Agency Theory, Information, and Incentives PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Agency Theory, Information, and Incentives PDF full book. Access full book title Agency Theory, Information, and Incentives by Günter Bamberg. Download full books in PDF and EPUB format.
Author: Günter Bamberg
Publisher: Springer Science & Business Media
ISBN: 3642750605
Category : Business & Economics
Languages : en
Pages : 538
Get Book Here
Book Description
Agency Theory is a new branch of economics which focusses on the roles of information and of incentives when individuals cooperate with respect to the utilisation of resources. Basic approaches are coming from microeco nomic theory as well as from risk analysis. Among the broad variety of ap plications are: the many designs of contractual arrangements, organiza tions, and institutions as well as the manifold aspects of the separation of ownership and control so fundamental for business finance. After some twenty years of intensive research in the field of information economics it might be timely to present the most basic issues, questions, models, and applications. This volume Agency Theory, Information, and Incentives offers introductory surveys as well as results of individual rese arch that seem to shape that field of information economics appropriately. Some 30 authors were invited to present their subjects in such a way that students could easily become acquainted with the main ideas of informa tion economics. So the aim of Agency Theory, Information, and Incentives is to introduce students at an intermediate level and to accompany their work in classes on microeconomics, information economics, organization, management theory, and business finance. The topics selected form the eight sections of the book: 1. Agency Theory and Risk Sharing 2. Information and Incentives 3. Capital Markets and Moral Hazard 4. Financial Contracting and Dividends 5. External Accounting and Auditing 6. Coordination in Groups 7. Property Rights and Fairness 8. Agency Costs.
Author: Günter Bamberg
Publisher: Springer Science & Business Media
ISBN: 3642750605
Category : Business & Economics
Languages : en
Pages : 538
Get Book Here
Book Description
Agency Theory is a new branch of economics which focusses on the roles of information and of incentives when individuals cooperate with respect to the utilisation of resources. Basic approaches are coming from microeco nomic theory as well as from risk analysis. Among the broad variety of ap plications are: the many designs of contractual arrangements, organiza tions, and institutions as well as the manifold aspects of the separation of ownership and control so fundamental for business finance. After some twenty years of intensive research in the field of information economics it might be timely to present the most basic issues, questions, models, and applications. This volume Agency Theory, Information, and Incentives offers introductory surveys as well as results of individual rese arch that seem to shape that field of information economics appropriately. Some 30 authors were invited to present their subjects in such a way that students could easily become acquainted with the main ideas of informa tion economics. So the aim of Agency Theory, Information, and Incentives is to introduce students at an intermediate level and to accompany their work in classes on microeconomics, information economics, organization, management theory, and business finance. The topics selected form the eight sections of the book: 1. Agency Theory and Risk Sharing 2. Information and Incentives 3. Capital Markets and Moral Hazard 4. Financial Contracting and Dividends 5. External Accounting and Auditing 6. Coordination in Groups 7. Property Rights and Fairness 8. Agency Costs.
Author: Simon Bergstein
Publisher:
ISBN: 9783656614920
Category :
Languages : en
Pages : 16
Get Book Here
Book Description
Essay from the year 2013 in the subject Business economics - Investment and Finance, grade: A15 bzw. 1,0, University of New South Wales, Sydney, language: English, abstract: In Financial Management its generally assumed that the goal of a private firm is shareholder wealth maximization respectively maximizing shareholder value (ACCA BPP, 2012, p. 5). This assumption correspond with a recent statement of Philip Clarke (2013) - Chief Executive Officer of Tesco who declared that '[e]verything [they] are doing reflects [their] determination to deliver shareholder value'. The question arises if shareholder wealth maximization is an appropriate goal since there are other individuals besides the shareholders that are affected by the activities of a firm. Another point is that managers often do not act in shareholders best interest in order to maximize their own utility. This conflict of interest is described by the agency theory. Furthermore the agency relationship complicates the achievement of the goal of shareholder wealth maximization (Van Horne and Wachowicz, 2009, p.5). Recently shareholders of the former Yellow Pages publisher Hibu blame the management not to act in their best interest because of both a lack of information provided by directors and by restructuring the company with a debt-for-equity swap that wipes shareholders out. As a consequence of Hibu's oppressive debt mountain the debt-for-equity swap enables major lenders to take control over the company (Spanier, 2013). In this context the concept of cost of capital and its calculation provides an approach to the costs of financing decision. (McLaney, 2011, p.296). Since the debt-for-equity swap restructures Hibus balance sheet it is of crucial importance to examine the sources of capital that are discussed in this context in order to evaluate the reasonableness of the debt-for-equity swap from a economical perspective. Section 1 of this assignment focuses on the characteristics of shareholders' wealth max
Author: Norman E. Bowie
Publisher: Oxford University Press, USA
ISBN: 9780195067989
Category : Business & Economics
Languages : en
Pages : 254
Get Book Here
Book Description
Agency theory involves what is known as the principal-agent problem, a topic widely discussed in economics, management, and business ethics today. It is a characteristic of nearly all modern business firms that the principals (the owners and shareholders) are not the same people as the agents (the managers who run the firms for the principals). This creates situations in which the goals of the principals may not be the same as the agents--the principals will want growth in profits and stock price, while agents may want growth in salaries and positions in the hierarchy. The fourth volume in the Ruffin Series in Business, this book explores the ethical consequences of agency theory through contributions by ethicists, economists, and management theorists.
