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Horses and Rabbits? Optimal Dynamic Capital Structure from Shareholder and Manager Perspectives

Ju, Nengjiu - 2010

This paper examines optimal capital structure choice using a dynamic capital structure model that is calibrated to reflect actual firm characteristics. The model uses contingent-claim methods to value interest tax shields, allows for reorganization in bankruptcy, and maintains a long-run target...

Persistent link: https://www.econbiz.de/10012762899

Stock Repurchases and Incentive Compensation

Jolls, Christine - 2010

coincided with an increasing reliance on stock options to compensate top managers, and stock options encourage managers to …

Persistent link: https://www.econbiz.de/10012763613

Organizing Offshoring : Middle Managers and Communication Costs

Antras, Pol - 2009

particularly attractive locations to offshore? In this paper we address these questions with a theory of international production … hierarchies in which organizations arise endogenously to make efficient use of agents' knowledge. Our theory highlights the role … managers improves the efficiency of the transmission of knowledge across countries. The model further delivers the prediction …

Persistent link: https://www.econbiz.de/10012767355

Inducing Leaders to Take Risky Decisions : Dismissal, Tenure, and Term Limits

Aghion, Philippe - 2014

In this paper we analyze the problem of whether and/or when to replace a leader (agent) when no monetary rewards are available, and it is the leader's competence rather than effort that is being evaluated. The only decisions that the leader takes over time are whether to undertake risky but...

Persistent link: https://www.econbiz.de/10013050303

Lack of Selection and Limits to Delegation : Firm Dynamics in Developing Countries

Akcigit, Ufuk - 2016

Managerial delegation is essential for firm growth. While firms in poor countries often shun outside managers and …

Persistent link: https://www.econbiz.de/10013000531

A Dynamic Theory of Optimal Capital Structure and Executive Compensation

Atkeson, Andrew - 2005

We put forward a theory of the optimal capital structure of the firm based on Jensen's (1986) hypothesis that a firm …

Persistent link: https://www.econbiz.de/10012784988

Executive Compensation : Six Questions that Need Answering

Abowd, John M. - 2002

the executive. Agency theory remains the only viable candidate for answering the question about how executive compensation … compensation, in the context of agency theory. We suggest two fertile areas for research regarding the improvement of executive …

Persistent link: https://www.econbiz.de/10012787508

Firm Diversification and CEO Compensation : Managerial Ability or Executive Entrenchment?

Rose, Nancy L. - 2000

Data for a sample of 558 CEOs over 1985-1990 suggest substantial compensation premia for managers of diversified firms …

Persistent link: https://www.econbiz.de/10012788556

The Dark Side of Internal Capital Markets : Divisional Rent-Seeking and Inefficient Investment

Scharfstein, David S. - 2008

We develop a model that shows how rent-seeking behavior on the part of division managers can subvert the workings of an … bribes to some division managers. And because headquarters is itself an agent of outside investors, the bribes may take the …

Persistent link: https://www.econbiz.de/10012774955

Managerial Attributes and Executive Compensation

Graham, John R. - 2011

We study the role of firm- and manager-specific heterogeneities in executive compensation. We decompose the variation in executive compensation and find that time invariant firm and especially manager fixed effects explain a majority of the variation in executive pay. We then show that in many...

Persistent link: https://www.econbiz.de/10013120991