dow lost an additional 30 points, or 12%. The volume of stocks traded on October 29 was a record that was not broken for nearly 40 years.Table 1 Dow Jones Industrial AverageDate Change % Change Close October 28, 1929 -38.33 -12.82 260.64 October 29, 1929 -30.57 -11.73 230.07 According to our study, in adverse selection view, we find that the stock market crash led to investment reduction and economic activity level reduction. Because stock price reflects a company's net value, stock market crash results in net value reduction and margin buying price reduction. Since the margin buying valuedecreases, the protection will decline, lenders will cut down the number of credit. Therefore, the stock market crash means that lenders will not to provide credit to the company, the number of credit and the investment level decrease, and then the economic activity level declines, the total economic output fails.In moral hazard view, the stock market crash signifies a company's net value crash, which stimulates company to work on high yield, high risk investment. That's because high risk accompanies high yield, and the net value crash encourage company's adventure motivation, which increases the moral hazard. As a result, lenders have no enthusiasm to make loans,and then the economic activity level declines, the total economic output fails.In the late 1920s, hundreds of thousands of Americans invested heavily in the stock market. A significant number of them were borrowing money to buy more stocks. By August 1929, brokers were routinely lending small investors more than two-thirds of the face value of the stocks they were buying. Over $8.5 billion was out of loan, more than the entire amount of currency circulating in the U.S. at the time. Because of margin buying, investors stood to lose large sums of money if the market crash. On October 24, 1929, with the Dow just past its September 3 peak of 381.17, the market finally turned down, and panic selling started, and aggravated the depression.2.Bank PanicsBank plays a very important role while putting capital from nonproductive use to productive use, bank is the most important source of industrial and commercial enterprises' external financing. But if bank panics happen, as known as numerous banks close down, financial intermediary activities through banks deplete, which make the most important exogenous capital supply of industrial and commercial enterprises decrease much, consequently, interest rate rises and loan decreases. Moreover, if interest rate rises, those people who are willing to make loan are mostly full of adventure, which make adverse selection even worse. While bank panics and rise of interest rate happen at the same time, adverse selection is getting worse and the size of the loan become less and less. Therefore, bank panics make investment decline badly, and then economics activity level drops.During the crash of 1929 preceding the Great Depression, margin requirements were only 10%. When the market fell, brokers called in these loans, which could not be paid back. Banks began to fail as debtors defaulted on debt and depositors attempted to withdraw their deposits, triggering multiple bank runs. Bank failures led to the loss of billions of dollars in assets.Outstanding debts became heavier, because prices and incomes fell by 20–50% but the debts remained at the same dollar amount. After the panic of 1929, and during the first 10 months of 1930, 744 US banks failed. By April 1933, around $7 billion in deposits had been frozen in failed banks or those left unlicensed after the March Bank Holiday. Bank failures snowballed as desperate bankers called in loans, which the borrowers did not have time or money to repay. With future profits looking poor, capital investment and construction slowed or completely ceased. In the face of bad loans and worsening future prospects, the surviving banks became even more conservative in their lending. Banks built up their capital reserves and made fewer loans, which intensified deflationary pressures. Avicious cycle developed and the downward spiral accelerated.ConclusionAfter our research, our group admits that adverse selection and moral hazard do have great contribution to the Great Depression, not only in the stock market crash, but also bank panics. They both satisfy economic activity's law. When we study economic depression on every decade, adverse selection and moral hazard should not be ignored, they help us learn more from depression.Reference1./wiki/Asymmetric_information2./wiki/Adverse_selection3./wiki/Moral_hazard4./gd/gdoverview.html5./gd/gdcandc.html6.Money And Banking Course, Kangping Wu, Tsinghua University Press。

