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Conflict as a closure : a Kaleckian model of growth and distribution under financialization
Raghavendra, Srinivas; Piiroinen, Petri T. - 2019
In this paper, we show how the conflict between the shareholders (owners) and managers of firms in terms of profit rates generates dynamics between growth and distribution that results in a long-run variation in the capacity utilization rate. The model developed here generates oscillations in...
Persistent link: https://www.econbiz.de/10012039352
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Top income shares and aggregate wealth-income ratio in a two- class corporate economy
Ryoo, Soon - 2016
), highlights the role of financialization in increasing inequality. Third, the analysis suggests that the rise in the aggregate …
Persistent link: https://www.econbiz.de/10011577044
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Conflict as a closure: A Kaleckian model of growth and distribution under financialization
Raghavendra, Srinivas; Piiroinen, Petri T. - 2019
In this paper, we show how the conflict between the shareholders (owners) and managers of firms in terms of profit rates generates dynamics between growth and distribution that results in a long-run variation in the capacity utilization rate. The model developed here generates oscillations in...
Persistent link: https://www.econbiz.de/10012041675
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CEO Preferences and Acquisitions
Jenter, Dirk - 2014
This paper explores the impact of target CEOs' retirement preferences on takeovers. Using retirement age as proxy for CEOs' private merger costs, we find strong evidence that target CEOs' preferences affect merger activity. The likelihood of receiving a successful takeover bid is sharply higher...
Persistent link: https://www.econbiz.de/10013067043
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Relative Performance Evaluation, Sabotage and Collusion
Bloomfield, Matthew J. - 2020
Relative performance evaluation (“RPE”) is a useful tool for shielding risk averse agents from systematic uncertainty. However, RPE can also destroy firm value by encouraging executives to implement excessively aggressive product market strategies to improve their relative standing through...
Persistent link: https://www.econbiz.de/10012843268
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CEO Political Leanings and Store-Level Economic Activity during COVID-19 Crisis : Effects on Shareholder Value and Public Health
Bizjak, John M. - 2020
Maintaining economic output during COVID-19 pandemic can result in benefits for a firm's shareholders but comes at a potential cost to public health. Using novel retail store-level data, we examine how a CEO's political leanings, measured by political donations, impacts this tradeoff. We...
Persistent link: https://www.econbiz.de/10012825583
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Managerial Confidence and Initial Public Offerings
Boulton, Thomas Jason - 2020
Initial public offering (IPO) underpricing is positively correlated with managerial confidence. We hypothesize that highly overconfident managers, who tend to overvalue their own firm, use underpricing to signal their beliefs to the market in an effort to receive greater value for their shares...
Persistent link: https://www.econbiz.de/10012857309
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The Power to Decide on Takeovers : Directors or Shareholders, What Difference Does It Make?
Gatti, Matteo - 2014
I analyze the allocation of the power to decide on hostile takeovers between directors and shareholders. My contribution is to show who actually has power in a takeover and what factors are at work to give such power. Although directors are traditionally considered to be in charge in deciding...
Persistent link: https://www.econbiz.de/10014153473
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Selfish Managers : Can We Eliminate Perverse Incentives?
Sanyal, Amal - 2010
Capitalism works with incentives targeted at individuals. Hence managerial decisions are expected to be closely related to incentives detailed in managers' appointment contracts. I argue that these incentives align management decisions with shareholder profits to a fault. They lead to two types...
Persistent link: https://www.econbiz.de/10013143525
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The efficiency costs of dividend taxation with managerial firms : presented at CESifo Area Conference on Public Sector Economics, April 2015
Köthenbürger, Marko; Stimmelmayr, Michael - 2015
-verifiable managerial effort enhances taxable profits. We show that investment changes following a rise in dividend taxes might not be … investment response, in contrast to insights from previous literature. We provide a testable implication to infer the mode of … investment finance from investment responses. Furthermore, we show that imposing income tax on managerial incentive pay is …
Persistent link: https://www.econbiz.de/10011374208