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Estimating managers' utility-maximizing demand for agency goods

Hughes, Joseph P. (contributor); … - 2003 - [Elektronische Ressource]

An empirical model of managers' demand for agency goods is derived and estimated using the Almost Ideal Demand System … of Deaton and Muellbauer (AER 1980). As in Jensen and Meckling (JFE 1976), we derive managers' demand for agency goods by … maximizing a managerial utility function where managers allocate the potential value of their firm's assets to the consumption of …

Persistent link: https://www.econbiz.de/10001889146

Managerial incentives and the efficiency of capital structure in US commercial banking

Hughes, Joseph P.; Lang, William W.; Moon, Chuon-geol; … - 2003 - [Elektronische Ressource]. - Rev.

We extend the literature on the effects of managerial entrenchment to consider how safety-net subsidies and financial distress costs interact with managerial incentives to influence capital structure in U.S. commercial banking. Using cross-sectional data on publicly traded, highest-level U.S....

Persistent link: https://www.econbiz.de/10001889399

Managerial incentives and the efficiency of capital structure

Hughes, Joseph P. (contributor) - 2001 - [Elektronische Ressource], rev

Persistent link: https://www.econbiz.de/10001566302

Existence of equilibrium for segmented markets models with interest rate monetary policies

Occhino, Filippo (contributor) - 2004 - [Elektronische Ressource]

Several papers have recently adopted the segmented markets model as a framework for monetary analysis. The characteristic assumption is that some households never participate in financial markets. This paper proves the existence of an equilibrium for segmented markets models where monetary...

Persistent link: https://www.econbiz.de/10002101874

Monetary policy shocks in an economy with segmented markets

Occhino, Filippo (contributor) - 2001 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001629585

The impact of monetary policy on bond returns volatility : a segmented markets approach

Mizrach, Bruce Marshall (contributor); … - 2004 - [Elektronische Ressource]

This paper assesses the contribution of monetary policy to the dynamics of bond real returns. We assume that the monetary authority controls the short-term nominal interest rate. We then model exogenously the joint dynamics of the aggregate endowment and the monetary policy variable, and...

Persistent link: https://www.econbiz.de/10001889186

Markets segmentation and the real interest rate response to monetary policy shocks

Occhino, Filippo (contributor) - 2004 - [Elektronische Ressource]

Following a contractionary monetary policy shock, the aggregate output decreases over time for six to eight quarters, while the real interest rate increases immediately and remains high for three quarters. Full participation models can hardly replicate the joint response of the aggregate output...

Persistent link: https://www.econbiz.de/10001889365