This essay surveys the body of research that asks how the efficiency of corporate investment
is influenced by problems of asymmetric information and agency. I organize the material …

This paper develops a preliminary study to explore the determinants of capital structure of
Chinese-listed companies using firm-level panel data. The findings reflect the transitional …

We develop a two-tiered agency model that shows how rent-seeking behavior on the part of
division managers can subvert the workings of an internal capital market. By rent-seeking …

We analyze whether the organizational structure of firms (ie, whether a firm is diversified or
focused) affects their cash holdings. Using Compustat firm level and segment-level data, we …

Die Neuauflage berücksichtigt die Umstellung der Diplomstudiengänge auf Bachelor und
Master, so daß das Buch sowohl für Bachelor-Einführungsveranstaltungen als auch für …

Managerial theories of the firm have a long and controversial history, beginning perhaps
with Adolf A. Berle, Jr. and Gardiner C. Means's classic (1932) study. Such theories …

I model inefficient resource allocations in M-form organizations due to influence activities by
division managers that skew capital budgets in their favor. Corporate headquarters receives …

This theory can explain why bank debt is universally senior, consistent with the presence of
conflict (lawyers) and absolute priority violations in financial distress: Better organized banks …

A detailed look at the worst M&A deals ever and the lessons learned from them It's common
knowledge that about half of all merger and acquisition (M&A) transactions destroy value for …

Die ersten Abschnitte des Lehrbuches sind für den Anfänger gedacht: Es wird in die
gängigen Finanzierungsformen eingeführt. Die" Klassischen" Theorien von der Irrelevanz …