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Agency conflicts around the world
Morellec, Erwan; Nikolov, Boris; Schürhoff, Norman - 2015
agency conflicts are largely due to differences in firm-level governance, ownership concentration, and other firm … characteristics, including intangibles and cash. The origin of law is more relevant for curtailing governance excesses than for …
Persistent link: https://www.econbiz.de/10011410744
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Corporate policies with permanent and transitory shocks
Décamps, Jean-Paul; Gryglewicz, Sebastian; Morellec, Erwan - 2016
We model the financing, cash holdings, and hedging policies of a firm facing financing frictions and subject to permanent and transitory cash flow shocks. We show that permanent and transitory shocks generate distinct, sometimes opposite, effects on corporate policies and use the model to...
Persistent link: https://www.econbiz.de/10011519080