投资陷阱的名词解释投资是一项让人兴奋且具有挑战性的活动。

人们进行投资的目的是为了获得财务上的增长，但是在追求财富的同时，我们也需要警惕投资陷阱。

本文将对一些常见的投资陷阱进行名词解释，帮助投资者更好地了解它们，并为投资决策提供一些建议。

1. 空头陷阱 (Short-selling Trap)空头陷阱是指投资者在股票市场上看跌某只股票，并以此为基础进行空头交易。

然而，由于市场的不确定性和非理性行为等因素的影响，投资者可能会因为错误的下注而陷入空头陷阱。

在市场上，股票价格可以一直上涨，导致投资者在空头交易中亏损惨重。

2. 套牢陷阱 (Lock-in Trap)套牢陷阱是指投资者在购买某只股票之后，由于价格持续下跌或走势不明朗而无法卖出。

这种情况下，投资者可能被迫承受长期的损失，因为他们无法找到合适的卖出时机。

为了避免套牢陷阱，投资者应该制定明确的交易策略，包括设置止损指令和设立合理的购买和卖出目标。

3. 羊群效应 (Herd Mentality)羊群效应是指在投资决策中，人们倾向于模仿大多数人的行为，而不考虑个体的推理和决策。

当人们看到其他人纷纷购买某只股票或投资某个领域时，他们可能会被羊群效应所影响，并且采取相似的行动。

然而，这种行为可能导致市场异常波动，并使投资者暴露于更高的风险中。

避免羊群效应的关键是进行充分的研究和分析，而不仅仅依赖其他人的意见。

4. 未平衡组合 (Unbalanced Portfolio)未平衡组合是指投资者在投资组合中分配资金时没有充分考虑风险和回报的平衡。

投资者可能过于集中投资于某个行业或资产类别，而忽视了其他潜在的投资机会。

这种情况下，如果行业或资产遭遇困境，投资者将承受更大的损失。

因此，建立一个平衡的投资组合是保护投资者免受风险的重要手段。

5. 信息不对称 (Information Asymmetry)信息不对称是指在投资市场上，买方和卖方之间的信息不对等。

某些投资者可能拥有比其他人更多的信息，从而使他们能够在交易中获得更大的利益。

商务谈判中的3个谈判陷阱
1.零和思维（Zero-Sum Thinking）：
(1)陷阱描述：零和思维是指认为一方的利益的增加就意味着另一方的利益
必然减少。

这种思维模式下，谈判被视为一场零和博弈，一方的成功被
认为是另一方的失败。

(2)问题影响：零和思维容易导致双方之间的对立和敌对态度，难以达成共
赢的谈判结果。

这可能阻碍长期合作和建立良好的业务关系。

2.信息不对称（Information Asymmetry）：
(1)陷阱描述：当一方拥有更多或更准确的信息时，就会形成信息不对称。

这可能导致一方在谈判中占据较大优势，而另一方则可能做出不利的决
策。

(2)问题影响：信息不对称可能导致谈判结果不公平，另一方可能感到被欺
骗或不满。

这可能损害双方关系，影响未来的合作。

3.时间压力陷阱（Time Pressure Trap）：
(1)陷阱描述：时间紧迫感可能迫使一方做出草率的决策，以满足紧迫的时
间表。

这可能导致未经充分考虑的决策，影响长期的商业利益。

(2)问题影响：时间压力可能导致谈判方在不充分准备的情况下做出决策，
可能会错过更好的协议或交易条件。

这可能对业务产生长期的不利影响。

为避免这些陷阱，参与商务谈判的各方应注重开放沟通，分享信息，寻求共赢的解决方案，并努力确保足够的时间用于全面考虑和谈判。

a profit and loss statement accelerated methodsaccounts payableaccounts payable turnover ratio accounts receivableaccounts receivableaccounts receivable turnover ratios accrrual accountingaccrued expenseaccumulated depreciation accumulated retained earnings acquireaffiliateagency costagency problemagency relationshipaging scheduleallocateallocationally efficient markets amortizationannuityannuity dueanomalyappreciatearbitrage pricing theory(APT)Asian currency optionasset management ratiosasset turnover ratioauthorized sharesautonomyaverage age of accounts receivable avreage rate currency optionbad debt loss ratiobalance sheetbalance sheetbank debtbankers'acceptancebankruptcybasic earnings per shareBaumol cash management model behavioral financebeta coefficientbond indenturebonding costbook valuebottom-up approachbreak-even analysiabrokerage feebusinessbusiness riskcapital asset pricing model(CAPM) capital asset pricing model(CAPM) capital budgetcapital budgetingcapital expenditurecapital leasecapital marketcapital rationingcapital structurecapital surpluscash conversion cyclecash dividendcash dividendscash Flow Coverage Ratiocash flow from financingcash flow from investingcash flow from operationscash offercash ratiocentralize payableschairpersoncheckchief executive officer(CEO)chief financial officer(CFO) chronologicalclaimclearing time floatclosely held corporation coefficientcollateralcommercial papercommon stockcommon stockcommon stockholder or shareholder company-specific factor compensating balancecomplex capital structure compound interestcompoundingconcentration bankingconstant dividend payout ratioconstant growth model consumer creditcontingent value rights controllerconversion premiumconversion ratioconvertible bondconvertible debtconvertible debtconvertible preferred stock convertible securities corporate annual reports correlation coefficientcost of capitalcost of capitalcovariancecreative accountingcredit and collectiong policy credit cardcredit periodcredit salecredit termcreditorcross-currency pooling system cross-currency quote cumulative votingcurrency forward contract currency futures contract currency optioncurrency riskcurrency swapcurrent assetcurrent liabilitycurrent liabilitycurrent market valuecurrent ratiocurrent yielddebt holderdebt instrumentdebt management ratiosdebt ratiodebt-to-equity ratiodebt-to-total-capital decision-makingdeclaration datedefault riskdeferred annuitydeferred taxdepreciatedepreciationdesired or target capital structure diluted earnings per sharedilution of controldilution of ownershipdilutivedirect methoddirect quotationdisbursementdiscount perioddiscount ratediscount ratediscounted cash flow(DCF)discounted payback perioddiscountingdiversifiable riskdiversifydividend discount modeldividend irrelevane theorydividend payoutdividend payout ratiodividend policydividend yielddividend-payout ratiodo-it-yourself dividenddufault riskDuPont Analysis of ROEearnings before interest and taxes (EBI earnings before interest and taxes(EBIT earnings per shareearnings per shareeconomic order quantity(EOQ)efficient market hypothesis（EMH) employee stock option program(ESOP) equity multiplierEuropean Economic AreaEuropean Economic CommunityEuropean unionexchange rateexchange-rate riskex-dividend dateexecutive directorexotic optionexpansion projectexpected returnexpected utility theoryexternal financingface valueFinancial Accounting Standards Board(FA financial analystfinancial distressfinancial distressfinancial economistfinancial flexibilityfinancial leveragefinancial managementfinancial marketfinancial ratiofinancial riskfinancial riskfinancial standardsfinancial statementfinancing cash flowsfinancing mixfinancing mixfinancing mixfirst-in ,first out (FIFO)Fitch Investor Servicesfixed exchange rate systemfloatfloatationfloatation costfloating exchange rate systemFortune 500forward discountforward marketforward premiumforward rateforward tradefree cash flow hypothesisfree tradefree-riding problemfuture contractfuture value(FV)general partnerGenerally Accepted Accounting Principle general-purpose assetsgo publicgoing concernGoldman Sachsgross profit margingrowth perpetuityhedginghistorical costhoard of directorshomemade dividendshurdle ratehurdle ratehybird securityhybridincentive stock optionincome statementincremental cash flows independent auditorindependent projectindirect methodindirect quotationinformation asymmetry informationally efficient markets initial public offering(IPO)initial public offering(IPO)initial public offerings institutional investorinstitutional investorintangible fixed assetsinterest coverage ratiointerest deductioninterest rate parityinterest rate riskinternal financinginternal rate of return(IRR) Internal Revenue Service(IRS) international corporation international financial management international Monetary Fund intrinsic valueinventoryinventoryinventory processing period inventory turnover ratioinvesting cash flowsinvestment bankinvestment bankerinvestor rationlityJanuary effectjeopardizejoint venturejust-in-time(JIT)systemlast-in ,first-out (LIFO)law of one pricelearning curveleaseleaselesseelessorleverage ratioslevered firmliabilitylimited partnerlimited partnershipline of creditliquidating dividendliquidationliquidity ratiolock box systemlong-term debt to total capital ratios long-term liabilitylong-term ratiolookback currency optionlow regular plus specially designated d mail floatmanagenment buyoutmanipulatemarket conversion valuemarket imperfectionmarket riskmarket shareMarketabilitymarketable securitiesmarketable securitiesmarketable securitymarketable securitymarket-to-book value ratioMaster of AccountingMaster of Business Administration(MBA) Master of Financial Managementmaterial requirement planning (MRP)syst maturitymean-variance frontiermean-variance worldMerrill LynchMiller-orr cash management modelmix of debt and equitymoderate approachModigliani and Miller(M&M)theorem Monday effectmoney marketmoney ordermonitoring costsMoody’s and Standard & Poor’sMoody's Investors Service,Inc.