Ghosh, Aloke; Moon, Doocheol; Tandon, Kishore - In: Journal of Business Finance & Accounting 34 (2007-06) 5-6, pp. 819-839
This study investigates empirically the relationship between CEO ownership and discretionary investments such as R&D and capital expenditures. We assert that the under-investment problem is high for R&D-intensive projects, while the over-investment problem is high for capital expenditures...