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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

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

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

Asymptotic normality of single-equation estimators for the case with a large number of weak instruments

Chao, John C. (contributor); Swanson, Norman R. (contributor) - 2003 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001848647

Alternative approximations of the bias and MSE of the IV estimator under weak identification with an application to bias correction

Chao, John C. (contributor); Swanson, Norman R. (contributor) - 2003 - [Elektronische Ressource]

We provide analytical formulae for the asymptotic bias (ABIAS) and mean squared error (AMSE) of the IV estimator, and obtain approximations thereof based on an asymptotic scheme which essentially requires the expectation of the first stage F-statistic to converge to a finite (possibly small)...

Persistent link: https://www.econbiz.de/10001848868

Consistent estimation with a large number of weak instruments

Chao, John C. (contributor); Swanson, Norman R. (contributor) - 2004 - [Elektronische Ressource], rev

This paper analyzes the conditions under which consistent estimation can be achieved in instrumental Variables (IV) regression when the available instruments are weak, in the local-to-zero sense of Staiger and Stock (1997) and using the many-instrument framework of Morimune (1983) and Bekker...

Persistent link: https://www.econbiz.de/10002432934