Working Paper
International Evidence on Cash Holdings and Expected Managerial Agency Problems
This paper uses managerial control rights data for over 5000 firms from 31 countries to examine the net costs and benefits of cash holdings. We find that...
Read morePrivate Benefits of Corporate Philanthropy and Distortions to Corporate Financing and Investment Decisions
We find that corporate giving represents a private benefit of control that distorts corporate investment and financing activity, consistent with free...
Read moreAgency Theory in Practice: A Qualitative Study of Hedge Fund Activism in Japan
We look at the reaction to hedge fund activism of managers and shareholders in Japanese firms and explore the implications of our findings for agency...
Read moreAgency Conflicts, Investment, and Asset Pricing
The separation of ownership and control allows controlling shareholders to pursue private benefits. We develop an analytically tractable dynamic...
Read moreMandatory Governance Reform and Corporate Risk Management
Using the Sarbanes-Oxley Act of 2002 as a quasi-natural experiment to identify the impact of corporate governance reform on foreign exchange risk...
Read moreControlling Shareholders in the Twenty-First Century: Complicating Corporate Governance Beyond Agency Costs
By the end of the twentieth century, the then-dominant literature on “law and finance” assumed that concentrated ownership was a product of...
Read moreThe Family Behind the Family Firm Premium: Agency Conflicts and Personal Financial Constraints
We relate the personal characteristics of the controlling family to the difference between the return on assets of all Norwegian family firms and...
Read moreMobility Restrictions and Risk-Related Agency Conflicts
Stricter enforcement of post-employment restrictions that strengthens trade secrets protection also limits CEOs’ alternative employment...
Read moreA State-Stewardship View on Executive Compensation
We take a state-stewardship view on the corporate governance model and executive compensation policies in economies with strong political...
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