乐胖代购免代理版

{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2024,9,3]],"date-time":"2024-09-03T12:50:10Z","timestamp":1725367810083},"reference-count":86,"publisher":"Institute for Operations Research and the Management Sciences (INFORMS)","issue":"12","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Management Science"],"published-print":{"date-parts":[[2018,12]]},"abstract":"This paper investigates the joint effects of manager\u2013shareholder agency conflicts and macroeconomic risk on corporate policies and firm value. I first derive the implications of a structural model of a firm with assets in place and an investment opportunity, run by a self-interested manager who captures part of the firm\u2019s net income as private benefits. The model implies that dynamic aggregate agency costs are driven by firms in the upper half of the distribution of private benefits. Managers of those firms capture 0.8% of firms\u2019 net income on average, thereby decreasing aggregate firm value by 1.7%. These agency costs are procyclical (1.9% in booms and 1.4% in recessions) because managerial underleverage decreases default costs particularly in recessions. Furthermore, the model can explain empirical regularities, including the joint level and cyclicality of leverage.<\/jats:p>The Internet appendix is available at https:\/\/doi.org\/10.1287\/mnsc.2017.2813 .<\/jats:p>This paper was accepted by Gustavo Manso, finance.<\/jats:p>","DOI":"10.1287\/mnsc.2017.2813","type":"journal-article","created":{"date-parts":[[2017,9,18]],"date-time":"2017-09-18T15:19:19Z","timestamp":1505747959000},"page":"5748-5768","source":"Crossref","is-referenced-by-count":12,"title":["Measuring Agency Costs over the Business Cycle"],"prefix":"10.1287","volume":"64","author":[{"ORCID":"http:\/\/orcid.org\/0000-0002-3899-6945","authenticated-orcid":false,"given":"Ramona","family":"Westermann","sequence":"first","affiliation":[{"name":"Copenhagen Business School, 2000 Frederiksberg, Denmark"}]}],"member":"109","reference":[{"key":"B1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2006.05.011"},{"key":"B2","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1987.tb03914.x"},{"key":"B3","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2008.01309.x"},{"key":"B4","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1990.tb03706.x"},{"key":"B5","doi-asserted-by":"publisher","DOI":"10.2469\/faj.v60.n2.2612"},{"key":"B6","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2012.08.017"},{"key":"B7","doi-asserted-by":"publisher","DOI":"10.1111\/1540-6261.00414"},{"key":"B8","doi-asserted-by":"publisher","DOI":"10.1016\/0304-405X(89)90088-3"},{"key":"B9","doi-asserted-by":"publisher","DOI":"10.1016\/S0929-1199(02)00003-2"},{"key":"B10","doi-asserted-by":"publisher","DOI":"10.1086\/497404"},{"key":"B11","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/3.1.115"},{"key":"B12","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1997.tb01115.x"},{"issue":"1","key":"B13","first-page":"14","volume":"79","author":"Bernanke B","year":"1989","journal-title":"Amer. 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