The large-scale allocation of financial assets by enterprises indicates economic financialization at the micro-level. Scholars have extensively discussed its influencing factors, but most are based on the traditional assumption of "rational people." The annual data of listed companies in China...

We study the driving forces behind the positive association observed between corporate investment and stock market valuation, and how they interact with managerial equity incentives and informativeness of investment. We build a dynamic model where managers use investment choices to influence...

This paper shows that top management structures in large US firms radically changed since the mid-1980s. While the number of managers reporting directly to the CEO doubled, the growth was driven primarily by functional managers rather than general managers. Using panel data on senior management...

Shleyfer und Fishny zeigen mit Hilfe eines simplen Modells, wie sich Topmanager durch spezifische Überinvestitionen im Unternehmen verschanzen können. An Hand einer Modellerweiterung um zusätzliche Investitionen werden Wirkungszusammenhänge aufgedeckt, die über den Erklärungswert des...