It is often argued that Black-Scholes (1973) values overstate the subjectivevalue of stock options granted to risk-averse and under-diversified executives.We construct a “representative” Swiss executive and extend the certainty-equivalence approach presented by Hall and Murphy (2002) to...

Die Diskussion über die Qualität guter Corporate Governance und derenAuswirkung auf den Unternehmenswert beschäftigt Wissenschaft und Praxisseit mehreren Jahren. Allerdings existiert noch keine umfassende empirischeStudie zum Einfluss der Corporate Governance auf den...

Portfolio insurance strategies are used on both the institutional and the retail side of the asset management industry. While standard utility theory struggles to provide an explanation, this study justifies the popularity of portfolio insurance strategies in a behavioral finance context. We run...

We analyze the valuation effect of board industry experience and channels through which industry experience of outside directors affects firm value. Firms with more experienced outside directors are valued at a premium compared to firms with less experienced outside directors. Additional tests...

This book explores the revolutionary development of the theory of the firm over the past 35 years. Despite rapid progress in the field, new developments in the microeconomic and industrial organization literature have been relatively scant. This book attempts to redress the balance by providing...

Debt capital has traditionally been the most important source of external finance in the shipping industry. The access that shipping companies nowadays have to the capital markets provides them with a broader range of financing instruments. As such, this study investigates the determinants of...

Based on practices and legislation in the shipping industry, we construct a corporate social responsibility (CSR) disclosure index for listed shipping companies. We use Markov Chain Monte Carlo (MCMC) techniques for Bayesian inference, and we estimate the marginal effects of firm characteristics...