메뉴 건너뛰기




Volumn 6, Issue 1, 2008, Pages 158-209

Managerial hedging and portfolio monitoring

Author keywords

[No Author keywords available]

Indexed keywords


EID: 40249096195     PISSN: 15424766     EISSN: 15424774     Source Type: Journal    
DOI: 10.1162/JEEA.2008.6.1.158     Document Type: Article
Times cited : (19)

References (56)
  • 2
    • 40249100022 scopus 로고    scopus 로고
    • Admati, Anat R., Paul Pfleiderer, and Josef Zechner (1994). Large Shareholder Activism, Risk Sharing, and Financial Market Equilibrium. Journal of Political Economy, 102, 1097-1130.
    • Admati, Anat R., Paul Pfleiderer, and Josef Zechner (1994). "Large Shareholder Activism, Risk Sharing, and Financial Market Equilibrium." Journal of Political Economy, 102, 1097-1130.
  • 3
    • 0001872872 scopus 로고
    • Repeated Principal-Agent Relationships with Lending and Borrowing
    • Allen, Franklin (1985). "Repeated Principal-Agent Relationships with Lending and Borrowing." Economics Letters, 17, 27-31.
    • (1985) Economics Letters , vol.17 , pp. 27-31
    • Allen, F.1
  • 5
    • 0000526194 scopus 로고
    • Economically Optimal Performance Evaluation and Control Systems
    • Baiman, Stanley, and Joel S. Demski (1980). "Economically Optimal Performance Evaluation and Control Systems." Journal of Accounting Research, 18 (Supplement), 184-220.
    • (1980) Journal of Accounting Research , vol.18 , Issue.SUPPL.EMENT , pp. 184-220
    • Baiman, S.1    Demski, J.S.2
  • 6
    • 34248550426 scopus 로고
    • Devaluing Reform: The Derivatives Markets and Executive Compensation
    • Bank, Steven A. (1995). "Devaluing Reform: The Derivatives Markets and Executive Compensation." DePaul Business Law Journal, 7, 301-332.
    • (1995) DePaul Business Law Journal , vol.7 , pp. 301-332
    • Bank, S.A.1
  • 8
    • 0036599832 scopus 로고    scopus 로고
    • Managerial Power and Rent Extraction in the Design of Executive Compensation
    • Bebchuk, Lucian Arye, Jesse M. Fried, and David I. Walker (2002). "Managerial Power and Rent Extraction in the Design of Executive Compensation." University of Chicago Law Review, 69, 751-846.
    • (2002) University of Chicago Law Review , vol.69 , pp. 751-846
    • Bebchuk, L.A.1    Fried, J.M.2    Walker, D.I.3
  • 9
    • 0141959766 scopus 로고    scopus 로고
    • Bertrand and Walras Equilibria under Moral, Hazard
    • Bennardo, Alberto, and Pierre-André Chiappori (2003). "Bertrand and Walras Equilibria under Moral, Hazard." Journal of Political Economy, 111, 785-817.
    • (2003) Journal of Political Economy , vol.111 , pp. 785-817
    • Bennardo, A.1    Chiappori, P.-A.2
  • 10
    • 0035598193 scopus 로고    scopus 로고
    • Managerial Ownership, Incentive Contracting, and the Use of Zero-Cost Collars and Equity Swaps by Corporate Insiders
    • Bettis, J. Carr, John M. Bizjak, and Michael L. Lemmon (2001). "Managerial Ownership, Incentive Contracting, and the Use of Zero-Cost Collars and Equity Swaps by Corporate Insiders." Journal of Financial and Quantitative Analysis, 36, 345-370.
    • (2001) Journal of Financial and Quantitative Analysis , vol.36 , pp. 345-370
    • Bettis, J.C.1    Bizjak, J.M.2    Lemmon, M.L.3
  • 12
    • 0002554415 scopus 로고    scopus 로고
    • General Competitive Analysis with Asymmetric Information
    • Bisin, Alberto, and Piero Gottardi (1999). "General Competitive Analysis with Asymmetric Information." Journal of Economic Theory, 87, 1-48.
    • (1999) Journal of Economic Theory , vol.87 , pp. 1-48
    • Bisin, A.1    Gottardi, P.2
  • 13
    • 33746208858 scopus 로고    scopus 로고
    • Efficient Competitive Equilibria with Adverse Selection
    • Bisin, Alberto, and Piere-Gottardi (2006). "Efficient Competitive Equilibria with Adverse Selection." Journal of Political Economy, 114, 485-516.
    • (2006) Journal of Political Economy , vol.114 , pp. 485-516
    • Bisin, A.1    Gottardi, P.2
  • 14
    • 4444314781 scopus 로고    scopus 로고
    • Moral Hazard and Non-exclusive Contracts
    • Bisin, Alberto, and Danilo Guaitoli (2004). "Moral Hazard and Non-exclusive Contracts," RAND Journal of Economics, 35, 306-328.
    • (2004) RAND Journal of Economics , vol.35 , pp. 306-328
    • Bisin, A.1    Guaitoli, D.2
  • 15
    • 18144424449 scopus 로고    scopus 로고
