We study the effect of investor horizons on corporate cash holdings. We argue that investors with longer horizons monitor more because their net benefit of monitoring is higher. Consequently, the optimal amount of corporate cash holdings increases, so firms hold more cash. We find empirical...

This paper builds a dynamic trade-off model of corporate financing with differences in belief between the insider manager and outside investors. The optimal leverage depends on differences of opinion and can differ significantly from that in standard trade-off models. The manager's market timing...

(VF)Cet article expose les principaux résultats tirés des travaux empiriques portant sur les causes et les conséquences des décisions financières prises par les dirigeants d’entreprises françaises. Les trois types de décisions étudiées sont les décisions d’investissement, les...

Large shareholders may play an important role for firm policies and performance, but identifying an effect empirically presents a challenge due to the endogeneity of ownership structures. However, unlike other blockholders, individuals tend to hold blocks in corporations that are located close...

We develop a model of internal governance where the self-serving actions of top management are limited by the potential reaction of subordinates. We find that internal governance can mitigate agency problems and ensure firms have substantial value, even without any external governance. Internal...

We develop an empirical framework that allows us to analyze the effects of heterogeneity across large shareholders, using a new blockholder-firm panel data set in which we can track all unique blockholders among large public U.S. firms. We find statistically significant and economically...

This paper introduces the Journal of Multinational Financial Management's special issue on financial management in China. We provide a brief literature review of China's financial management policies, practices, and recent research findings, and describe how papers published in this special...

The authors perform an original research on the fundamentals of winning virtuous strategies creation toward the leveraged buyout transactions implementation during the private equity investment in the conditions of the resonant absorption of discrete information in the diffusion - type financial...

Ce papier étudie les aspects de la structure de propriété qui influent la qualité de la communication financière sur un marché où l'actionnariat est concentré. La théorie d'agence propose un cadre de recherche intéressant liant la décision de publication à la structure de...