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Financing and corporate growth under repeated moral hazard

Anderson, Ronald W.; Nyborg, Kjell G. - London School of Economics (LSE) - 2001

This paper considers the impact of financial contracting on growth by exploring a model where entrepreneurs initially do R&D but subsequently need both outside investors to provide funds for capital investments and outside mangers to operate the firm efficiently some time after assets are in...

Persistent link: https://www.econbiz.de/10010744895

Agency, firm growth, and managerial turnover

Anderson, Ronald W.; Bustamante, Maria Cecilia; … - London School of Economics (LSE) - 2012

. We show how the optimal contract can be implemented with a system of deferred compensation credit and bonuses, along with …

Persistent link: https://www.econbiz.de/10010745265

The dark side of 'good' corporate governance: compliance-fuelled book-cooking activities

Kirchmaier, Thomas; Selvaggi, Mariano - London School of Economics (LSE) - 2006

We argue on theoretical grounds that obligatory compliance with stricter financial reporting rules (e.g. the US Sabanes-Oxley Act) may entail important unintended consequences. Paradoxically, the amount of misreporting may increase because corporate boards spend more valuable resources...

Persistent link: https://www.econbiz.de/10010745362

Attracting investor attention through advertising

Lou, Dong - London School of Economics (LSE) - 2009

This paper provides empirical evidence that managers adjust firm advertising expenditures to influence investor behavior and short-term stock prices. First, this paper shows that increased advertising spending is associated with individual investor buying and a contemporaneous rise in abnormal...

Persistent link: https://www.econbiz.de/10010746466

From government to governance: external influences on business risk management

Hutter, Bridget M.; Jones, Clive J - London School of Economics (LSE) - 2007

The influence of external organizations and pressures on business risk management practices has hitherto been examined through the influence of state regulatory regimes on businesses. This article concentrates on key socio-legal concerns about the influence of the law in social and economic...

Persistent link: https://www.econbiz.de/10011183326

Accounting for cross-country income differences

Caselli, Francesco - London School of Economics (LSE) - 2005

Why are some countries so much richer than others? Development Accounting is a first-pass attempt at organizing the answer around two proximate determinants: factors of production and efficiency. It answers the question “how much of the cross-country income variance can be attributed to...

Persistent link: https://www.econbiz.de/10011071091

The dynamics of venture capital contracts

Bienz, Carsten; Hirsch, Julia - London School of Economics (LSE) - 2005

We analyze the degree of contract completeness with respect to staging of venture capital investments using a hand …-collected German data set of contract data from 464 rounds into 290 entrepreneurial firms. We distinguish three forms of staging (pure … milestone financing, pure round financing and mixes). Thereby, contract completeness reduces when going from pure milestone …

Persistent link: https://www.econbiz.de/10010746202

Intra-firm trade and product contractibility (Long Version)

Bernard, Andrew B.; Redding, Stephen - London School of Economics (LSE) - 2010

This paper examines the determinants of intra-firm trade in U.S. imports using detailed countryproductdata. We create a new measure of product contractibility based on the degree ofintermediation in international trade for the product. We find important roles for the interaction ofcountry and...

Persistent link: https://www.econbiz.de/10010746596

The place of contract in organizational awareness: deconstructing process, market and connectedness

Scott, Susan V.; Paris, Carolyn - London School of Economics (LSE) - 2010

Throughout modern business history, contract has been used as an organizational technology that holds counterparties in … formal or legally binding agreements. The proliferation of contract prompted the emergence of professional contract managers …), contract has come to be seen as a standard coordination device whose foundational assumptions are taken for granted. In this …

Persistent link: https://www.econbiz.de/10010744884

The inherent limits of ‘legal devices’: lessons for the public sector's central counterparty prescription for the OTC derivatives markets

Braithwaite, Jo - London School of Economics (LSE) - 2011

In the wake of the financial crisis considerable momentum has built up behind proposals to extend central counterparty (CCP) clearing in the over-the-counter derivatives markets. However, implementation is proving complex. This paper argues that one cause of this complexity is that the public...

Persistent link: https://www.econbiz.de/10010745410