Corporate governance over the business cycle

Journal of Economic Dynamics and Control

Volumn 30, Issue 11, 2006, Pages 2117-2141

  Philippon, Thomas ^a,b,c  

^a NEW YORK UNIVERSITY   (United States)

^b CEPR ^*  (United States)

^c NATIONAL BUREAU OF ECONOMIC RESEARCH   (United States)

Author keywords

Business cycles; Corporate governance; Counter cyclical markups

Indexed keywords

EID: 33748429296     PISSN: 01651889     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jedc.2005.07.002     Document Type: Article

References (27)

1. Berger P., and Ofek E. Causes and effects of corporate refocusing programs. Review of Financial Studies 2 (1999) 311-345
2. Bernanke B., Gertler M., and Gilchrist S. The financial accelerator and the flight to quality. The Review of Economics and Statistics LXXVIII (1996) 1-15
3. Bernanke, B., Gertler, M., Gilchrist, S., 1999. The financial accelerator in a quantitative business cycle framework. In: Taylor, J.B., Woodford, M. (Eds.), Handbook of Macroeconomics, vol.1C. Elsevier Science, North-Holland, Amsterdam.
4. Bils B., and Kahn J. What inventory behavior tells us about business cycles. American Economic Review 90 (2000) 458-480
5. Blanchard O.J., and Kiyotaki N. Monopolistic competition and the effects of aggregate demand. American Economic Review 77 (1987) 647-666
6. Bronars S., and Deere D. The threat of unionization, the use of debt, and the preservation of shareholder wealth. Quarterly Journal of Economics 106 (1991) 231-254
7. Caselli, F., Gennaioli, N., 2004. Dynastic management. Mimeo, Harvard.
8. Castro R., Clementi G.L., and MacDonald G. Investor protection, optimal incentives, and economic growth. Quarterly Journal of Economics 119 (2004) 1131-1175
9. Chari, V.V., Kehoe, P.J., McGrattan, E.R., (2002). Business cycle accounting. Working Paper 625, Federal Reserve Bank of Minneapolis.
10. Chevalier J.A., and Scharfstein D. Capital-market imperfections and countercyclical markups: theory and evidence. American Economic Review 86 4 (1996) 703-725
11. Den Haan, W.J., Ramey, G., Watson, J., 2000. Job destruction and propagation of shocks. American Economic Review 482-498.
12. Denis D., and Denis D. Performance changes following top management dismissals. Journal of Finance 50 4 (1995) 1029-1057
13. Denis D., and Kruse T. Managerial discipline and corporate restructuring following performance declines. Journal of Financial Economics 55 3 (2000) 391-424
14. Dow, J., Gorton, G., Krishnamurthy, A., 2003. Equilibrium asset prices under imperfect corporate control. NBER Working Paper 9758.
15. Gilson, S., 1998. Creating value through corporate restructuring. Working Paper, Harvard Business School.
16. Gompers, P., Ishii, J., Metrick, A., 2003. Corporate governance and equity prices. Quarterly Journal of Economics 107-155.
17. Gorton, G., Schmid, F., 2000. Class struggle inside the firm: a study of German codetermination. NBER Paper 7945.
18. Hall, R., 2002. Industry dynamics with adjustment costs. Mimeo.
19. Jensen M. Agency costs of free cash flow, corporate finance and takeovers. American Economic Review 76 2 (1986) 323-329
20. Kaplan, S., 1989. The effects of management buyouts on operation and value. Journal of Financial Economics 217-254.
21. Kedia, S., Philippon, T., 2005. The economics of fraudulent accounting. Mimeo, New York University.
22. King, R., Rebelo, S., 1999. Resuscitating real business cycles. In: Taylor, J.B., Woodford, M., (Eds.), Handbook of Macroeconomics, vol. 1B. Elsevier Science, North-Holland, Amsterdam.
23. Kovenock D., and Phillips G. Capital structure and product market behavior: an examination of plant exit and investment decisions. Review of Financial Studies 10 3 (1997) 767-803
24. Phillips G. Increased debt and industry product markets: an empirical analysis. Journal of Financial Economics 37 2 (1995) 189-238
25. Rotemberg J., and Woodford M. Oligopolistic pricing and the effects of aggregate demand on economic activity. Journal of Political Economy 100 6 (1992) 1153-1207
26. Rotemberg, J., Woodford, M., 1999. The cyclical behavior of prices and costs. In: Taylor, J.B., Woodford, M. (Eds.), Handbook of Macroeconomics, vol. 1B. Elsevier Science, North Holland, Amsterdam.
27. Sharpe S. Financial imperfections, firm leverage and the cyclicality of employment. American Economic Review 84 4 (1994) 1060-1074