    • Exclusive Contracts and the Institution of Bankruptcy
    • Bisin, Alberto, and.Adriano A. Rampini (2006). "Exclusive Contracts and the Institution of Bankruptcy." Economic Theory, 27, 277-304.
    • (2006) Economic Theory , vol.27 , pp. 277-304
    • Bisin, A.1    Rampini, A.A.2
  • 17
    • 0344970395 scopus 로고    scopus 로고
    • Optimal Incentive Contracts when Agents Can Save, Borrow, and Default
    • Bizer, David S., and Peter M. DeMarzo (1999). "Optimal Incentive Contracts when Agents Can Save, Borrow, and Default." Journal of Financial Intermediation, 8, 241-269.
    • (1999) Journal of Financial Intermediation , vol.8 , pp. 241-269
    • Bizer, D.S.1    DeMarzo, P.M.2
  • 18
    • 0041119338 scopus 로고    scopus 로고
    • Executive Equity Swaps and Corporate Insider Holdings
    • Bolster, Paul, Don Chance, and Don Rich (1996). "Executive Equity Swaps and Corporate Insider Holdings." Financial Management, 25, 14-24.
    • (1996) Financial Management , vol.25 , pp. 14-24
    • Bolster, P.1    Chance, D.2    Rich, D.3
  • 19
    • 0034833773 scopus 로고    scopus 로고
    • Efficient Allocations with Hidden Income and Hidden Storage
    • Cole, Harold L., and Narayana R. Kocherlakota (2001). "Efficient Allocations with Hidden Income and Hidden Storage." Review of Economic Studies, 68, 523-542.
    • (2001) Review of Economic Studies , vol.68 , pp. 523-542
    • Cole, H.L.1    Kocherlakota, N.R.2
  • 20
    • 0000057794 scopus 로고
    • Optimal Monitoring Policies in Agencies
    • Dye, Ronald A. (1986). "Optimal Monitoring Policies in Agencies." RAND Journal of Economics, 17, 339-350.
    • (1986) RAND Journal of Economics , vol.17 , pp. 339-350
    • Dye, R.A.1
  • 21
    • 0036600371 scopus 로고    scopus 로고
    • Derivative Securities and Corporate Governance
    • Easterbrook, Frank H. (2002). "Derivative Securities and Corporate Governance." University of Chicago Law Review, 69, 733-747.
    • (2002) University of Chicago Law Review , vol.69 , pp. 733-747
    • Easterbrook, F.H.1
  • 23
    • 40249085500 scopus 로고    scopus 로고
    • Executive Relief
    • 3 April, 351
    • Economist (1999a). "Executive Relief." 3 April, 351, 64-66.
    • (1999) Economist , pp. 64-66
  • 24
    • 0013405399 scopus 로고    scopus 로고
    • The Trouble with Stock Options
    • 7 August, 352
    • Economist (1999b), "The Trouble with Stock Options." 7 August, 352, 13-14.
    • (1999) Economist , pp. 13-14
  • 25
    • 12344282463 scopus 로고    scopus 로고
    • Share and Share Unalike
    • 7 August, 352
    • Econnnist (1999c). "Share and Share Unalike." 7 August, 352, 18-20.
    • (1999) Econnnist , pp. 18-20
  • 26
    • 40249108150 scopus 로고    scopus 로고
    • Taken for a Ride
    • 13 July, 364, 64
    • Economist (2002). "Taken for a Ride." 13 July, 364, 64.
    • (2002) Economist
  • 27
    • 33745295773 scopus 로고    scopus 로고
    • Required Disiclosure and Corporate Governance
    • Fox, Merritt B. (1999). "Required Disiclosure and Corporate Governance." Law and Contemporary Problems, 62, 113-124.
    • (1999) Law and Contemporary Problems , vol.62 , pp. 113-124
    • Fox, M.B.1
  • 28
    • 0012125938 scopus 로고
    • Incentive-Compatible Debt Contracts
    • Gale, Douglas, and Martin Hellwig (1985). "Incentive-Compatible Debt Contracts." Review of Economic Studies, 52, 647-663.
    • (1985) Review of Economic Studies , vol.52 , pp. 647-663
    • Gale, D.1    Hellwig, M.2
  • 29
    • 38249004191 scopus 로고
    • The Principal-Agent Problem when the Agent Has Access to Outside Markets
    • Garvey, Gerald T. (1993). "The Principal-Agent Problem when the Agent Has Access to Outside Markets." Economics Letters, 43, 183-186.
    • (1993) Economics Letters , vol.43 , pp. 183-186
    • Garvey, G.T.1
  • 30
    • 0040360989 scopus 로고    scopus 로고
    • Marketable Incentive Contracts and Capital Structure Relevance
    • Garvey, Gerald T. (1997), "Marketable Incentive Contracts and Capital Structure Relevance." Journal of Finance, 52, 353-378.
    • (1997) Journal of Finance , vol.52 , pp. 353-378
    • Garvey, G.T.1
  • 31
    • 0142250323 scopus 로고    scopus 로고
    • Incentive Compensation when Executives Can Hedge the Market: Evidence of Relative Performance Evaluation in the Cross-Section