(Moody's) Morgan Stanley Dean Wittermortgagemultinational corporationmutual fundmutually exclusive projectnegotiable certificates of deposit(CDs) negotiate offernet incomenet present value(NPV)net present value(NPV)net profit marginnet working capticalNew York Stock Exchange(NYSE)New York Stork Exchangenewly listed companynon-executive directornormal distributionnormality assumptionnote payableoffering priceopen marketoperating cash flowsoperating incomeoperating income(loss)operating leaseoperating leverageoperating profit marginoperating profit marginoperationally efficient markets opportunity costopportunity costoptimal capital structureoption contractoption exchangeoption-like securityordinary annuityoutstandingoutstanding sharesoverheadover-the-counter marketowner’s equityP/E ratiopartnerpartnershippatentpayback period(PP)payment datepecking order theoryperfect capital marketperpetual inventory systemperpetuitypivotalportfolio theorypost-auditpost-earnings announcement drift precautionary motivepreemptive rightpreemptive rightpreferred stockpreferred stockpreferred stockholder or shareholder present value(PV)price takerprimary marketprincipalprincipal-agent or agency relationship private corporationprivate placementprivately held corporationprivileged subscriptionpro rataprobabilityprobability distributionprobability distribution function processing floatprocrastinationprofitprofitabilityprofitability index(PI)profitability ratioproperty dividendproperty,plant,and equipment(PPE)pros and consprospect theoryprotfoliopublic offerpublicly held companypublicly traded corporations publicly traded firmpurchasing power parityput optionput pricequick ratiorandom variablerate of returnrational behaviorreal assetsreal estaterecord dateregular dividendrelaxed or conservative approach replacement projectrepurchaserepurchaserepurchase agreementrequired rate of returnreserve borrowing capacityresidual claimresidual dividend policyresidual valuerestricted or aggressive approach restrictive covenanatsretail incestorretail investorreturnreturn on asset (ROA)return on common equity (ROCE) return on total equity (ROTE) return on total equity ratio (ROE) revenueright to proxyright to transfer ownershipright to voterights offerrisk aversionSalomon Smith Barneysaturation pointscenario analysisseasoned issuesecondary marketSecurities and Exchange Commission(SEC) semi-strong formsensitivity analysissensitivity analysisseparation of ownership and control share repurchaseshareholderside effectsimple capital structuresimple interstsimulationslowing disbursementsocial goodsole proprietorshipsolvencysource of cashspecial-purpose assetsspeculative motivespin-offsspot ratespot tradestable dollar dividend policy stakeholder theorystand-alone riskStandard & Poor's Corporation(S&P) standard deviationstatement of cash flowstatement of change in shareholders' eq statement of retained earningsstock buybackstock dividendsstock offeringstock offeringstock optionstock price appreciationstock repurchasestock splitstockholderstockholders'equitystraight or majority votingstraight-line depreciationstrong formsunk costswapsyndicate of underwritertakeovertangible fixed assetstarget capital structuretax exempt instrumenttax shieldteminal valuetender offertender offer(=takeover bid)term loantime value of moneytotal asset turnover ratiotrade credittrademarktradeofftradeoff theorytransaction costtransaction motivetreasurertreasury notestreasury sharetreasury stockunbiased forward rateunderlying common stockunderpricingunderpricingunderwriterunderwritingunlevered firmunseasoned issueUS Treasury Billuse of cashvalue effectvalue(wealth)maximizationvariable-rate debtvarianceventure capitalventure capitalistviabilityvice president of financevolatilityvolatilityvoting rightwarrantwarrantweak formweighted average cost of capital(WACC) well-beingwindow dressingwithdrawalworking capital management working captical management world Trade Organization yield to maturity (YTM) zero balance account(ZBA)加速折旧法应付账款应付账款周转率应收账款应收账款应收账款周转率应计制会计应计费用累计折旧累计留存收益获得，取得（在财务中有时指购买；名词形式是acquisition，意为收购）分支机构代理成本代理问题代理关系账龄表（资源，权利等)配置（名词形式是allocation，如capital allocation，意为资本配置）配置有效市场摊销年金先付年金异常（人或事物）升值套利定价理论亚式期权资产管理比率资产周转比率授权股自主权，自治应收账款平均账龄均价期权坏账损失率资产负债表资产负债表银行借款银行承兑汇票破产基本每股收益鲍莫尔现金管理模型行为财务贝塔系数债券契约契约成本账面价值盈亏平衡点分析经纪费企业，商务，业务经营风险资本资产定价模型资本资产定价模型资本预算资本预算资本支出融资性租赁资本市场资本限额资本结构资本盈余现金周转期现金股利现金股利现金流量保障比率筹资活动现金流投资活动现金流经营活动现金流现金收购现金比率集中支付主席（chairmanor chairwoman)支票首席执行官首席财务官按时间顺序排列的（根据权力提出）要求，要求权，主张，要求而得到的东西清算浮游量控股公司系数抵押商业票据普通股普通股普通股股东（也可以是ordinary stockholder or shareholder公司特有风险补偿性余额复杂资本结构复利复利计算集中银行法固定股利支付率政策固定增长率模型消费者信用或有价值权会计长转换溢价转换比率可转换债券可转债可转债可转换优先股可转换证券公司年报相关系数资本成本资本成本协方差创造性会计，寻机性会计信用与收款政策信用卡信用期限赊销信用条件债权人外汇交叉组合系统交叉标价累积投票制远期外汇合约货币期货合约货币期权外汇风险货币互换流动资产流动负债流动负债现行市场价值流动比率现行收益债权人（也可以是debtor,creditor)债务工具债务管理比率债务比率债务与权益比率债务与全部资本比率决策，决策的股利宣布日违约风险递延年金递延税款贬值折旧目标资本结构稀释的每股收益控制权稀释所有权稀释（公司股票）冲减每股收益的直接法直接标价支出、支付折扣期限折扣率折现率折现现金流折现回收期折现计算可分散风险多样化股利折现模型股利无关论股利支付率股利支付比率股利政策股利收益率股利支付比率自制股利违约风险权益报酬率的杜邦分析体系息税前盈余息税前盈余每股收益（盈余）每股盈余经济订货量有效市场假设员工股票期权计划权益乘数欧洲经济区协定欧洲经济共同体欧盟汇率汇率风险除息日执行董事特种期权扩充项目期望收益期望效用理论外部融资面值（美国）会计准则委员会财务分析师财务困境财务困境财务经济学家财务灵活性财务杠杆财务管理金融市场财务比率财务风险财务风险（有时也指金融风险）财务准则财务报表筹资现金流融资比率融资结构融资组合（指负债与所有者权益的比例关系）先进先出惠誉国际公司固定汇率制度浮游量、浮差发行证券；挂牌上市上市成本浮动汇率制度财富500指数远期贴水远期市场远期升水远期汇率远期交易自由现金流假说自由贸易搭便车问题期货合约未来值，终值一般合伙人公认会计原则一般目的资产公开上市持续的高盛公司毛利增长年金避险 套期保值历史成本董事会自制股利门坎利率，最低报酬率门槛利率，最低报酬率混合证券混合金融工具激励性股票期权利润表增量现金流量独立审计师独立项目间接法间接标价信息不对称信息有效市场首次公开发行股票首发股票首发股票机构投资者机构投资者无形固定资产利率保障比率利息抵减利率平价利息率风险内部融资内部收益率，内含报酬率美国国内税务署跨国公司国际财务管理国际货币基金组织内在价值存货存货存活周转期存货周转率投资现金流投资银行投资银行家投资者的理性一月效应危害合资企业即时制后进先出单一价格法则学习曲线租赁租赁承租人出租人杠杠比率杠杆企业负债有限责任合伙人有限合伙制企业贷款额度股利清算清算流动性比率锁箱系统长期债务与全部资本比率长期负债长期比率回顾试货币期权低正常股利加额外股利政策邮寄浮游量管理层收购操纵市场转换价值市场不完备性市场风险市场份额可销售性短期证券有价证券短期有价证券流动性证券，有价证券市场价值与账面价值的比率会计学硕士工商管理硕士财务管理专业硕士物料需求计划系统（债券、票据等）到期均值-方差有效边界均值-方差世界美林公司米勒-欧尔现金管理模型负债与股票的组合适中策略MM定理星期一效应拨款单，汇款单，汇票监督成本穆迪和标准普尔穆迪公司摩根士丹利-添惠公司抵押跨国公司共同基金互不相容项目大额可转让存单议价收购净利润净现值净现值净利润净营运资本纽约证券交易市场纽约股票交易所新上市公司非执行董事正态分布正态假设应付票据发行价格公开市场经营现金流经营收益经营收益（损失）经营性租赁经营杠杆经营利润市场价值比率运营有效市场机会成本机会成本最优资本结构期权合约期权交易类期权证券普通年金（证券等）发行在外的发行股制造费用场外交易市场所有者权益市盈率合伙制企业专利回收期股利支付日排序理论完美资本市场（存货）永续盘存制永续年金关键的，枢纽的组合理论期后审计期后盈余披露预防动机优先权优先认购权优先股优先股优先股股东（英国人用preference stockholder or shareholder)现值价格接受者一级市场本金委托-代理关系（代理关系）私募公司，未上市公司私募私人控股公司有特权的认购按比例，成比例概率概率分布概率分布函数内部处理浮游量延迟利润盈利能力现值指数盈利比率财产股利土地、厂房与设备正反两方面期望理论组合公开发行公众控股公司公开上市公司，公众公司，上市公司（其他的表达法如，listed corporation，public corporation，etc）公开上市公司购买力平价卖出期权卖出价格速动比率随机变量收益率理性行为实务资产房地产（有时也用real property,或者就用property表示）股权登记日正常股利稳健策略更新项目回购回购回购协议要求的报酬率保留借款能力剩余索取权剩余股利政策残余价值激进策略限制性条款散户投资者（为自己买卖证券而不是为任何公司或机构进行投资的个人投资者）个人投资者.散户投资者回报资产收益率普通权益报酬率全部权益报酬率权益报酬率收入代理权所有权转移权投票权认股权发行风险规避所罗门美邦投资公司饱和点情况分析适时发行、增发（seasoned是指新股稳定发行。

