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Shareholders and managers as principal-agent hierarchies and cooperative teams
Purpose– Shareholders and managers can work in a hierarchy in which principals attempt to control the actions of agents to achieve the wealth objective. Alternatively, shareholders and managers can work together as a cooperative team in which shareholders provide financial capital and managers provide human capital. The authors aim to examine the different implications for value creation provided by the two approaches. Design/methodology/approach– By comparing the literature on the value implications of the incomplete contracting framework and control arrangements in principal-agent hierarchies, the authors identify deviations from optimal outcomes and suggest solutions. Findings– The ...
Stock Exchanges and Marketeer High Ground
Watch out, there are two different types of company managers! This is not how a text book on Corporate Governance should begin. Modern corporations become independent from the influence of their shareholders. Dissatisfied shareholders sell rather than intervene. Stock exchanges allow disgruntled owners to tender their stock. On them, companies as wholes sell at premiums. The first known stock exchanges formed in Carthage (Tunisia), Sardinia and Sicily as early as in 600 BC. Phoenician seafarers’ wealth resulted from the markets that spread around the circular harbours. While ancient Roman neighbours benefitted from the Phoenician trade partners, their law diverged. In modern times, we witn...
30 Finance Concepts in Pictures
30 FINANCE CONCEPTS IN PICTURES Only US$ 4.95! Offer ends 26 September 2023 Original Price: US$ 19.95 MatthiasKiefer1980@hotmail.com
An Analysis of CEO Equity Compensation in an Incomplete Contracting Framework
I investigate whether equity grants increase the costs of CEO dismissal or departure (Oyer, 2004; Almazan and Suarez, 2003). I argue that costs of dismissal are increased because equity grants become exercisable upon forced departure. Equity grants can increase the costs of leaving because voluntarily departing CEOs forfeit equity compensation upon departure. I follow Rajgopal, Shevlin and Zamora (2006) in linking CEO equity compensation to a measure of labor market competition in a sample of S&P1500 companies from 1996 to 2010. I find that the intensity of labor market competition measured by a Herfindahl-Hirschman Index across industries and states affects equity grants and that the correl...
The Myth of Continents
In a thoughtful and engaging critique, geographer Martin W. Lewis and historian Karen Wigen re-examine the basic geographical divisions we take for granted. Their up-to-the-minute study reflects both on the global scale and its relation to the specific continents of Europe, Asia, and Africa actually part of one contiguous landmass. Photos. maps.
The Elements of Academic Style
Eric Hayot teaches graduate students and faculty in literary and cultural studies how to think and write like a professional scholar. From granular concerns, such as sentence structure and grammar, to big-picture issues, such as adhering to genre patterns for successful research and publishing and developing productive and rewarding writing habits, Hayot helps ambitious students, newly minted Ph.D.'s, and established professors shape their work and develop their voices. Hayot does more than explain the techniques of academic writing. He aims to adjust the writer's perspective, encouraging scholars to think of themselves as makers and doers of important work. Scholarly writing can be frustrat...
Manufacturing Happy Citizens
The imperative of happiness dictates the conduct and direction of our lives. There is no escape from the tyranny of positivity. But is happiness the supreme good that all of us should pursue? So says a new breed of so-called happiness experts, with positive psychologists, happiness economists and self-development gurus at the forefront. With the support of influential institutions and multinational corporations, these self-proclaimed experts now tell us what governmental policies to apply, what educational interventions to make and what changes we must undertake in order to lead more successful, more meaningful and healthier lives. With a healthy scepticism, this book documents the powerful social impact of the science and industry of happiness, arguing that the neoliberal alliance between psychologists, economists and self-development gurus has given rise to a new and oppressive form of government and control in which happiness has been woven into the very fabric of power.
