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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 … managers. As a result, managers wield substantial influence over their own pay arrangements, and they have an interest in … reducing the saliency of the amount of their pay and the extent to which that pay is de-coupled from managers’ performance. We …
Persistent link: https://www.econbiz.de/10005662270
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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
constraints that act on these processes, leave managers with considerable power to shape their own pay arrangements. Examining the …
Persistent link: https://www.econbiz.de/10005114260
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Access to Public Capital Markets and Employment Growth
Borisov, Alexander; Ellul, Andrew; Sevilir, Merih - C.E.P.R. Discussion Papers - 2015
This paper investigates the importance of accessing public capital markets through an initial public offering (IPO), and the consequent relaxation of firms’ financial constraints, for firm-level long term employment decisions. We find that firms significantly increase post-IPO investment in...
Persistent link: https://www.econbiz.de/10011249379
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Ownership and Control of German Corporations
Franks, Julian R; Mayer, Colin - C.E.P.R. Discussion Papers - 2001
In a study of the ownership of German corporations, we find a strong relation between board turnover and corporate performance, little association between concentrations of ownership with managerial disciplining and only limited evidence that pyramid structures can be used for control purposes....
Persistent link: https://www.econbiz.de/10005666867
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Ownership, Capital or Outsourcing: What Drives German Investment to Eastern Europe?
Lorentowicz, Andzelika; Marin, Dalia; Raubold, Alexander - C.E.P.R. Discussion Papers - 2002
The Paper takes a first look at the host and home country effects of German foreign direct investment (FDI) in Eastern Europe based on new survey data of 1050 investment projects in Eastern Europe by 420 German multinationals during the 1990s. We find that German investors transfer a substantial...
Persistent link: https://www.econbiz.de/10005666929
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The Political Economy of Bank and Equity Dominance
Perotti, Enrico C; von Thadden, Ernst-Ludwig - C.E.P.R. Discussion Papers - 2003
Legislation affects corporate governance and the return to human and financial capital. We allow the preference of a political majority to determine both the governance structure and the extent of labour rents. In a society where median voters have relatively more at stake in the form of human...
Persistent link: https://www.econbiz.de/10005667054
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Optimal Diversification
Gomes, Joao F; Livdan, Dmitry - C.E.P.R. Discussion Papers - 2002
In this Paper we show that the main empirical findings about firm diversification and performance are actually consistent with the optimal behavior of a firm that maximizes shareholder value. In our model, diversification allows a firm to explore better productive opportunities while taking...
Persistent link: https://www.econbiz.de/10005667077
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Ownership Concentration and Corporate Performance in the Czech Republic
Claessens, Stijn; Djankov, Simeon - C.E.P.R. Discussion Papers - 1999
The relationship between ownership structure and corporate performance has been the subject of intense research in both transition and market economies. The Czech Republic's mass-privatization program provides an unique opportunity to investigate this relationship. It changed the ownership of...
Persistent link: https://www.econbiz.de/10005667084
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Entrepreneurship in Equilibrium
Gromb, Denis; Scharfstein, David - C.E.P.R. Discussion Papers - 2002
This Paper compares the financing of new ventures in start-ups (entrepreneurship) and in established firms (intrapreneurship). Intrapreneurship allows established firms to use information on failed intrapreneurs to redeploy them into other jobs. Instead, failed entrepreneurs must seek other jobs...
Persistent link: https://www.econbiz.de/10005789057
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Rhineland Exit?
Bovenberg, A Lans; Teulings, Coen N - C.E.P.R. Discussion Papers - 2008
We argue in favour of the shareholder model of the firm for three main reasons. First, serving multiple stakeholders leads to ill-defined property rights. What sounds like a fair compromise between stakeholders can easily evolve in a permanent struggle about the ultimate goal of the company....
Persistent link: https://www.econbiz.de/10005791558