信息差英语作文Information AsymmetryIn today's rapidly evolving global marketplace, the concept of information asymmetry has become increasingly relevant and significant. Information asymmetry refers to the unequal distribution of information between two or more parties involved in a transaction or decision-making process. This imbalance of information can have far-reaching consequences, affecting various aspects of our personal, professional, and economic lives.One of the primary areas where information asymmetry is prevalent is in the financial sector. Investors, both individual and institutional, often face a disadvantage when compared to the financial institutions and experts who possess more in-depth knowledge and insider information about the markets, investment opportunities, and potential risks. This disparity in information can lead to suboptimal investment decisions, making it challenging for average investors to make informed choices and protect their financial interests.Moreover, information asymmetry can also be observed in the realm of consumer purchases, where sellers often have a morecomprehensive understanding of the products or services they are offering than the buyers. This discrepancy can enable sellers to exploit the lack of knowledge on the part of the consumers, leading to unfair pricing, hidden costs, or the sale of substandard goods. This scenario is particularly prevalent in the insurance industry, where policyholders may not fully comprehend the complexities of their coverage or the potential exclusions and limitations within their policies.In the healthcare sector, information asymmetry can have even more profound implications. Patients often rely heavily on the expertise and recommendations of healthcare professionals, such as doctors and specialists, who possess a deeper understanding of medical conditions, treatment options, and potential outcomes. This power imbalance can make it difficult for patients to actively participate in their own healthcare decisions, potentially leading to suboptimal treatment choices or even medical errors.Furthermore, information asymmetry can have significant consequences in the labor market. Employers often have a more comprehensive understanding of the industry, job requirements, and potential career trajectories, while job applicants may lack the necessary information to effectively negotiate their compensation or understand the long-term prospects of the position. This discrepancy can lead to unfair hiring practices, wage disparities, and limitations inthe career advancement opportunities available to employees.Beyond the economic realm, information asymmetry can also manifest in social and political spheres. Governments and policymakers may possess privileged information regarding national security, public policies, or societal trends, which can be withheld from the general public. This lack of transparency can undermine the ability of citizens to make informed decisions, participate in the democratic process, and hold their elected officials accountable.To address the challenges posed by information asymmetry, various strategies and initiatives have been developed. Regulatory bodies, such as financial regulators and consumer protection agencies, have introduced measures to enhance transparency, disclosure requirements, and access to information for all stakeholders. Additionally, technological advancements, such as the internet and digital platforms, have enabled the democratization of information, empowering individuals and small businesses to access a wider range of data and make more informed decisions.Moreover, the importance of education and financial literacy cannot be overstated. By equipping individuals with the knowledge and tools to navigate complex financial, healthcare, and employment-related decisions, we can empower them to make informed choices and mitigate the negative impacts of information asymmetry.In conclusion, information asymmetry is a complex and multifaceted issue that permeates various aspects of our lives. Addressing this challenge requires a multifaceted approach, including strengthening regulatory frameworks, leveraging technological advancements, and promoting education and financial literacy. By working towards a more equitable and transparent distribution of information, we can foster a more just and inclusive society, where all individuals have the opportunity to make informed decisions and achieve their full potential.。

