Equity agency costs

Ebook "Corporate governance in the US and Europe: Where are we now?" provides a comprehensive and concise overview of the most recent developments in corporate governance. It is based on a recent joint conference arranged by New York University and the London School of Economics, which brought together eminent academics and practitioners, including Michael Jensen in Finance and Martin Lipton in Law, to discuss the stock market boom-and-bust, and the recent corporate scandals.

170p loivantrinh 29-10-2023 5 2   Download

The main contents of the thesis consist of: Chapter 1: introduction; chapter 2: corporate ownership, equity agency costs and dividend policy; chapter 3: corporate ownership and equity agency costs: an australian study; chapter 4: largest shareholder and equity agency costs: an international study; chapter 5: largest shareholder and dividend policy: an international study; chapter 6: conclusion.

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Recently, much academic and regulatory interest has been concentrated on the problem of high-yield, junk bond default. Arguably, corporate bonds have defaulted for many reasons, including factors specific to the individual issuing firm, variables corresponding to the industry in which it operates, and macroeconomic forces affecting the business cycle. Individual factors include the firm's leverage, industry type, agency problem, riskiness of the investment decisions, managerial integrity, efficiency and investment savvy together with institutional operating costs.

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After recent accounting scandals in once high-flying firms like Enron and WorldCom, man- agement behavior has been under close scrutiny by regulators, financial media, and researchers. Jensen (2005) argues that the dramatic increase in corporate scandals around the turn of the cen- tury can be explained by agency costs of overvalued equity: when a firm’s equity is substantially overvalued, managers are forced to take value-destroying actions (some perhaps fraudulent) to satisfy the market’s unrealistic growth expectations.

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Agency securities. Agency securities are the obligations of federal gov- ernment agencies or government-sponsored enterprises. Generally, agency debt offers a slight yield premium over T-bills. Turn back to Chapter 6 for more on agency securities. Commercial paper. Commercial paper, or CP, is issued by corporations (including banks) to finance short-term cash needs. While smaller corpo- rations usually depend on bank loans for this type of funding, larger cor- porations with good credit ratings can access the CP market and often do so.

16p quaivatdo 18-11-2012 74 3   Download

Một dạng chi phí đại diện có nguồn gốc từ mâu thuẫn lợi ích giữa cổ đông và các nhà quản lý công ty do sự tách biệt giữa quản lý và sở hữu trong loại hình doanh nghiệp hiện đại. Chi phí này được gọi là chi phí đại diện của vốn cổ phần (agency costs of equity). Khi cổ đông bị giới hạn hoặc mất kiểm soát đối với người quản lý, thì phía quản lý sẽ có động cơ tham gia vào những hoạt động có lợi cho bản thân nhưng có thể phương hại đến quyền lợi của cổ đông....

4p cherry_13 12-12-2010 506 146   Download