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论文作者:英语论文论文属性:讲稿 Lecture Notes登出时间:2010-02-12编辑:steelbeezxp点击率:2811
论文字数:500论文编号:org201002121151591260语种:英语 English地区:英国价格:免费论文
关键词:
Advanced Corporate Finance
Corporate Governance: rational, alternative mechanisms, management compensation and board structure
Framework
Incomplete contracts
Right to make decisions in fully foreseen by the contract
Disperse investors - inactive
Management has significant control rights over how to allocate investor funds
Managerial Discretion
Asset disposition
Transfer pricing
Entrenchment
Free cash flow
Why not compensate management to make correct expost allocation
Requires management to acknowledge “bad” behaviour - fiduciary duty
Incentive Contracts本论文由英语论文网www.51lunwen.org整理提供
Contract exante to align interests
Share ownership, stock options, termination
Role of managerial risk aversion
Evidence of performance - pay alignment
$3 for every $1000 increase in firm value
Contract Design Issues
Problem of managerial self interest in contract design
Timing of incentive contract
Rising earnings
Share/option vesting
Option reset
Empirical Evidence
Agency costs - managerial investment decisions
Reflect self interest
Zero return to bidders
Takeover defense
Anti-takeover amendments
Executive departure - sudden death
Voting rights - control benefits
Large block trades at substantial premium
Superior voting rights trade at a premium
Rationale for Funding
Investor receives control rights
Right to vote - cash flow entitlement
Difficult to enforce - physical impediments
Board effectiveness
Hostile takeovers
Large shareholders本论文由英语论文网www.51lunwen.org整理提供
Eg - majority holding - organisational form (pyramidal - control with minimal capital contribution)
Creditor rights - empowered by extreme events - eg bankruptcy
Large Shareholders
Divergence between large and minority shareholders
Superior voting rights
Separation of voting and cash flow rights
Lack of empirical support for link between ownership concentration and firm performance
Specific Financing Choices
Debt
Rights are clear
Exercise control but only in extreme events
Constrain managerial “consumption”
Limit free cash flow
Investment in negative NPV projects - scale
Equity
Right to vote - activism or concentration or “internal” equity and family control
Minority protection
SEO reputation?
What is the Best?
Differences in legal systems, property rights and the rights of shareholders and creditors.
Role of market - takeovers
Mix of legal protection, ownership concentration and activism
Role of creditors
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