第一章测试1【单选题】(2分) Whichofthefollowingisnotacharacteristicofaperfectcompetitivemarket?A.Itishighlyregulated.B.Price,cost,andqualityinformationareequallydistributed.C.Anearlyinfinitesetofsupplierscompeteagainstoneanother.D.Customershaveaccesstoallrelevantinformationworldwide.2【单选题】(2分)Allofthefollowingwerevisionsofe-commerceexpressedduringtheearlyyearsofe-commerc eexcept:A.disintermediation.B.anearlyperfectinformationmarketspace.C.friction-freecommerce.D.fastfolloweradvantage.3【多选题】(2分)TheReinventionperiodischaracterizedby_________.A.viralmarketingB.disintermediationC.user-generatedcontentD.localeconomy4【单选题】(2分)Theearlyyearsofe-commerceareconsidered:A.aneconomist'sdreamcometrue,whereforabrieftime,consumershadaccesstoallrelevantmarketinformationa ndtransactioncostsplummeted.B. astunningtechnologicalsuccessastheInternetandtheWebincreasedfromafewthousandtobillionsofe-comm ercetransactionsperyear.C.adramaticbusinesssuccessas85%ofdot-comsformedsince1995becameflourishingbusinesses.D. themostpromisingtimeinhistoryforthesuccessfulimplementationoffirstmoveradvantages.5【单选题】(2分) Whichofthefollowingreferstoanydisparityinrelevantmarketinformationamongpartiesinatr ansaction?A.imperfectcompetitionB.dynamicpricingC.informationasymmetryD.unfaircompetitiveadvantage6【单选题】(2分) Whichofthefollowingstatementsistrueaboutthetraditionaltradeoffbetweentherichnessan dreachofamarketingmessagepriortothedevelopmentoftheWeb?A.Thesmallertheaudiencereached,thelessrichthemessage.B.Marketingmessageshadlittlerichness.C.Richnesswasunrelatedtoreach.D.Thelargertheaudiencereached,thelessrichthemessage.7【单选题】(2分)Whichofthefollowingisnotauniquefeatureofe-commercetechnology?A.socialtechnologyB.informationasymmetryC.interactivityD.richness8【单选题】(2分)E-commerceisavailablejustabouteverywhereandanytime.Thisisknownas:A.ubiquity.B.reach.C.richness.D.informationdensity.9【判断题】(2分) Interactivitythatenablesproductcustomizationaltersindustrystructurebydecreasingthethr eatofsubstitutes.A.对B.错10【判断题】(2分) Costtransparencyreferstotheeasewithwhichconsumerscanfindoutthevarietyofpricesina marketA.对B.错11【多选题】(2分)Theuniquefeaturesofe-commercetechnologyinclude:A.UbiquityB.SpecificstandardsC.GlobalReachD.Richness12【多选题】(2分)Thegrowthofsociale-commerceisdrivenby_________.A.sharingofproducts,services,andcontentonsocialaccountsB.networknotificationC.integratedsocialcommercetoolsD.socialsign-on13【单选题】(2分) Whichofthefollowingisaleadingplatformforsociale-commerce?A.AmazonB.WikipediaC.FacebookD.eBay14【单选题】(2分)Whichtypeofe-commercegeneratedthelargestrevenue？A.M-commerceB.B2CC.B2BD.C2C15【多选题】(2分)Economistsearlyvisionsaboute-commerceinclude_________A.ConsumersarenotpricesensitiveB.InformationasymmetrywouldbegreatlyreducedC.anearlyperfectcompetitiveD.disintermediation第二章测试1【判断题】(2分)Ane-commercebusinessmodelaimstouseandleveragetheuniquequalitiesoftheInternet,th eWeb,andthemobileplatform.A.对B.错2【单选题】(2分) Whichofthefollowingisanexampleoftheaffiliaterevenuemodel?A.JDB.QQmusicC.eBayD.Amazon3【单选题】(2分) Assumeyouareanalyzingthemarketopportunityofadistancelearningcompany,Learnmore. com,thatcreateseducationcoursesdeliveredovertheInternetfortheFortune1000corporate market.Assumethattheoverallsizeofthedistancelearningmarketis$25billion.Theoverallm arketcanbebrokendownintothreemajormarketsegments:Corporate,College,andElement ary/HighSchool,eachofwhichaccountsforathirdofthemarket.WithintheCorporatemarket,t herearetwomarketniches:Fortune1000,whichaccountsfor60%ofthemarket,andallothers, whichtogetheraccountfor40%'srealisticmarketoppor tunity,approximately?A.$5billionB.$6.6billionC.$165billionD.$25billion4【单选题】(2分) AllofthefollowingcanbeconsideredadirectorindirectcompetitorofAmazonexcept:A.Priceline.B.eBay.C.Apple'siTunesStore.D.Walmart.5【单选题】(2分) Allofthefollowingmayleadtoacompetitiveadvantageexcept:A.fewerproducts.B.lessexpensivesuppliers.C.betteremployees.D.superiorproducts.6【判断题】(2分) Thesinglemostimportantelementofabusinessmodelisthemanagementteamresponsiblefo rmakingthemodelwork.A.错B.对7【判断题】(2分)Cooperationwithkeyopinionleaders(KOL)hasbecomethemostpopularmarketingstrategyf orsocialmediaplatformsandadvertisersinChina.A.错B.对8【单选题】(2分) Whichofthefollowingisanexampleofacompanyusingthecontentprovidermodel?A.DellB.eBayC.NetflixD.Priceline9【单选题】(2分) Whichofthefollowingisnotavariationofthee-tailerbusinessmodel?A.bricks-and-clicksB.virtualmerchantC.manufacturer-directD.marketcreator10【多选题】(2分) Whichofthefollowingbelongtomajortypesofe-tailers?A.virtualmerchantB.bricks-and-clicksC.CommunityprovidersD.manufacturer-direct11【多选题】(2分)Serviceproviderstrade_________forrevenue.A.CapabilitiesB.KnowledgeC.ExpertiseD.Products12【判断题】(2分)On-demandservicecompaniesarecharacterizedbythefreesharingofresourcesbetweenth ecompanyandconsumers.A.错B.对13【单选题】(2分)A______isadigitalnetworkdesignedtocoordinatetheflowofcommunicationsamongfirmse ngagedinbusinesstogether.A.industryconsortiaB.privateindustrialnetworkC.exchangeD.e-distributor14【多选题】(2分) Whichofthefollowingcompaniesareexamplesofindustryconsortia?A.GraingerB.BoschC.AribaD.Schaeffler15【多选题】(2分)WhichofthefollowingaretrueforWalmart’snetwork?A.monitorthesalesoftheirgoodsB.monitortheactualinventoryleveloftheirgoodsC.ItisoneofthelargestprivateindustrialnetworksintheworldD.Noneoftheabove第三章测试1【判断题】(2分) AroughlyequalpercentageofmenandwomenusetheInternettoday.A.对B.错2【多选题】(2分)Consumerbehavioristhestudyofhowindividuals,groups,andorganizations_______goods, services,ideas,orexperiencestosatisfytheirneedsandwants.A.BuyB.UseC.SelectD.Disposeof3【判断题】(2分)ChineseSingles’DayshoppingfestivalisasuccessfulapplicationofFOMO.A.错B.