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Strong corporate governance may bear some costs to shareholders when it leads to the departure of value-enhancing CEOs …
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Strong corporate governance may bear some costs to shareholders when it leads to the departure of value-enhancing CEOs …
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's liquidity levels and the collective propensity of shareholders and managers to reduce cash flow risk. We also discuss the firm …We develop a dynamic model of a firm in which cash management is partially delegated to a self-interested manager …. Shareholders trade off the cost of dismissing the manager with the cost of managerial discretion over the use of liquid funds. An …
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