Employee stock ownership (ESO) is often associated with reductions in agency costs because it increases employee satisfaction and attachment to their company aligns the interests of employees those firm. Another stream research argues that ESO may have opposite effect on serves as a management entrenchment tool leads divergence between stakeholders. This paper examines relationship France, whic...

On the epistemic entrenchment of different types of knowledge expressed as conditionals in belief revision tasks Renée Elio Abstract Some belief revision theories appeal to the notion of epistemic entrenchment as a guide to choosing among alternative ways of removing inconsistency that new information may cause with existing beliefs. While belief revision theorists may not be interested in natu...

This study aims to ascertain the determinants affecting liquidity of Vietnamese Commercial Banks by their bank ownership structures, CEO characteristics, and bank-specific variables. Using panel data consisting 29 commercial banks, we measure using most up-to-date method – Net Stable Funding Difference (NSFD), according Basel III standards. Correlating relationship between CEOs’ characteristics...

Evolution of cooperation among self-interested agents is revisited in this paper in the context of“globalization”and“localization”and the effects of entrenchment. Entrenchment is found to be of two types – of knowledge and of acquaintance. While entrenched acquaintances are conducive for trust and hence cooperation, entrenched knowledge leads to paucity in novel strategies. Simulation based stu...

This position paper discusses the difficulty of interpreting iterated belief revision in the scope of the existing literature. Axioms of iterated belief revision are often presented as extensions of the AGM axioms, upon receiving a sequence of inputs. More recent inputs are assumed to have priority over less recent ones. We argue that this view of iterated revision is at odds with the claim, ma...

Purpose: We examine whether employee ownership in DC plans are explained by either shared capitalism or managerial entrenchment motives. Design/methodology/approach: calculate the average monthly risk-adjusted return (alpha) of each portfolio sorting firms into six groups based on percentage employer stock market value equity. Findings: find that zero-investment strategy buying a without and se...