منابع مشابه
Monetary Shocks, Agency Costs and Business Cycles
Working papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment on research in progress. They may not have been subject to the formal editorial review accorded official Federal Reserve Bank of Cleveland publications. The views stated herein are those of the authors and are not necessarily those of the Federal Reserve Bank...
متن کاملAgency Costs, Balance Sheets and the Business Cycle
The views expressed in this paper are ours alone and do not necessarily reflect the views of the Reserve Bank of Australia. We are grateful to Warren Tease, Gordon de Brouwer and participants at seminars at the Reserve Bank of Australia and the University of Sydney for helpful comments and suggestions. i ABSTRACT The 1980s witnessed large increases in corporate debt and sustained asset price in...
متن کاملNegative agency costs
Managerial opportunism is commonly considered as destructive for the parties involved in an agency relationship. Using a formulation close to Jensen and Meckling’s equity model, we consider an agency relationship between a manager and an investor. The latter is assumed to benefit from a market power in terms of external funding opportunities. For high values of the prevailing rate of interest, ...
متن کاملAgency Business Cycles∗
We propose a new business cycle theory. Firms need to randomize over firing or keeping workers who have performed poorly in the past, in order to give them an ex-ante incentive to exert effort. Firms have an incentive to coordinate the outcome of their randomizations, as coordination allows them to load the firing probability on states of the world in which it is costlier for workers to become ...
متن کاملA new approach factor- entropy with application to business costs of SMEs in Shanghai
Business cost is acknowledged as one of the priorities in SMEs research. In thisstudy, the business cost of SMEs in Shanghai was primarily measured using Factor-Entropy analysis method. The purpose of this study is to effectively resolve the issueof simplification and assignment evaluation index system on business costs of SMEsin Shanghai. However, this study uses factor analysis to interpret t...
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ژورنال
عنوان ژورنال: Journal of Service Science and Management
سال: 2020
ISSN: 1940-9893,1940-9907
DOI: 10.4236/jssm.2020.132025