Internal Control, Asset Substitution and Creditor Protection

Internal Rationality and Asset Prices

We show how standard learning rules can be interpreted as small departures from rationality in the context of an asset pricing model. We propose a distinction between ‘internal rationality’, as agents that maximize discounted expected utility under uncertainty given consistent beliefs about the future, and ‘external rationality’as agents that know perfectly the true stochastic process for funda...

Asset Substitution, Debt Covenants and Conservatism

Investor Protection and Asset Pricing∗

Corporations in most countries are run by controlling shareholders, who have substantially smaller cash flow rights than their control rights in the firm. This separation of ownership and control allows the controlling shareholders to pursue private benefits at the cost of outside minority investors by diverting resources away from the firm and distorting corporate investment and payout policie...

Corporate Social Performance and Internal Control

This study examines the relationship between corporate social performance and the Company's internal control. For the study, the definition of corporate social performance is used Wood (Wood, 1991) and social performance into the process (internal processes, management) and outcome (social impact) is divided. To assess the social performance of corporate social performance version of the questi...

Internal anal sphincter augmentation and substitution

There is an increasing recognition of the importance of internal anal sphincter (IAS) dysfunction presenting as passive faecal incontinence. This problem may manifest after anal sphincterotomy or following the more minimally invasive operations for haemorrhoids, as well as with advancing age. Because of the poor results of IAS plication and the beneficial outcomes with peri-urethral bulking age...