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According to agency theory, debt is a useful governance mechanism for curbing the tendency of managers to over-invest in firm growth. First, we extend this view by using the theory of rules versus discretion to explain why the ability of debt to constrain excessive growth is contingent upon...
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Based on Real Options Theory and taking the perspective of growth options exercising, as well as Tobit model, this paper explores how Japanese enterprises adjust ownership structures in their affiliates as a portfolio in China. Empirical results show that: both demand uncertainty and industry...
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In early July 2019, Christian Sewing, the CEO of Deutsche Bank, proclaimed a fundamental shift of the bank's strategy … time. The essential point of the reorientation is a deep cut into the bank's investment banking activities. At the same … time, those parts of the bank's activity portfolio that had been the mainstay of Deutsche Bank's business 20 to 25 years …
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