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Financial Frictions, Investment, and Institutions

Claessens, Stijn; Ueda, Kenichi; Yafeh, Yishay - C.E.P.R. Discussion Papers - 2010

frictions using a canonical investment model. We consider two channels by which frictions affect investment: (i) through … frictions, institutions affect investment. We find that improved corporate governance (e.g., less severe informational problems …) and enhanced contractual enforcement reduce financial frictions affecting investment, while stronger creditor rights (e …

Persistent link: https://www.econbiz.de/10008784722

Earnings Manipulation and Incentives in Firms

Friebel, Guido; Guriev, Sergei - C.E.P.R. Discussion Papers - 2005

We study the effect of earnings manipulation on incentives within the corporate hierarchy. When top management manipulates earnings, it must prevent information leakage from corporate insiders to the outside world. If an insider (e.g. a division manager) gains evidence about earnings...

Persistent link: https://www.econbiz.de/10005504644

Earnings Manipulation and Incentives in Firms

Friebel, Guido; Guriev, Sergei - C.E.P.R. Discussion Papers - 2005

Persistent link: https://www.econbiz.de/10005504726

Ambiguity, Disagreement, and Allocation of Control in Firms

Dicks, David L.; Fulghieri, Paolo - C.E.P.R. Discussion Papers - 2015

We present a novel source of disagreement grounded in decision theory: ambiguity aversion. We show that ambiguity aversion generates endogenous disagreement between a firm's insider and outside shareholders, creating a new rationale for corporate governance systems. In our paper, optimal...

Persistent link: https://www.econbiz.de/10011213312

Managerial Incentives and Stock Price Manipulation

Peng, Lin; Röell, Ailsa A - C.E.P.R. Discussion Papers - 2009

This paper presents a rational expectations model of optimal executive compensation in a setting where managers are in a position to manipulate short-term stock prices, and managers' propensity to manipulate is uncertain. Stock-based incentives elicit not only productive effort, but also costly...

Persistent link: https://www.econbiz.de/10005014567

Managerial Incentives and Collusive Behaviour

Spagnolo, Giancarlo - C.E.P.R. Discussion Papers - 2004

I characterize the effects of empirically observed managerial incentives on long-run oligopolistic competition. When managers have a preference for smooth time-paths of profits – as revealed by the empirical literature on ‘income smoothing’ – manager-led firms can sustain collusive...

Persistent link: https://www.econbiz.de/10005667065

Monitoring the Monitors: Amakudari and the Ex-Post Monitoring of Private Banks

Hassink, Wolter; van Rixtel, Adrian - C.E.P.R. Discussion Papers - 1998

(MoF) and Bank of Japan (BoJ) officials as a policy instrument. The authors also investigate whether industrial groupings …

Persistent link: https://www.econbiz.de/10005789103

Institutional Investors as Minority Shareholders: Do They Matter When Ownership Is Concentrated?

Hamdani, Assaf; Yafeh, Yishay - C.E.P.R. Discussion Papers - 2010

We shed new light on the corporate governance role of institutional investors in markets where concentrated ownership and business groups are prevalent. When companies have controlling shareholders, institutional investors, as minority shareholders, can play only a limited role in corporate...

Persistent link: https://www.econbiz.de/10008554240

Takeover Bids versus Proxy Fights in Contests for Corporate Control

Bebchuk, Lucian Arye; Hart, Oliver - C.E.P.R. Discussion Papers - 2001

This Paper evaluates the primary mechanisms for changing management or obtaining control in publicly traded corporations with dispersed ownership. Specifically, we analyse and compare three mechanisms: (1) proxy fights (voting only); (2) takeover bids (buying shares only); and (3) a combination...

Persistent link: https://www.econbiz.de/10005123692

Dividend Taxes and Corporate Behaviour: Evidence from the 2003 Dividend Tax Cut

Chetty, Raj; Saez, Emmanuel - C.E.P.R. Discussion Papers - 2004

This Paper analyses the effects of dividend taxation on corporate behaviour using the large tax cut on individual dividend income enacted in 2003. Using data spanning 1980 to 2004-Q2, we document a sharp and widespread surge in dividend payments following the tax cut, along several dimensions....

Persistent link: https://www.econbiz.de/10005123896

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