Corporate governance over the business cycle
نویسندگان
چکیده
منابع مشابه
Corporate Governance over the Business Cycle
I provide empirical evidence that badly governed firms respond more to aggregate shocks than do well governed firms. I build a simple model where managers are prone to over-invest and where shareholders are more likely to tolerate such a behavior in good times. The model successfully explains the average profit differences as well as the cyclical behavior of sales, employment and investment for...
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While firm-level capital growth rates exhibit positive spikes, and rise as fast as they fall, the average capital growth rate across firms exhibits negative spikes, and declines faster than it recovers. We develop a dynamic model of investment that reconciles these empirical patterns. The model features costly reversibility, cyclical macroeconomic shocks, and uncertainty about the state of the ...
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1Division of Plastic Surgery, Department of Surgery; 2Department of Obstetrics & Gynecology, Queen’s University, Kingston; 3Division of Plastic Surgery, Department of Surgery and Telfer School of Management, University of Ottawa, Ottawa, Ontario Correspondence: Dr Douglas R McKay, Division of Plastic Surgery, Department of Surgery, Queen’s University, Hotal Dieu Hospital, 166 Brock Street, Broc...
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ژورنال
عنوان ژورنال: Journal of Economic Dynamics and Control
سال: 2006
ISSN: 0165-1889
DOI: 10.1016/j.jedc.2005.07.002