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Managerial incentives and the efficiency of capital structure
Hughes, Joseph P. (contributor) - 2001 - [Elektronische Ressource], rev
Persistent link: https://www.econbiz.de/10001566302
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Estimating managers' utility-maximizing demand for agency goods
Hughes, Joseph P. (contributor);  … - 2003 - [Elektronische Ressource]
An empirical model of managers' demand for agency goods is derived and estimated using the Almost Ideal Demand System … of Deaton and Muellbauer (AER 1980). As in Jensen and Meckling (JFE 1976), we derive managers' demand for agency goods by … maximizing a managerial utility function where managers allocate the potential value of their firm's assets to the consumption of …
Persistent link: https://www.econbiz.de/10001889146
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Managerial incentives and the efficiency of capital structure in US commercial banking
Hughes, Joseph P.; Lang, William W.; Moon, Chuon-geol; … - 2003 - [Elektronische Ressource]. - Rev.
We extend the literature on the effects of managerial entrenchment to consider how safety-net subsidies and financial distress costs interact with managerial incentives to influence capital structure in U.S. commercial banking. Using cross-sectional data on publicly traded, highest-level U.S....
Persistent link: https://www.econbiz.de/10001889399