This paper considers the issue of disclosure of hedging choices. It is shown that disclosure is the preferred choice of both managers and shareholders if it removes completely the informational asymmetry among the manager and the shareholders concerning the business opportunities and risks faced...

In this Paper we use agency theory to study the active role of the CEO in the formulation of corporate strategy. We allow the agent (CEO) to play a role in defining the parameters of the agency problem, in an incomplete contracting model in which the agent can be rewarded based only on financial...

In this paper we use agency theory to study the active role of the chief executive in the formulation of corporate strategy. Unlike traditional applications of agency theory, we allow the agent (CEO) to play a role in defining the parameters of the agency problem. We argue that CEOs will have an...

This paper considers the issue of disclosure of hedging choices. It is shown that disclosure is the preferred choice of both managers and shareholders if it removes completely the informational asymmetry among the manager and the shareholders concerning the business opportunities and risks faced...

This paper links real investment policy to corporate risk management, endogenizing the costs of external financing. Previous literature finds investment efficiency linked to full hedging. In this model, a firm with proprietary information when deciding its investment in a valuable project, may...

We develop and test the hypothesis that private information incorporated into stock prices (price informativeness) affects the structure of corporate boards. We find a negative relation between measures of price informativeness and measures of board independence. This finding is robust to the...

Estimates are produced for differences between the ceteris paribus earnings of union and non-union workers in the UK and the US over time.

Many observers believe that times are growing harder for young people in Western society. This paper looks at the evidence and finds that conventional wisdom appears to be wrong.