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Persistent link: https://www.econbiz.de/10006984743
When a firm forms a market closes. Resources that were previously allocated via the price system are allocated by managerial authority within the firm. We explore this choice of organizational form using a model of price formation in which agents negotiate prices on behalf of their principals...
Persistent link: https://www.econbiz.de/10005774862
The relationship between risk and derivatives is especially important in banking since banks dominate most derivatives markets and, within banking, derivative holdings are concentrated at a few large banks. If large banks are using derivatives to increase risk, then recent losses on derivatives,...
Persistent link: https://www.econbiz.de/10005838108
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In the first chapter of my dissertation I study the costs and benefits of resource allocation by firms and by markets. When a firm forms a market closes. Resources that were previously allocated via the price system are now allocated by managerial authority. We explore the choice of...
Persistent link: https://www.econbiz.de/10009439104
This paper develops an agency model in which stock-based compensation is a double-edged sword, inducing managers to exert productive effort but also inducing managers to divert valuable firm resources to misrepresent performance. We examine how the potential for manipulation affects the...
Persistent link: https://www.econbiz.de/10012785211
Takeover defenses are generally viewed as a tool used by entrenched managers to prevent raiders from taking over the firm. As a consequence, activist groups interested in governance reform have recently been arguing for the elimination of such defenses. In this paper we analyze the value impact...
Persistent link: https://www.econbiz.de/10012708760
This paper analyzes whether political connections of the boards of directors of publicly traded companies in the United States affect the allocation of government procurement contracts. It focuses on the change in control of both House and Senate following the 1994 election and finds that...
Persistent link: https://www.econbiz.de/10012709507
This paper develops an agency model in which stock-based compensation is a double-edged sword, inducing managers to exert productive effort but also inducing managers to divert valuable firm resources to misrepresent performance. We examine how the potential for manipulation affects the...
Persistent link: https://www.econbiz.de/10012709806