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Executive Compensation as an Agency Problem
Bebchuk, Lucian Arye; Fried, Jesse - C.E.P.R. Discussion Papers - 2003
instrument for addressing the agency problem between managers and shareholders but also as part of the agency problem itself …
Persistent link: https://www.econbiz.de/10005662270
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Firms' Decisions on Where to Incorporate
Bebchuk, Lucian Arye; Cohen, Alma - C.E.P.R. Discussion Papers - 2002
viewed as detrimental to shareholders. We also find that there is commonly a big difference between a state's ability to …
Persistent link: https://www.econbiz.de/10005123946
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Managerial Power and Rent Extraction in the Design of Executive Compensation
Bebchuk, Lucian Arye; Fried, Jesse; Walker, David I - C.E.P.R. Discussion Papers - 2002
This Paper develops an account of the role and significance of managerial power and rent extraction in executive compensation. Under the optimal contracting approach to executive compensation, which has dominated academic research on the subject, pay arrangements are set by a board of directors...
Persistent link: https://www.econbiz.de/10005114260
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Who Blows the Whistle on Corporate Fraud?
Dyck, Alexander; Morse, Adair; Zingales, Luigi - C.E.P.R. Discussion Papers - 2007
What external control mechanisms are most effective in detecting corporate fraud? To address this question we study in depth all reported cases of corporate fraud in companies with more than 750 million dollars in assets between 1996 and 2004. We find that fraud detection does not rely on one...
Persistent link: https://www.econbiz.de/10005791779
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On the Role of Bank Competition for Corporate Finance and Corporate Control in Transition Economies
Schnitzer, Monika - C.E.P.R. Discussion Papers - 1998
Banks play a central role in financing and monitoring firms in transition economies. This study examines how bank …, banks compete to finance an investment project with uncertain return. By screening the firm a bank learns about its … profitability. Surprisingly, it is found that an increase in bank competition need not reduce a bank's screening incentive even …
Persistent link: https://www.econbiz.de/10005792444
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Ambiguity, Disagreement, and Allocation of Control in Firms
Dicks, David L.; Fulghieri, Paolo - C.E.P.R. Discussion Papers - 2015
aversion generates endogenous disagreement between a firm's insider and outside shareholders, creating a new rationale for …
Persistent link: https://www.econbiz.de/10011213312
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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
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Delegated Activism and Disclosure
Dasgupta, Amil; Zachariadis, Konstantinos - C.E.P.R. Discussion Papers - 2011
Mutual funds are significant blockholders in many corporations. Concerns that funds vote in a pro-management manner to garner lucrative pensions contracts led the SEC to mandate the disclosure of proxy votes. We present a model of mutual fund voting in the presence of potential business ties. We...
Persistent link: https://www.econbiz.de/10009321841
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Agency Conflicts, Ownership Concentration, and Legal Shareholder Protection
Burkart, Mike; Panunzi, Fausto - C.E.P.R. Discussion Papers - 2001
hurt minority shareholders. Legal shareholder protection affects both the expropriation of shareholders and the blockholder … and small shareholders. Moreover, strengthening legal minority shareholder protection may have adverse effects on the … shareholders, e.g., equal treatment rules, can be detrimental. …
Persistent link: https://www.econbiz.de/10005662105
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Globalization and the 'New Enterprise'
Marin, Dalia; Verdier, Thierry - C.E.P.R. Discussion Papers - 2002
Globalization has been identified by many experts as a new way firms organize their activities. This Paper surveys recent work that examines the role of trade integration between similar and dissimilar countries for these changes in corporate organization. It is shown that international...
Persistent link: https://www.econbiz.de/10005662173