Managerial value diversion and shareholder wealth
نویسندگان
چکیده
منابع مشابه
Shareholder wealth and firm risk
The evidence presented here is inconsistent with variants of corporate finance theory which hold that the option properties of growth opportunities or asset substitution incentives are first-order determinants of equity values, but it is supportive of risk management and capital structure theories that emphasize the costs of cash flow volatility. Specifically, controlling for known determinants...
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ژورنال
عنوان ژورنال: Journal of Law, Economics, and Organization
سال: 1999
ISSN: 1465-7341
DOI: 10.1093/jleo/15.2.487