Results 261 to 270 of about 1,690,123 (312)
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2023
Abstract This chapter examines agency and costs. The law of agency will apply where a person (the agent) is authorised to act as the representative of another person (the principal), such that the agent has the authority to create legal relations between the principal and third parties.
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Abstract This chapter examines agency and costs. The law of agency will apply where a person (the agent) is authorised to act as the representative of another person (the principal), such that the agent has the authority to create legal relations between the principal and third parties.
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Measuring the Agency Cost of Debt
The Journal of Finance, 1992ABSTRACTWe adapt a contingent claims model of the firm to reflect the incentive effects of the capital structure and thereby to measure the agency costs of debt. An underlying model of the firm and the stochastic features of its product market are analyzed and an optimal operating policy is chosen.
Mello, Antonio S, Parsons, John E
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Journal of Financial Research, 2023
AbstractWe show that when large corporations are subject to a different tax system than smaller firms, the agency cost of under‐ and overinvestment is significantly altered. In contrast to the findings in the literature, the gap between the first‐ and second‐best investment trigger prices do not move in lockstep with variations in the corporate tax ...
Diogo Duarte +3 more
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AbstractWe show that when large corporations are subject to a different tax system than smaller firms, the agency cost of under‐ and overinvestment is significantly altered. In contrast to the findings in the literature, the gap between the first‐ and second‐best investment trigger prices do not move in lockstep with variations in the corporate tax ...
Diogo Duarte +3 more
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Capital Structure and Agency Costs
International Journal of Research and Innovation in Social Science, 2023Capital structure and agency cost. Objectives: The study empirically investigates the relationship between capital structure and agency cost of non-financial firms. Prior Work: This extended and build on the studies of Hajis said (2020) and Omuemu and Olowe (2020); Kumar (2017); Awan and Amin (2014); Jaelani (2017) and Zakaria (2016) that also research
ADOGBEJI Gborogen, Ohidoa Toluwa
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SSRN Electronic Journal, 2002
Shareholder lawsuits are a principal legal means to control management agency costs in corporations, yet they generate their own agency costs from the attorneys who bring representative litigation. The key policy question, and one that is central to good corporate governance, has long been how to properly balance the positive management agency ...
Robert B. Thompson, Randall S. Thomas
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Shareholder lawsuits are a principal legal means to control management agency costs in corporations, yet they generate their own agency costs from the attorneys who bring representative litigation. The key policy question, and one that is central to good corporate governance, has long been how to properly balance the positive management agency ...
Robert B. Thompson, Randall S. Thomas
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Contingent Fees and Agency Costs
The Journal of Legal Studies, 1996In this article, I examine the operation of ordinary linear contingent fees in a model of litigation in which the recovery on a claim is a function of the lawyer's efforts. My object here is to analyze the linear fee that maximizes the client's welfare in the presence of attorney moral hazard.
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Agency Costs and Firm Productivity
SSRN Electronic Journal, 2019We explore how the separation between ownership and control affects firm productivity. Using Finnish administrative data on the universe of limited liability firms, we document a substantial increase in firm productivity when the CEO obtains majority ownership or when the majority owner becomes the CEO.
Milo Bianchi, Henri Luomaranta
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Agency Costs of Institutional Trading
SSRN Electronic Journal, 2006Under the typical institutional trading arrangement a portfolio manager makes the trade decision and a trading desk executes the trade, with execution performance evaluated against a benchmark such as the volume weighted average price (VWAP). We show that this trading arrangement provides incentives to the trader that are at odds with the objectives of
Roger M. Edelen, Gregory B. Kadlec
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Board Structure and Agency Costs
SSRN Electronic Journal, 2002The purpose of the paper is to test the hypothesis that board structure and its impact on value is a function of firm's growth opportunities. Consistent with this hypothesis, the results show that, while low growth firms are less likely to have an independent board, i.e., to split the roles of the chairman and CEO, to have a high proportion of non ...
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2021
The amount of assets under management in the private equity industry that is left uninvested (called dry powder) has raised numerous concerns from the public. We model the fee collection of private equity sponsors and show that funds that accumulate substantial amounts of dry powder at the end of the investment period will tend to underlever future ...
Lambert, Marie +2 more
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The amount of assets under management in the private equity industry that is left uninvested (called dry powder) has raised numerous concerns from the public. We model the fee collection of private equity sponsors and show that funds that accumulate substantial amounts of dry powder at the end of the investment period will tend to underlever future ...
Lambert, Marie +2 more
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