根據(jù)間接成本進(jìn)行競(jìng)爭(zhēng)性定價(jià)隱瞞或者泄露成本信息？【外文翻譯】_第1頁(yè)
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1、外文文獻(xiàn)翻外文文獻(xiàn)翻譯譯譯譯文原文：CompetitivePricinginMarketswithDifferentOverheadCosts:ConcealmentLeakageofCostInfmation1.IntroductionThisstudyexamineshowaleader(firstmover)afollower(secondmover)respondtocostreptqualitywhentheysetprice

2、sftwoproductmarketsthatvaryintheamountofoverheadindirectproductcostsutilized.Textbooksoftenclaimthatcostreptsthatcapturethedifferencesinoverheadcostsacrossafirm’sproductmarketswithlessdisttioncanimprovethefirm’sprofitspr

3、icesetting(KaplanCooper[1998]).Whilethisassumptionisreasonablefamonopolist(Narayanan[2003])suchaconclusionislessobviousinacompetitivecontext.Inacompetitivesettingifpriceinfmationrevealsafirm’sprivatecostinfmationtootherp

4、articipants(“infmationleakage”)thismaymitigatethepotentialadvantageofthefirmusingthehighqualitycostrept.Wepresumethattheamountofprivatecostinfmationthatisrevealedthroughmarketpricesisstronglyaffectedbythewayprivatecostre

5、ptsaredistributedtofirmsinaduopoly.Specificallyweproposethatmeprivatecostinfmationleaksouttothemarketifonlytheleaderratherthanthefollowerholdsacostreptofhigherquality.Totestthisclaimweuseafullycrossedtwobytwoexperimental

6、designmanipulatethequalityoftheplayers’privatecostreptsashavingeitherlowhighquality1.Ahighqualitycostreptbetterreflectstheactualvariationintheoverheadcostsconsumedbythetwoproductmarkets(perunitofvolume).Alowqualitycostre

7、ptprovidesadisttedcostsignalgiventhattheoverheadcostsarethesamefthetwoproductmarkets(perunitofvolume).Wefurtherdisclosetheplayers’totalrealizedprofitstheirpricesfthetwoproductmarketsaftereachroundofplay.onlytheleaderrece

8、ivesahighqualitycostrept.Bothleaders’followers’pricesreflectthedifferencesinoverheadcostsbothplayersimprovetheirprofits(comparedtowhenallagentsreceivecostreptsoflowquality).Althoughweuseamarketwithimperfectcompetitionabi

9、tsimilartoBloomfieldLuft[2006]ourresultsqualifytheirviewthatparticipantsinsuchmarketshavemedifficultyinavoidingcostrelatedpricingerrs.Wecontributetothisstudyintwoimptantways:(1)pricingerrscanstillquicklydisappearpersistd

10、ependingonwhoholdsthehighqualitycostrept(2)thisresultisnotdrivenbypsychologicalfactsbutbydifferentfmsofcompetitivebehavithatarisewhenfollowersaregivenahighqualityreptcomparedtowhenleadersaregivenahighqualityrept.Ourfindi

11、ngssuggestpracticalconsequencesffirmsthatwanttoinvestincostingsystemsthatbetterreflectdifferencesinoverheadcostswhentheircompetitsrelyonsystemsthatdonotprovidethisinfmation.Contrarytogeneralintuition(KaplanCooper[1998]Vi

12、ves[19841990])aleaderdoesnotachievesuperiprofitsvisavisafollowerifonlytheleaderusesahighqualitycostrept(duetoinfmationleakagefromtheleadertothefollower).Analysesalsoshowthatifonlyafollowerisgivenahighqualityreptthisfollo

13、werperfmswse(ashesheconcealscostinfmation)thanafollowerwithalowqualityreptwhofacesaleaderwithahighqualityrept.2.FramewkHypothesesTheaccountingliteraturefocusessolelyoncompetitionsinwhichparticipantsmakesimultaneouspricin

14、gdecisions(Kachelmeier[1996]WallerIfmarketsareverycompetitivethethreatofbeingpricedoutofthemarket(WallerShapiroSevcik[1999])oflosingbidswhentherearebidsasksofbuyerssellerscomingtogether(Kachelmeier[1996])quicklydisciplin

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