Similar Search Results

Kacperczyk, Marcin T. - 2011

Mutual fund managers can outperform the market by picking stocks or timing the market successfully. Previous work has estimated picking and timing skill, assuming that each manager is endowed with a fixed amount of each and found some evidence of picking skills and little evidence of timing...

Persistent link: https://www.econbiz.de/10013118131

Optimal Monetary Policy with Informational Frictions

Angeletos, George-Marios - 2011

This paper studies optimal policy in a business-cycle setting in which firms have a blurry understanding of the state of the economy due to informational or cognitive constraints. The latter are not only the source of nominal rigidity but also an impediment in the coordination of production. The...

Persistent link: https://www.econbiz.de/10013118850

Behavioral Corporate Finance : An Updated Survey

Baker, Malcolm P. - 2011

We survey the theory and evidence of behavioral corporate finance, which generally takes one of two approaches. The market timing and catering approach views managerial financing and investment decisions as rational managerial responses to securities mispricing. The managerial biases approach...

Persistent link: https://www.econbiz.de/10013121051

Information Aggregation, Investment, and Managerial Incentives

Albagli, Elias - 2011

We study the interplay of share prices and firm decisions when share prices aggregate and convey noisy information about fundamentals to investors and managers. First, we show that the informational feedback between the firm's share price and its investment decisions leads to a systematic...

Persistent link: https://www.econbiz.de/10013121056

Does Corporate Governance Matter in Competitive Industries?

Giroud, Xavier - 2010

By reducing the threat of a hostile takeover, business combination (BC) laws weaken corporate governance and increase the opportunity for managerial slack. Consistent with the notion that competition mitigates managerial slack, we find that while firms in non-competitive industries experience a...

Persistent link: https://www.econbiz.de/10012757546

Optimal Decentralized Investment Management

Brandt, Michael W. - 2010

optimal benchmark substantially mitigates the utility costs of decentralized investment management. These costs can be further …

Persistent link: https://www.econbiz.de/10012761668

Insider Econometrics : Empirical Studies of How Management Matters

Ichniowski, Casey - 2010

fundamental to the field of organizational economics: 1.Why do firms in the same industry adopt different management practices?2 ….Does the adoption of a new management practice raise productivity? 3.If so, why does the new management practice raise … industry insiders with rigorous econometric tests about the adoption and productivity effects of new management practices using …

Persistent link: https://www.econbiz.de/10013148391

Dynastic Management

Caselli, Francesco - 2014

Dynastic management is the inter-generational transmission of control over assets that is typical of family-owned firms …. It is pervasive around the World, but especially in developing countries. We argue that dynastic management is a … incidence of dynastic management depends on the severity of asset-market imperfections, on the economy's saving rate, and on the …

Persistent link: https://www.econbiz.de/10012752756

Reducing Greenhouse Gas Emissions by Forest Protection : The Transaction Costs of REDD

Alston, Lee J. - 2013

Understanding and minimizing the transaction costs of policy implementation are critical for reducing tropical forest losses. As the international community prepares to launch REDD+, a global initiative to reduce greenhouse gas emissions from tropical deforestation, policymakers need to pay...

Persistent link: https://www.econbiz.de/10013093889