对4【多选题】(2分)Aconsumer’sbuyingbehaviorisinfluencedbyindependentdemographicvariableswhichincl ude__________.A.CulturalfactorsB.MarketingcampaignsC.SocialfactorsD.Psychologicalfactors5【单选题】(2分)______occurswhenacompetitorclicksonsearchengineresultsandads,forcingtheadvertis ertopayfortheclickeventhoughtheclickisnotjustified.A.BiddingprocessB.LinkfarmC.AdBlockingD.Clickfraud6【多选题】(2分)Howcanabusinessoptimizeitswebsite?A.updatecontentfrequentlyB.makeahighbidintheSEMauctionC.designthesitetobeeasilyrecognizedandreadbythesearchengineD.CarefullychoosekeywordsusedontheWebpages7【多选题】(2分)Both________and_________arethemainthingsthatdetermineyourperformanceintheauc tion.A.TopicofyourwebsiteB.ThemaximumCPCC.QualityscoreD.Brand8【判断题】(2分)Organicsearchresultsdependsonabiasedalgorithm.A.对B.错9【判断题】(2分)AmazonAssociatesProgramisaprivateindustrialnetworks.A.错B.对10【判断题】(2分)Contextadvertisingisbasedonapay-per-clickbasis.A.错B.对11【单选题】(2分) Advertisingnetworksallowadvertiserstargetspecificcustomersbasedontheprofileoftheau dienceviewingthecontent.Thisiscalled__________.A.contextadvertisingB.personalizedadvertisingC.viraladvertisingD.seachengineoptimization12【单选题】(2分) WhichofthefollowingisNOToneofadvertisingnetworks’functions?A.Designadvertisement.B.Handlethemoneyinvolved.C.Createanetworkofbothpublishersandadvertisersandplacerelevant/personalizedadsonpublishers.D.Collectandsharedatawithbusinesses.13【判断题】(2分) RichMediaAdsarealsotheleasteffectiveandthelowestcostformofonlinemarketing.A.对B.错14【判断题】(2分) RichMediaAdsarefarmoreeffectivethansimplebannerads.A.对B.错15【判断题】(2分)Comparedwithotheradformats,sponsorshipsarenotinanovertlycommercialmanner.A.错B.对第四章测试1【多选题】(2分)Whichofthefollowingaresocialmarketingplayers?A.TikTok(抖音)B.TaobaoC.PinterestD.RED（小红书）2【判断题】(2分) Socialmarketingstrengthensthebrandanddrivessalesbyhavingconversationwithcustome rs.A.对B.错3【多选题】(2分)Whichofthefollowingistheonlineversionofword-of-mouthadvertising?A.LocalmarketingB.SearchenginemarketingC.MobilemarketingD.Viralmarketing4【多选题】(2分)Themovie NeZha appliedthefollowingviralmarketingstrategies:______.A.ManystarsalsoforwardedpostsaboutthemovieandevencosplayedNeZha.B.therearenumerousmomentsinthemoviethatweredeeplyresonant.C.GoodqualityofthemovieledtopositivecommentsonDoubanD.createdpostsonWeibowithkeyswordssuchas“国漫崛起”，“东方神话IP”whicharousedaudience’spatriotics entiment.5【单选题】(2分)________referstoamoreorlessstablegroupoffanswhoareengagedandcommunicatingwit honeanotheroverasubstantialperiodoftime.A.fanacquisitionB.communityC.amplificationD.barndstrength6【多选题】(2分) Marketershaveanumberoftacticstobuildcommunities,includingA.insideinformationonnewproductsB.freegiftsforbringinginnewmembers.C.pricediscountforloyaltyD.guidanceandrecommendationsforcustomers7【单选题】(2分) Whichofthefollowingisthemostpopularuseformobiledevices?A.performingtasks,suchasfinancesB.shoppingC.socializingD.entertainment8【单选题】(2分)Whichofthefollowingisthesecond-mostpopularmobilemarketingformat?A.mobilemessagingB.displayadvertisingC.searchengineadvertisingD.videoadvertising9【单选题】(2分) Whichofthefollowingaccountsforthemostmobileadspending?A.SMStextmessagesB.searchengineadvertisingC.displayadsD.videoads10【判断题】(2分) Chinesepeopleprimarilyusemobiledevicesforshoppingorbuying.A.对B.错11【单选题】(2分) Whichofthefollowingisthemostpopularmobilemarketingformat?A.displayadvertisingB.searchengineadvertisingC.videoadvertisingD.mobilemessaging12【判断题】(2分) Displayadvertisinghasthelargestsizeofmobilemarketingexpenditures.A.对B.错13【单选题】(2分)Friend-finderservices答案thequestionof__________.A.Whereareyou?Where’sthecrowd?B.Whereismychild?C.What'sthebestrestaurantintheneighborhood?D.HowamIdoinginjogging?14【判断题】(2分) Localmarketingisbasedonthemarketingtheory—demographicsegmentation.A.错B.对15【多选题】(2分) TheGPSreceiversinthesmartphonesalongwithothertechniques,meantthatauser’slocatio ncouldbefairlywellknownby_________.A.MarketersB.serviceprovidersC.telecomcarriersD.cellphonemanufacturers第五章测试1【单选题】(2分) Virtualmerchantsfacepotentiallylargecostsforallofthefollowingexcept:A.buildingandmaintainingawebsite.B.buildinganorderfulfillmentinfrastructure.C.developingabrandname.D.buildingandmaintainingphysicalstores.2【判断题】(2分)Manufacturer-directfirmsaresingle-channelmanufacturers.A.对B.错3【多选题】(2分)Manufacturer-directmodelhasfollowingadvantages___________.A.createchannelconflictsB. eliminatetheneedtosupportawholesaleandretailsalesnetwork,C.givethefirmcompletecontroloveritscustomerdatabase.D.simplifythecompany’soperations4【多选题】(2分)__________haveanetworkofphysicalstoresastheirprimaryretailchannel,butalsohaveonli neofferings.A.virtualmerchantsB.bricks-and-clickscompaniesC.manufacture-directcompaniesD.omini-channelmerchants5【多选题】(2分) Whichofthefollowingaretrueforbigdataandpowerfulanalyticsprograms?A.recommendproductsbeforetheyaskB.IntendtomakeconsumersallintobigspendersC.makepossiblepredictivemarketingD.tosendpersonalizedmessagestocustomers6【判断题】(2分) StitchFixonlyreliesonbigdatatoclothingitemsandaccessoriesforcusomers.A.错B.对7【判断题】(2分) MassiveandwellservedSMEmarketisonedrivingforceofFintechinChina.A.对B.错8【判断题】(2分)Antchecklater(花呗)givescreditratingstousersbyleveragingusers’merchantdataontheplat form.A.错B.对9【判断题】(2分)Payment/remittanceshasthelargestsizeofFintechservices.A.错B.对10【判断题】(2分)Antchecklater(花呗)isavirtualcreditcardtypeofproductthatfacilitatescreditpayments.A.对B.错11【单选题】(2分)Purchaseofalltravelelementsare_________offeredbyonlinetravelsites.A.commerceB.customerserviceC.contentD.community12【多选题】(2分)Consumers’travelrequirementsinclude_________.A.paymentB.comparisonshoppingC.researchingD.planningE.reserving13【单选题】(2分) Whichofthefollowingisnotamajortrendintheonlinerecruitmentservicesindustry?A.socialrecruitingB.MillennialsandGenXprimarilyusemobiledevicestosearchforjobsC.disintermediationD.useofbigdatatechnologiesinthehiringprocess14【判断题】(2分)“Passivetalent”referstopeoplewhoarenotactivelylookingforanewjob.A.错B.对15【判断题】(2分) Sharingeconomybusinessmodelhasnonegativeoutcomes.A.对B.错第六章测试1【单选题】(2分)WhatdoesALaCartemean?A.payandacquireallthecontentB.payforwhatyouuseC.allyoucaneatD. basicservicesarefreebutmoreadvancedfeaturesmustbepaidfor.2【多选题】(2分) WhichoneistrueforFreemium?A.payandacquireallthecontentB.moreadvancedfeaturesmustbepaidfor.C.payforwhatyouuseD.basicservicesareprovidedfreeofcharge3【判断题】(2分)There’snothingcontradictoryaboutallthreemodels:subscription,ALaCarteandfreemium.A.