Belghitar, Yacine; Clark, Ephraim - In: International Review of Financial Analysis 38 (2015) C, pp. 191-197
firm based wealth delta has a significant, negative effect on agency costs for firms in all size categories. The … significance of managerial firm based wealth vega in reducing agency costs is concentrated in small firms, suggesting that vega …-averse managers the opportunity to diversify outside the firm. …