Structure, Agency and Museum Policies

Agency, Structure and the Power of Global Health Networks

Global health networks—webs of individuals and organizations linked by a shared concern for a particular condition—have proliferated over the past quarter century. In a recent editorial in this journal, I presented evidence that their effectiveness in addressing four challenges—problem definition, positioning, coalitionbuilding and governance—shapes their ability to influence policy. The editor...

Agency Costs and Ownership Structure

We provide measures of absolute and relative equity agency costs for corporations under different ownership and management structures. Our base case is Jensen and Meckling's (1976) zero agency-cost firm, where the manager is the firm’s sole shareholder. Utilizing a sample of 1,708 small corporations from the FRB/NSSBF database, we find evidence supporting several predictions of agency cost theo...

Agency and Structure in Human Development Agency and Structure in Human Development ECCLES

Over the course of my career, my intellectual energies have focused on academic achievement and motivation, subjects that stand at the intersection of psychology and sociology. It was the life course paradigm formulated by Glen H. Elder, Jr., that animated my thinking about the sociological component of my research. Today, Elder’s perspective is widely appreciated but in the 1970s, during a for...

Agency Problems, Firm Valuation, and Capital Structure

This paper studies the optimal contracting problem in a general cashow setup, and offers a framework to quantitatively assess the impact of agency problems. A closed form solution is obtained in the square-root mean-reverting cash ow process. In the geometric Brownian cashow setup, we embed the agency problem into Leland (1994), and nd that the debt-overhang problem lowers the optimal leverage....

Structure, Agency and the Internal Conversation