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Corporate Fraud, Governance and Auditing
Immordino, Giovanni; Pagano, Marco - C.E.P.R. Discussion Papers - 2008
when liquidation would be value-increasing. To curb fraud, shareholders optimally choose auditing quality and the … performance sensitivity of managerial pay, taking external corporate governance and auditing regulation into account. For given … managerial pay, it is optimal to rely on auditing when external governance is in an intermediate range. When both auditing and …
Persistent link: https://www.econbiz.de/10005792136
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An Economic Analysis of Australian Damage Remedies for Misleading Prospectuses: Trade Practices Act vs. Corporations Law
Pitchford, R. - Research School of Economics, College of Business and … - 1997
liability regime under s52 of the Trade Practices Act, to a due diligence regime under the Corporations Law. I argue that due …
Persistent link: https://www.econbiz.de/10004971400
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Short- and Long-term Hedging for the Corporation
Dumas, Bernard J - C.E.P.R. Discussion Papers - 1994
Exchange risk hedging in a static (i.e. one-period) setting is extremely straightforward. The variance-minimizing hedge of a particular future cash flow involves a forward contract equal but opposite in sign to the exposure of the cash flow. The exposure is the regression coefficient of the cash...
Persistent link: https://www.econbiz.de/10005136503
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Financial Innovation and Endogenous Growth
Laeven, Luc; Levine, Ross; Michalopoulos, Stelios - C.E.P.R. Discussion Papers - 2009
We model technological and financial innovation as reflecting the decisions of profit maximizing agents and explore the implications for economic growth. We start with a Schumpeterian endogenous growth model where entrepreneurs earn monopoly profits by inventing better goods and financiers arise...
Persistent link: https://www.econbiz.de/10008528522
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Limits of Arbitrage: The State of the Theory
Gromb, Denis; Vayanos, Dimitri - C.E.P.R. Discussion Papers - 2010
We survey theoretical developments in the literature on the limits of arbitrage. This literature investigates how costs faced by arbitrageurs can prevent them from eliminating mispricings and providing liquidity to other investors. Research in this area is currently evolving into a broader...
Persistent link: https://www.econbiz.de/10008530340
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Financial Institutions and the Wealth of Nations: Tales of Development
Tong, Jian; Xu, Cheng-Gang - C.E.P.R. Discussion Papers - 2004
Interactions between economic development and financial development are studied by looking at the roles of financial institutions in selecting R&D projects (including both imitation and innovation). Financial development is regarded as the evolution of the financing regimes. The effectiveness of...
Persistent link: https://www.econbiz.de/10005124401
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Agency Costs in the Process of Development
Acemoglu, Daron; Zilibotti, Fabrizio - C.E.P.R. Discussion Papers - 1996
We analyse an economy where production is subject to moral hazard. The degree of the incentive (agency) costs introduced by the presence of moral hazard naturally depends on the information structure in the economy; it is cheaper to induce correct incentives in a society which possesses better...
Persistent link: https://www.econbiz.de/10005136536
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Generational Accounting, Solidarity and Pension Losses
Vries, Casper G de; Teulings, Coen N - C.E.P.R. Discussion Papers - 2004
The creeping stock market collapse eroded the wealth of funded pension systems. This led to political tensions between generations due to the fuzzy definition of property rights on the pension funds wealth. We argue that this problem can best be resolved by the introduction of generational...
Persistent link: https://www.econbiz.de/10005498139
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Sources of Funds and Investment Activities of Venture Capital Funds: Evidence from Germany, Israel, Japan and the UK
Mayer, Colin; Schoors, Koen; Yafeh, Yishay - C.E.P.R. Discussion Papers - 2002
particularly important in Germany, corporations in Israel, insurance companies in Japan and pension funds in the UK. VC investment …
Persistent link: https://www.econbiz.de/10005504226
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Privatization in Hungary, Poland and Czechoslovakia
Grosfeld, Irena; Hare, Paul G - C.E.P.R. Discussion Papers - 1991
Several East European countries are embarking on major programmes both to expand their private sectors by encouraging new firm formation, and to transfer much of the existing state sector into private ownership. This paper studies the early experience of Hungary, Poland and Czechoslovakia in...
Persistent link: https://www.econbiz.de/10005281407