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Modeling Managers As EPS Maximizers

Itzhak Ben-David, Alexander M. Chinco
Textbook theory assumes that firm managers maximize the net present value of future cash flows. But when you ask them, real-world firm managers consistently say that they are maximizing something else entirely: earnings per share (EPS). Perhaps this is a mistake. No matter. We take firm managers at their word and show that EPS maximization provides a single unified explanation for a wide range of corporate policies such as leverage, share repurchases, M&A payment method, cash accumulation, and capital budgeting
Year of publication:
April 2023
Authors: Ben-David, Itzhak ; Chinco, Alexander M.
Institutions: National Bureau of Economic Research (issuing body)
Publisher: Cambridge, Mass : National Bureau of Economic Research
Subject: Unternehmenspolitik | Corporate policy | Dividende | Dividend | Kapitalstruktur | Capital structure | Betriebliche Liquidität | Corporate liquidity | Aktienrückkauf | Share repurchase | Investitionsrechnung | Investment appraisal techniques | Theorie | Theory
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