Pro manager's opportunity cost (outside option net of foregone amenity potential) ... Amenity potential is too high. Ownership and management ALWAYS separated ...
Growth in institutional equity investment in the United States ... Klemkosky (1977), Kraus and Stoll (1972), Lakonishok, Shleifer and Vishny (1992) ...
Recently, authors such as Shleifer and Vishny and Rhodes-Kropf and Vishwanathan ... While there is undoubtedly some merger activity driven by managers timing the ...
A precise question: Should the State (or local public ... ICT: Hart-Shleifer-Vishny 1997 ; Hart 2003 ; Bennett & Iossa 2002. AT: Bentz & Grout 2002. ...
Buy back shares when stock is undervalued. Examples: Shleifer and Vishny (JFE 2001): mergers ... SSCI not widely used except in Taiwan. 21. Unique Situation in ...
And if you have only that information, you cannot trade profitably ... Robert Shiller, 'Irrational Exuberance' Andrei Shleifer, 'Inefficient Markets' ...
POPULATIONS IN MEDIEVAL CITIES. Inna Guzenfeld. Christine Bourgeois ... Princes and merchants: European city growth before the industrial revolution. ...
Corporate Governance: A Review of Current Research Alexander Settles Sources of Research Agenda Finance Agency theory investigation of different corporate ...
Mobile technology as a means to fight corruption in East Africa Johan Hellstr m johan@upgraid.org M4D2010 SPIDER Workshop - Increasing Transparency and
WHY CITIES? Questions for Discussion 1. Consider a region that has a single trading city. There are no shopping externalities and communication between households is ...
Unconditional defenders of the paradigm of the 'homo economicus' ... amplified through noise traders' beliefs: irrationality may not end up (De Long et al., 1990) ...
Pooled Probit regression. Pooled Tobit regression. Pooled OLS Results (dividends to cash flows) ... Pooled Probit Results. Pooled Tobit Results (dividends to ...
Czech Ones Premises: Are Regulations the Solution for Stock Markets in Transition? EDWARD P. STRINGHAM, Ph.D. Trinity College Hartford, CT Edward.Stringham@trincoll.edu
Political Connections and Minority-Shareholder Protection: Evidence from Securities-Market Regulation in China Henk Berkman University of Auckland, Auckland, New Zealand
... what types of regulation enhance growth and what types hinder growth? Regulation in America is ... we need to revise the regulation as environment change ...
Title: Theory of the firms: Managerial behavior, agency costs and ownership structure Author: Tranchau Last modified by: KIET NGUYEN Document presentation format
Title: PowerPoint Presentation Created Date: 1/1/1601 12:00:00 AM Document presentation format: Affichage l' cran Other titles: Arial Times New Roman Arial ...
Narrowly defined, corporate governance concerns relations ... Adam Smith. The Wealth of Nations, 1776, Cannan Edition (Modern Library, New York, 1937) p. 700. ...
The international competition for new listings. The vast majority of IPOs list in the issuer's ... The 'winner's curse' or 'Groucho Marx theorem' (Rock (1986) ...
Competitors and Pharmacy Type: Do They Affect Ethical Compliance? Prof Dr Abu Bakar Abdul Majeed Wan Sazrina Bt Wan Zaid Dr Lua Pei Lin Centre for Drug Policy ...
In reality, most problematic ABS were linked to mortgages (RMBS and CMBS). Some argue that the housing bubble was indeed fuelled by securitisation A conjecture: ...
Succession of theories on how to promote economic development have failed. Easterly (2006) contains depressing catalogue. Even undeveloped economies have ...
Staying the Course: Mutual Fund Investment Style Consistency and Performance Persistence Keith C. Brown The University of Texas W. Van Harlow Fidelity Investments
Law and Economics of Insolvency Oliver Hart Law and Economics of Insolvency Most firms do not provide their own insolvency procedures, but rely on the state to do so.
A few tips. Develop your own and systematic view of the world. Write down your ideas ... Simplicity is beauty. Logical arguments. Satisfy reviewers' concerns ...
'a set of rules, compliance procedures and moral and ethical behavioral norms ... Benevolence and Malice of constraints. Constraints are subject to changes. ...
Narrowing of economics from classical political economy to mathematical formalism --- 1940-1970. ... economics from mathematical formalism to post-classical ...
Human Capital Allocation, Technological Innovation and ... This depends on technological innovation, R&D investments; ... at imitation, but bad at innovation. ...
Cadbury, Sir Adrian, 'The Code of Best Practice', Report of the Committee on the ... Cadbury, Sir Adrian, 'Corporate Governance: Brussels', Instituut voor ...
Portfolios of small cap stocks earn positive abnormal risk-adjusted returns ( alphas) ... is efficient what should we find regarding the multiple-period alpha? ...
... of holdings Window dressing and portfolio pumping. 9. Agency problems ... The results make a lot of sense to me given the existing evidence. 13. Comment #1 ...
Quality of law 'on the books' Determinants of prepayment (Cont.) 2. ... Source of information on main customer: family/friends, firm insiders, outside sources ...
... Intrinsic Value of the Dow? (Lee, Myers and Swaminathan ... They compare the performance of alternative estimates of intrinsic value for the Dow 30 stocks. ...
The majority of research in open-market repurchase has focused on the motives of ... measure the ex ante takeover probability (TOPROB) by estimating a probit model. ...
Miles Ferretti (1996) a political economy model of deliberately inefficient tax collection ... Political role of family firms. Family firms tend to have strong ...
Outsider vs. Insider: Where should the firms look for their next CEO? ... Dalton and Kesner 1985, Weisbach 1988. Smaller firms less costly to hire outsiders ...