Can Managerial Discretion Explain Observed Leverage Ratios?
نویسندگان
چکیده
منابع مشابه
E-CRM and Managerial Discretion
Most sectors of industry, commerce, and government have reported variation in the performance payoff from electronic customer relationship management (e-CRM). In this paper we build on surprisingly sparse literature regarding the importance of managerial discretion to show that the heterogeneity of beliefs held by managers about e-CRM execution matter when explaining e-CRM success. Drawing on a...
متن کاملDiscretion in Managerial Bonus Pools
* We are grateful to Ulf Schiller for helpful comments on an earlier version of this paper. We also thank Yanruo Wang for excellent research assistance. Agency theory has for most part focused on the nature and efficiency properties of " complete " incentive contracts. Accordingly, a contract is viewed as a collection of " if-then " statements such that a specific payoff results if a particular...
متن کاملCan the Zee Model Explain the Observed Neutrino Data?
The eigenvalues and mixing angles in the Zee model are investigated parameterindependently. When we require |∆m12/∆m23| 1 in order to understand the solar and atmospheric data simultaneously, the only solution is one which gives bi-maximal mixing. It is pointed out that the present best-fit value of sin 2θsolar in the MSW LMA solution cannot be explained within the framework of the Zee model, b...
متن کاملIrreversible investment, managerial discretion and optimal capital structure
We explore the significance of employee compensation and alternative (reservation) income on investment timing, endogenous default, yield spreads and capital structure. In a real-options setting, a manager’s incentive to under(over)invest in a project is associated to labor income he has to forego in order to work on the project, the manager’s salary, his stake on the project’s equity capital a...
متن کاملAre corporates ’ target leverage ratios time - dependent ?
This paper extends the stationary-leverage-ratio model to incorporate a time-dependent target leverage ratio. The theoretical hypothesis of the existence of a time-dependent target leverage ratio reflects the movement of a firm’s initial target ratio toward a long-term target ratio over time. Using some simple scenarios about the time-dependence of the target leverage ratio, the numerical resul...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Review of Financial Studies
سال: 2003
ISSN: 0893-9454,1465-7368
DOI: 10.1093/rfs/hhg036