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Stock Pyramids, Cross-Ownership, and the Dual Class Equity : the Creation and Agency Costs of Seperating Control from Cash Flow Rights
Bebchuk, Lucian A. - 2010
This paper examines common arrangements for separating control from cash flow rights: stock pyramids, cross-ownership structures, and dual class equity structures. We describe the ways in which such arrangements enable a controlling shareholder or group to maintain a complete lock on the control...
Persistent link: https://www.econbiz.de/10012763575
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The Analytics of Investment, Q, and Cash Flow
Abel, Andrew B. - 2015
In this paper I analyze the relationships among investment, q, and cash flow in a tractable stochastic model in which … regressions of investment on q and cash flow. In empirical studies, the estimated cash-flow coefficient is generally positive and …
Persistent link: https://www.econbiz.de/10013015553
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Investment-Cash Flow Sensitivities are Not Valid Measures of Financing Constraints
Kaplan, Steven N. - 2001
Kaplan and Zingales [1997] provide both theoretical arguments and empirical evidence that investment-cash flow …
Persistent link: https://www.econbiz.de/10012788101
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Relational Investing : The Worker's Perspective
Lazear, Edward P. - 2008
that are highly levered, and when the investment community has diverse views on the benefit from changing a firm's current …
Persistent link: https://www.econbiz.de/10012774982
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Equilibrium Asset Prices Under Imperfect Corporate Control
Dow, James - 2010
version of the separation of ownership and control -- Jensen's (1986) free cash flow theory--into a dynamic equilibrium model … and study the effect of imperfect corporate control on asset prices and investment. We assume that firms are run by empire … aggregate free cash flow of the corporate sector is an important state variable in explaining asset prices and investment. We …
Persistent link: https://www.econbiz.de/10012762816
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Complex Ownership Structures and Corporate Valuations
Laeven, Luc - 2010
The bulk of corporate governance theory examines the agency problems that arise from two extreme ownership structures …
Persistent link: https://www.econbiz.de/10012760554
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Profitable Investments or Dissipated Cash? Evidence on the Investment-Cash Flow Relationship from Oil and Gas Lease Bidding
Bertrand, Marianne - 2005
The strong positive relationship between corporate cash flow and investment has been interpreted through the lens of … rights to tracts of federal land. We find the standard positive relationship between investment and cash flow in this data … these leases. Interestingly, the increased investment comes from an increase in the price paid per tract with little to no …
Persistent link: https://www.econbiz.de/10012784938
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Cyclicality, Performance Measurement, and Cash Flow Liquidity in Private Equity
Robinson, David T. - 2014
Public and private equity waves move together. Using quarterly cash-flow data for a large sample of venture capital and buyout funds from 1984-2010, we investigate the implications of this co-cyclicality for understanding private equity cash flows and performance. In the cross-section, varying...
Persistent link: https://www.econbiz.de/10013067387
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Dynamic Debt Maturity
He, Zhiguo - 2016
A firm chooses its debt maturity structure and default timing dynamically, both without commitment. Via the fraction of newly issued short-term bonds, equity holders control the maturity structure, which affects their endogenous default decision. A shortening equilibrium with accelerated default...
Persistent link: https://www.econbiz.de/10013000527
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Risk Price Dynamics
Borovička, Jaroslav - 2009
alternative investment horizons. We quantify the shock exposures in terms of elasticities that measure the impact of a current …
Persistent link: https://www.econbiz.de/10013154476