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Showing 1 to 17 of 17 for “"Managerial incentives"”.
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Four Essays on Managerial Incentives
"In chapter 4, we consider the unexpected share price reaction to corporate news announcements. We first consider whether there is more information content in similar corporate news announcements for different types of firms. Second, we investigate whether the value of news information about these …
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Managerial incentives and corporate control
Thesis (Ph. D.)--Massachusetts Institute of Technology, Dept. of Economics, 1993.
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Risk-Return Tradeoffs and Managerial incentives
Moral hazard theory posits that managerial risk aversion imposes agency costs on shareholders, and firms respond by providing risk-taking incentives to mitigate these costs. The underlying assumption in this literature is that increasing shareholder value requires increasing risk, yet there is …
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Essays in corporate finance
… Corporate Finance. In the first essay, I study managerial incentives in internal capital markets. In particular, I develop a two-tiered agency model to study division managers' incentives within internal capital markets. Division managers try to influence the external capital market's assessment …
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Can investors fully adjust for known biases in manager communications?
Managerial communications often contain biased information because of managerial incentives and other influences. A common assumption in the accounting literature is that if investors are aware of managerial biases, they will be able to fully adjust for those known biases when reacting to …
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Insights from financial data - old and new
… fund compensation contract effectively aligns managerial incentives with investor interests. Previous research has offered the attention-grabbing hypothesis as a behavioural explanation for abnormal returns in the day after FDA approval announcements. The first empirical study shows that when …
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Insider Share-Pledging and Firm Investors
… influences investor risk through changing managerial incentives and/or contingency risk from ill-timed margin calls. Findings suggest influential insiders extract private benefits of control at the expense of outside shareholders through pledging. Difference-in-differences regressions …
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Creating an incentive for investor intermediaries to improve corporate governance
… for corporate control, the use of stock-based managerial incentives served a similar purpose. But the failure of these measures to prevent the next cycle of corporate governance crises that occurred in the last five years (e.g., WorldCom, Enron) ushered in an era of hard governance whereby …
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Are relative performance measures in CEO incentive contracts used for risk reduction and/or strategic interaction
… RPE has directionally opposite effects on CEO incentives (depending on the type of strategic competition) that cancel each other in aggregate. This result explains the lack of support for the weak-form RPE hypothesis. However, the information and strategic objectives of RPE are not mutually …
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Financial Reporting Manipulation And The Role Of Religious Ownership: Evidence From Nonprofit Hospitals
… analyses also consider a potential shock to managerial incentives as a result of recent healthcare regulatory changes. Although overall earnings management appears to be greater after the passage of the Patient Protection and Affordable Care Act in 2010, there is no evidence to suggest that …
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Improving the Retention of United States (U.S.) Government Science, Technology, Engineering, and Mathematics (STEM) Employees
… to develop human capital policies that drive managerial incentives intended to motivate their employees. Traditionally, these studies focus only on groups of current civil servants.</p> <p>This dissertation was a two-phased explanatory sequential mixed-method investigation into STEM workers …
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Effects of credit rating change on risk-taking
… and we do find evidence of changes in managerial risk-taking behavior. Furthermore, we find that the direction of change (increase or decrease) in some cases is dependent on the type of measure rather than the type of rating change.
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Foreign exchange risk exposure, hedging behaviour, and corporate valuations: Evidence from South Africa
… foreign currency denominated debt. In contrast, managerial incentives play no role in the decision to hedge using foreign currency denominated debt. Corporate currency risk management using foreign currency derivatives and foreign currency denominated debt was found to have no beneficial effects …
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On the structure and internal mechanisms of business incubators: A comparative case study
… attributes such as de-coupling, mis-alignment of managerial incentives and sources of internal coordination and control uncertainty suggest why it continues to be difficult to evaluate their performance and socio-economic impact. Overall, the research has raised the profile of incubation research …
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Essays on monetary policy and financial markets in heterogeneous economies
… Great Recession. Chapter 3: Stock Overpricing, Managerial Incentives and Firm Investment: A Step Toward Firm-Level Heterogeneity This chapter examines how managerial compensation structures and market sentiment jointly influence managerial behavior and firm-level investment decisions. Drawing on …
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Two Essays on Competition, Corporate Investments, and Corporate Earnings
… economic environment surrounding a firm affect managerial incentives and firm policies regarding investment in physical capital, innovation, equity offerings, and repurchases. The first essay in my dissertation examines how product market competition affects firms' investment decisions. While …
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Venture Capital Financing with Staged Investment, Agency Conflicts and Asymmetric Beliefs
We consider a risk averse entrepreneur who approaches a diversified venture capitalist (VC) for financing of a project with positive potential return. We develop several models that capture key features of the venture financing, including staged investment, VC oversight costs and agency conflicts. …