对B.错4【单选题】(2分)__________referstotheconvergenceofdesign,production,anddistributionofthecontent.A.contentconvergenceB.mediaconvergenceC.technologicalconvergenceD.industrystructureconvergence5【单选题】(2分) Whichofthefollowingisnotanexampleofindustrystructureconvergence?A.Apple’sdevelopmentoftheiPadB.Amazon’screationofAmazonBooksPublishingC.AT&T’sacquisitionofTimeWarnerD.Verizon’sacquisitionofYahoo6【单选题】(2分) WhichofthefollowingtypesofonlinecontentisconsumedbythelowestpercentageofInternet users?A.e-booksB.digitalaudioC.videoD.magazines7【单选题】(2分) Whichofthefollowingisnotanadvantagethatpuredigitalnewssiteshaveoverprintnewspape rs?A.Theycantakeadvantageofnewertechnologiesforproducingthenews.B.Theyhavealowercoststructure.C.Theyofferhigherqualityjournalism.D. Theycancreatenewworkflowsandbusinessprocessesthataremoretimelyandefficient.8【多选题】(2分)WhichofthefollowingaretrueforPrint-centricperiod?A.Thetechnologyplatformwasthedesktoporlaptopplatform.B.Thetoppriorityisproducingthemostengaging,continuallyupdateddigitaleditionC.TherewerenochanceforthemtohaveanyinteractionsD.Newspapersadoptedmultimediaelementssuchasvideo,addedmoreinteractiveelementslikecrosswordpuzzl esandcontests9【判断题】(2分)“Contentisking”meansowninghigh-qualitycontentprovidesagoldenopportunitytogenerate revenue.A.对B.错10【判断题】(2分)Inthetraditionalprocess,pricesdeterminedlargelybytheauthor.A.对B.错11【多选题】(2分)Amazon’sdigitalecosystemsbroughtunprecedentedchangetoonlinebookintermsof_____ ______.A.MarketingB.ContentC.PublishingD.AuthorshipE.Readership12【单选题】(2分)________wassuedbytheJusticeDepartmentforviolatingantitrustlawsinconnectionwithe-books.A.AmazonB.Barnes&NobleC.AppleD.Google13【单选题】(2分)WhichofthefollowingstatementsisnottrueaboutOTT?A.TouseOTTservices,consumersmustpurchaseabundleofchannels.B.OTTentertainmentservicesareathreattocable/satellitetelevisiondeliverysystems.C.OTTservicesincludetheabilitytodownloadcontentafterpurchaseorrental,aswellassubscriptionstreamingan d“live”TVservic es.D.OTTenablesautomaticadvertisingtransactions.14【判断题】(2分) Streaminghasreplaceddownloadingasthepreferredconsumerviewingplatformforhomeen tertainmentcontent.A.对B.错15【多选题】(2分)WhichofthefollowingaretrueforOTTadvertising?A.ItallowstheadvertiserstoreachtherightaudienceattherighttimeB.Commercialsarebasedonherlocation,interestanddemographicsC.ItputsmoreattentiononthecontentD.OTTadvertisingisoftenboughtandsoldprogrammatically第七章测试1【多选题】(2分) Socialnetworksattractpeoplewithsharedinterests,suchas________.A.sportsB.vacationsC.hobbiesD.religion2【单选题】(2分)Doubanisanexampleofa(n)________socialnetwork.A.affinity-basedB.practice-basedC.generalD.interest-based3【判断题】(2分)WithAPItechnology,Facebookopensupitsplatformandgivesotherappsorwebsitestheacce sstoitsdata.A.错B.对4【多选题】(2分)Whichofthefollowingaretrueforgeneralcommunity?A.Facebookisworld’smostpopularonlinesocialnetworkwiththelargestnumberofmonthlyactiveusers.B.Typicalexamplesincludefacebook,QQzone,Douban.C. Thebusinessmodelofgeneralcommunitiesistypicallyadvertisingsupportedbysellinggoods.D.Thepurposeofthegeneralcommunityistoattractlargeenoughaudience.5【单选题】(2分)Awebsitedesignedaroundacommunityofmemberswhoself-identifywithademographicorg eographiccategoryisclassifiedasa(n):A.sponsoredcommunity.B.interest-basedsocialnetwork.C.practicenetwork.D.affinitycommunity.6【单选题】(2分)爸妈网is____________designedtoattractparentsbyofferingdiscussionandservicesthatf ocusonEnglisheducationforearlychildhood.A.PracticenetworkB.Interest-basedsocialnetworkC.GeneralcommunityD.Affinitycommunity7【判断题】(2分)Sponsoredcommunitiesareallnon-profitonlinecommunitiesforthepurposeofpursuingorga nizationalgoals.A.对B.错8【单选题】(2分) Whichofthefollowingistheexampleofsponsoredcommunity?A.B.水木社区C.ResearchGateD.Douban9【单选题】(2分)ResearchGateisa__________forscientistsandresearcherstosharepapers,askand答案q uestions,andfindcollaborators.A.PracticenetworkB.Interest-basedsocialnetworkC.AffinitycommunityD.Generalcommunity10【多选题】(2分)Whichofthefollowingaregoalsofsponsoredcommunities?A.TodevelopinternalsocialnetworksB.ToshareknowledgeC.TosellgoodsD.Toincreasetheinformationavailabletoitsmembers11【判断题】(2分) SocialmediainfluencerisalsocalledInternetcelebrity.A.对B.错12【多选题】(2分) Inwhatwayscaninfluencersturnthetrafficintorealcash?A.showingadvertisementsB.postingviralvideosonvideohostingcommunitiesC.directingtheirfanstoonlineshopsD.receivingvirtualgifts13【多选题】(2分) WhichofthefollowingaretrueforthesocialmediainfluencerLiJiaqi(李佳琦)?A.Themediahasdubbedhimthe"LipstickKing".B.Hehasnotcooperatedwithcelebrities.C.HeisaChinesefoodandcountry-lifeblogger.D.Hegivesasubjectivecommentontheproducts,notjustbragging.Hisfansreallyappreciatehissincerity.14【判断题】(2分)Socialnetworksalsopresentenormousrisksforindividuals,communities,firms,andevenfors ocietyasawhole.A.错B.对15【多选题】(2分)WhichofthefollowingaretrueforFacebook’sCambridgeAnalyticadatascandal?A.Facebookpaidarecord-breaking5billiondollarsfine,byfarthelargestpenaltyeverimposedonacompanyforviol atingconsumers'privacyrights.B.FacebookhadeverdemandedthattheydeleteallofthedatathattheyhadobtainedinviolationofFacebook'srules.C.CambridgeAnalyticawasabletogetaccesstoinformationofasmanyas50millionpeople.D. CambridgeAnalyticaonlycollectedthepersonalinformationofpeoplewhoagreedtotakethesurvey.第八章测试1【单选题】(2分)WhatarethebenefitsforB2BE-commerceA.VisibilitycanbefullyrealizedB.IncreaseproductionflexibilityC.DecreaseproductcycletimeD.Increaseopportunitiesforcollaboratingwithsuppliersanddistributors2【多选题】(2分)WhichofthefollowingaretrueforB2BE-commerce?A.CreategreaterpricetransparencyB.LowersearchcostsforbuyersC.manyFortune1000supplychainsarerisky,vulnerable,andsociallyandenvironmentallyunsustainableD.Lowertransactioncosts3【单选题】(2分)________purchasinginvolvesthepurchaseofgoodsbasedonimmediateneedsinlargermar ketplacesthatinvolvemanysuppliers.A.VerticalB.SpotC.BulkD.Indirect4【判断题】(2分)MROgoodsarealsoknownasdirectgoods.A.错。