Author: Greg N. Gregoriou
Publisher: Elsevier
ISBN: 0080466079
Category : Business & Economics
Languages : en
Pages : 433
Get Book Here
Book Description
Until recently, only the United States had an active venture capital market. This is changing rapidly, as many other countries have experienced rapid growth in venture capital financing over the past five years. This book contains new scientific articles showcasing the latest research on venture capital in Europe. Venture capital investment remains a hot topic with portfolio managers, individual investors, academics worldwide. This book examines in detail all the major issues regarding venture capital investment: contracting, financing, regulation, valuation, etc. and identifies new trends in the venture capital arena. Features a foreword by Josh Lerner.*The only book in which academics from around the world present the latest research on venture capital in Europe*Covers all of Europe as well as including overview papers about venture capital industry, public and private venture capital, valuation, financing, contracting, structuring, regulation, etc. *Comprehensive, authoritative coverage
Author: Eric Brousseau
Publisher: Cambridge University Press
ISBN: 9780521893138
Category : Business & Economics
Languages : en
Pages : 604
Get Book Here
Book Description
A 2002 survey of economics of contracts appealing to scholars in economics, management and law.
Author: F. Bournois
Publisher: Springer
ISBN: 0230305334
Category : Business & Economics
Languages : en
Pages : 725
Get Book Here
Book Description
Questions of company governance have been examined over the years, but this has generally been in areas concerning shareholders. Meanwhile the management team and board of directors remain comparatively unexplored. This book has been written to provide a way into this relatively unknown world of executive committees.
Author: Stephen A. Ross
Publisher:
ISBN: 9780071286527
Category : Betriebliche Finanzwirtschaft
Languages : en
Pages : 926
Get Book Here
Book Description
Corporate Finance, by Ross, Westerfield, and Jaffe is a popular textbook that emphasizes the modern fundamentals of the theory of finance, while providing contemporary examples to make the theory come to life. The authors aim to present corporate finance as the working of a small number of integrated and powerful intuitions, rather than a collection of unrelated topics. They develop the central concepts of modern finance: arbitrage, net present value, efficient markets, agency theory, options, and the trade-off between risk and return, and use them to explain corporate finance with a balance of theory and application. The well-respected author team is known for their clear, accessible presentation of material that makes this text an excellent teaching tool. Brad Jordan, known for his successful work on the RWJ Fundamentals and Essentials books, contributed to this edition. His influence will be seen particularly in the writing style with smoother coverage of topics, and the increased quality in the problem material.
Author: G. Constantinides
Publisher: Elsevier
ISBN: 9780444513632
Category : Business & Economics
Languages : en
Pages : 698
Get Book Here
Book Description
Arbitrage, State Prices and Portfolio Theory / Philip h. Dybvig and Stephen a. Ross / - Intertemporal Asset Pricing Theory / Darrell Duffle / - Tests of Multifactor Pricing Models, Volatility Bounds and Portfolio Performance / Wayne E. Ferson / - Consumption-Based Asset Pricing / John y Campbell / - The Equity Premium in Retrospect / Rainish Mehra and Edward c. Prescott / - Anomalies and Market Efficiency / William Schwert / - Are Financial Assets Priced Locally or Globally? / G. Andrew Karolyi and Rene M. Stuli / - Microstructure and Asset Pricing / David Easley and Maureen O'hara / - A Survey of Behavioral Finance / Nicholas Barberis and Richard Thaler / - Derivatives / Robert E. Whaley / - Fixed-Income Pricing / Qiang Dai and Kenneth J. Singleton.
Author: Mary Zey
Publisher: SAGE
ISBN: 9780803951365
Category : Business & Economics
Languages : en
Pages : 156
Get Book Here
Book Description
Rational Choice Theory and Organizational Theory is written in response to the neo-classical economic rational choice theories and organizational economic theories which have emerged in the past decade and gained center stage in current organizational analysis.
Author: Hailan Yang
Publisher: Elsevier
ISBN: 1780633297
Category : Business & Economics
Languages : en
Pages : 231
Get Book Here
Book Description
This book analyses how China's firms in the consumer electronics (CE) sector have developed their business strategy and corporate governance during the reform process. The CE sector is one of China's most important and dynamic manufacturing sectors. As one of the earliest market-oriented sectors after 1978, its experience illustrates the adoption of the Western model of management in China. This is the first book to analyse the link between business strategy, corporate governance and performance of firms, explicitly comparing state-, collective-, and privately-owned firms. This book argues that the competitive dynamics of the market are central to the survival of firms in contemporary China. - Focuses on the state, collective and private Chinese firms in the consumer electronics sector - Provides insights into the interactions among political, economic and corporate factors in the China business environment that influence the strategies and performance of these firms - Compares the corporate governance of these Chinese firms across different ownership forms
