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Two Problems about Human Agency
Proceedings of the Aristotelian Society (Hardback), 2001Abstract This chapter distinguishes agential authority from subjective normative authority, argues that a theory of strong forms of human agency needs to provide a coordinated treatment of both, and explains how an appeal to higher-order self-governing policies aims to do this.
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Agency Problems and Familiness
2015Since the publication of the pioneering papers of Alchian and Demsetz (1972) and Jensen and Meckling (1976), it has been customary to view firms as organisations that are characterised by contractual relationships among self-interested “factors of production” (Fama, 1980, p. 289).
Sumon Kumar Bhaumik, Ralitza Dimova
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Agency Problems at Dual‐Class Companies
The Journal of Finance, 2007ABSTRACTUsing a sample of U.S. dual‐class companies, we examine how divergence between insider voting and cash flow rights affects managerial extraction of private benefits of control. We find that as this divergence widens, corporate cash holdings are worth less to outside shareholders, CEOs receive higher compensation, managers make shareholder value‐
Ronald W. Masulis, Cong Wang, Fei Xie
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Activity Strategies, Agency Problems and Bank Risk
SSRN Electronic Journal, 2018AbstractWe investigate whether diversification affects bank risk taking in the U.S. banking industry, and whether this relation is partially explained by agency theory. Our results show that U.S. banks with a relatively high share of noninterest income become riskier when moving toward non‐interest‐income‐generating activities, especially activities ...
Dung V. Tran +3 more
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2020
This dissertation addresses many important economic questions surrounding agency problems and vertical incentives. The first chapter documents the institutional background and pricing of U.S. reverse convertible bonds. The primary reason why I look into the reverse convertible bonds market is that it has interesting variation, enabling me to answer ...
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This dissertation addresses many important economic questions surrounding agency problems and vertical incentives. The first chapter documents the institutional background and pricing of U.S. reverse convertible bonds. The primary reason why I look into the reverse convertible bonds market is that it has interesting variation, enabling me to answer ...
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“Patient-dumping” and Other Voluntary Agency Contributions to Public Agency Problems
Medical Care, 1973Urban public hospitals for the poor (UPHP) throughout the nation have long faced difficulties in financing, staffing, and operations. These difficulties spring from many causes, among which historical, financial, and political factors have been widely recognized.
M I, Roemer, J A, Mera
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When Does Competition Mitigate Agency Problems?
SSRN Electronic Journal, 2012This paper examines how the performance correlation of firms in an industry affects the degree to which product market competition mitigates agency problems. Consistent with theory, I find that in industries with high firm performance correlation, product market competition reduces the adverse effect of business combination (BC) laws on firm operating ...
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The design of public agencies: overcoming agency costs and commitment problems
Public Administration and Development, 2004AbstractThis article focuses on problems of institutional design from a political perspective. It examines the problems of agentification using a principal–agent framework, and attempts to explain the choices made between problems of commitment and problems of agency. The fundamental problem addressed is the degree of autonomy possible within a broader
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The Philosophical Forum, 2000
L'A. s'interroge sur la nature possible des groupes sociaux et conclut a l'impossibilite d'une action morale de ceux-ci en tant qu'agents. Examinant le statut des corporations comme personnes morales en reference aux travaux de P. A. French, l'A. montre que la reconnaisance de structures decisionnelles ne suffit pas a attribuer une decision morale au ...
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L'A. s'interroge sur la nature possible des groupes sociaux et conclut a l'impossibilite d'une action morale de ceux-ci en tant qu'agents. Examinant le statut des corporations comme personnes morales en reference aux travaux de P. A. French, l'A. montre que la reconnaisance de structures decisionnelles ne suffit pas a attribuer une decision morale au ...
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Discussion of “Agency Problems”
2017Apart from their high quality, these two papers share a common thread: they emphasize learning. Now learning can take place in a wide variety of ways. It can be a purposeful and costly activity; or information can flow in exogenously. One can learn from one's own experiments, as well as from observing others’ experimenting and its results; or learning ...
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