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Diversification and delegation in firms
Cerasi, Vittoria; Daltung, Sonja - 2001
This paper is about the corporate structure, the organizational structure, and the financial structure of firms, and how they relate to each other. We show that separation of ownership and control may arise as a response to overload costs, although it involves agency costs, and that...
Persistent link: https://www.econbiz.de/10011583643
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Gestaltung effizienter interner Kapitalmärkte in Konglomeraten
Funk, Christian - 2008 - 1. Aufl.
Persistent link: https://www.econbiz.de/10003712391
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Steuerung im Konzern : Muster, Instrumente und Prozesse für Mobilisierung und Synergiemanagement
Backmann, Christian - 2001 - 1. Aufl.
Persistent link: https://www.econbiz.de/10001566964
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Anreiz und Steuerung in Unternehmenskonglomeraten
Schmidt, Georg Andreas - 1990
Persistent link: https://www.econbiz.de/10013479069
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A Note on Finite Horizon Optimal Investment and Consumption with Transaction Cost
Dai, Min - 2011
We remove the technical assumption $\gamma>0$ imposed by Dai et. al. who consider the optimal investment and consumption decision of a CRRA investor facing proportional transaction costs and finite time horizon. As a by-product, we obtain an estimate on the optimal consumption
Persistent link: https://www.econbiz.de/10013128738
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Explaining Momentum Strategies Using Intrinsic Price Fluctuations
Baltas, Nick - 2012
This paper focuses on cross-sectional equity momentum patterns by modeling a stock's price path as the interaction between a long-term growth component and a number of fluctuating price components that oscillate around the long-term trend at various distinct frequencies. Using this...
Persistent link: https://www.econbiz.de/10013114193
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A stochastic multi-stage trading cost model in optimal portfolio selection
Mushori, Sabastine; Chikobvu, Delson - 2016
We propose a multi-stage stochastic trading cost model in optimal portfolio selection. This strategy captures uncertainty in implicit transaction costs incurred by an investor during initial trading and in subsequent rebalancing of the portfolio. We assume that implicit costs are stochastic as...
Persistent link: https://www.econbiz.de/10011784572
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Mean-Variance Portfolio Rebalancing with Transaction Costs
Dybvig, Philip H.; Pezzo, Luca - 2020
As in continuous time, the nontrading region (NTR) in a mean-variance model with fixed, proportional, and quadratic trading costs is a singleton only for pure quadratic costs. Utility loss from costs is approximately proportional at small cost levels, and approximately constant at large cost...
Persistent link: https://www.econbiz.de/10014352349
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Internal Asset Transfers and Risk Taking in Financial Conglomerates
Martynova, Natalya - 2014
the choice of standalone banks. Loan sales in conglomerates avoid information asymmetry, which enables conglomerate banks …, conglomerate banks may be safer than standalone banks due to higher monitoring incentives. The model speaks to Vickers proposal of … the UK structural reform showing that higher bank capital requirements alone may not offet conglomerate banks' risk …
Persistent link: https://www.econbiz.de/10013049190
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Asset bundling and information acquisition of investors with different expertise
Dai, Liang - In: Journal of economic theory 175 (2018), pp. 447-490
Persistent link: https://www.econbiz.de/10011980705