信息不对称，企业信息披露和资本市场：经验综述披露文学保罗·希利*，克里希纳G.佩勒普摘要财务报告和信息披露，可能是管理的重要手段通信公司业绩和治理外来投资者。

我们提供了一个资本管理者的报告和信息披露决策分析框架市场设置，并确定关键researchquestions。

我们再检讨目前的经验调研与信息披露监管，信息中介，决定因素和公司信息披露的经济后果。

我们的调查，得出结论认为，当前研究已产生了一些有益的见解。

我们确定的许多基本仍然没有答案的问题，在经济环境的变化，提高研究新问题。

关键词：报告的决定;自愿性信息披露本文得益于SP科塔和罗斯瓦（编辑）的意见，以及在2000年宰会议的与会者。

我们也感谢塔蒂亚娜萨迪诺研究援助，并在哈佛商学院金融研究部支持。

*通讯作者。

电话：+1-617-495-1283，传真：+1-617-496-7387。

E-mail地址：phealy@（希利下午）。

0165-4101/01 /美元-看到前面的问题由Elsevier Science BV R 2001有价证券投资收益：S 0的1 6 5 - 4101（01）0018-0介绍公司信息披露是一个有效的资本运作的关键市场。

1公司通过提供规范的财务报告披露，包括财务报表，脚注，管理层讨论与分析，和其他监管机构备案。

此外，一些企业从事自愿沟通，诸如管理预测，分析师presentations和电话会议，新闻发布，互联网网站，以及其他企业报告。

最后，有关于公司的信息披露由中间白羊座，诸如金融分析师，业内专家和金融新闻。

在本文中，我们检讨有关财务报告和自愿的研究管理层的信息披露，总结关键researchfindings，和确定今后的工作领域。

第2条检查的力量，引起信息披露，资本市场在现代经济中，需求和机构增加披露的公信力。

我们认为，金融需求报告和披露从信息产生的不对称性和机构管理者和外部投资者之间的冲突。

信誉管理MENT披露由监管机构，标准制定，审计师和其他增强资本市场中介机构。

财务报表分析的理论基础第一篇：财务报表分析的理论基础一、信息不对称理论信息经济学的研究成果表明，现实经济生活中，各当事人掌握的信息往往是不完全，不对称的。

在证券市场上，信息不对称主要有两种类型：（1）投资者之间的信息不对称（2）公司管理层和投资者之间的信息不对称。

投资者之间的信息不对称使得拥有较多信息的投资者有动机“积极”交易，他们可以凭借信息优势在与信息较少投资者的交易中获利。

公司管理层和投资者之间的信息不对称使得管理层可以通过信息优势来损害投资者的利益，例如通过扭曲财务报表来误导投资者的买卖决策。

为了避免信息不对称对资本市场运行效率的消极影响，充分的信息披露是至关重要的。

但是，即使在充分的信息披露的情况下，由于公司管理层基于管理层报酬、债务契约、税收、监管等方面的考虑，报表往往存在被粉饰的可能性。

加之广大投资者可能并不具备报表分析的专业知识和能力，所以，对报表信息进行分解，分析和传播的专业的财务报表分析就随之产生。

财务报表分析在信息源扩展和信息解释方面对于减弱市场上信息不对称具有积极的意义。

二、经典研究学派的财务报表分析理论20世纪60年代之前，经典研究学派在会计学术界占统治地位，目前任然是会计准则制定的框架基础，对现行的财务报表体系有着重大的影响。

该学派认为公司的内涵价值是客观存在的，因此，他们试图从理论的角度寻求所谓的最佳的会计方法，以确保财务报表能够尽可能反映公司的内涵价值，应计制制便产生了。

应计制制强调会计中的配比概念，指出收入和费用之所以应当被记录，是因为所做出的努力和所取得的成就应予以恰当配合，而只报告现金收入和现金支出难以产生合适的配比。

然而，应计制在实际运用时具有一定的主观性，需要依靠大量的假设。

特别是随着时代的发展，公司组织结构日益复杂，关联方交易极为频繁，各种融资、投资方式不断被创新，这些直接加大了应计制会计的难度，使得应计制下的财务报表难以被投资者所理解。

更为重要的是，由于公司管理层对实际经营情况了如指掌，具有相对的信息优势，他们往往受托对应计制财务报表的编制做出估计和假设。