    • Garvey, Gerald, and Todd Milbourn (2003). "Incentive Compensation when Executives Can Hedge the Market: Evidence of Relative Performance Evaluation in the Cross-Section." Journal of Finance, 58, 1557-1582.
    • (2003) Journal of Finance , vol.58 , pp. 1557-1582
    • Garvey, G.1    Milbourn, T.2
  • 32
    • 0345401653 scopus 로고
    • Bid, Ask and Transaction Prices in a Specialist Market with Heterogeneously Informed Traders
    • Glosten, Lawrence R., and Paul R. Milgrom (1985). "Bid, Ask and Transaction Prices in a Specialist Market with Heterogeneously Informed Traders." Journal of Financial Economics, 14, 71-100.
    • (1985) Journal of Financial Economics , vol.14 , pp. 71-100
    • Glosten, L.R.1    Milgrom, P.R.2
  • 33
    • 0000638668 scopus 로고
    • An Analysis of the Principal Agent Problem
    • Grossman, Sanford J., and Oliver D. Hart (1983). "An Analysis of the Principal Agent Problem." Econometrica, 60, 7-45.
    • (1983) Econometrica , vol.60 , pp. 7-45
    • Grossman, S.J.1    Hart, O.D.2
  • 34
    • 0039382074 scopus 로고    scopus 로고
    • Collars Give Insiders Way to Cut Risk
    • 17 September C1
    • Ip, Greg (1997). "Collars Give Insiders Way to Cut Risk." Wall Street Journal, 17 September C1.
    • (1997) Wall Street Journal
    • Ip, G.1
  • 35
    • 84936016411 scopus 로고
    • Performance-Pay and Top-Management Incentives
    • Jensen, Michael C., and Murphy, Kevin J. (1990). "Performance-Pay and Top-Management Incentives." Journal of Political Economy, 98, 225-264.
    • (1990) Journal of Political Economy , vol.98 , pp. 225-264
    • Jensen, M.C.1    Murphy, K.J.2
  • 36
    • 0036789502 scopus 로고    scopus 로고
    • CEO Compensation, Diversification, and Incentives
    • Jin, Li (2002). "CEO Compensation, Diversification, and Incentives." Journal of Financial Economics, 66, 29-63.
    • (2002) Journal of Financial Economics , vol.66 , pp. 29-63
    • Jin, L.1
  • 37
    • 0032357342 scopus 로고    scopus 로고
    • Competition and Incentives with Nonexclusive Contracts
    • Kahn, Charles M., and Dilip Mookherjee (1998). "Competition and Incentives with Nonexclusive Contracts." RAND Journal of Economics, 29, 443-465.
    • (1998) RAND Journal of Economics , vol.29 , pp. 443-465
    • Kahn, C.M.1    Mookherjee, D.2
  • 38
    • 40249119571 scopus 로고    scopus 로고
    • A Conceptual Analysis of Derivative Suits
    • paper, Stanford University
    • Klausner, Michael D., and Kate Litvak (2000). "A Conceptual Analysis of Derivative Suits." Working,paper, Stanford University.
    • (2000) Working
    • Klausner, M.D.1    Litvak, K.2
  • 39
    • 0000110106 scopus 로고    scopus 로고
    • Optimal Contracts when Enforcement Is a Decision Variable
    • Krasa, Stefan, and Anne P. Villamil (2000). "Optimal Contracts when Enforcement Is a Decision Variable." Econometrica, 68, 119-134.
    • (2000) Econometrica , vol.68 , pp. 119-134
    • Krasa, S.1    Villamil, A.P.2
  • 40
    • 0000859303 scopus 로고
    • Continuous Auctions and Insider Trading
    • Kyle, Albert S. (1985). "Continuous Auctions and Insider Trading." Econometrica, 53, 1315-1335.
    • (1985) Econometrica , vol.53 , pp. 1315-1335
    • Kyle, A.S.1
  • 41
    • 40249089666 scopus 로고    scopus 로고
    • Undermining for Performance
    • 200l, 15 January
    • Lavelle, Louis (200l). "Undermining for Performance." Business Week, 15 January, 70-71.
    • Business Week , pp. 70-71
    • Lavelle, L.1
  • 42
    • 84959809571 scopus 로고
    • Optimal Auditing, Insurance, and Redistribution
    • Mookherjee, Dilip, and Ivan Png (1989). "Optimal Auditing, Insurance, and Redistribution." Quarterly Journal of Economics, 104, 399-415.
    • (1989) Quarterly Journal of Economics , vol.104 , pp. 399-415
    • Mookherjee, D.1    Png, I.2
  • 43
    • 33645896609 scopus 로고
    • Management Ownership and Market Valuation: An Empirical Analysis
    • Morck, Randall, Andrei Shleifer, and Robert W. Vishny (1988). "Management Ownership and Market Valuation: An Empirical Analysis." Journal of Financial Economics, 20, 293-315.
    • (1988) Journal of Financial Economics , vol.20 , pp. 293-315
    • Morck, R.1    Shleifer, A.2    Vishny, R.W.3
  • 44
    • 0001042527 scopus 로고    scopus 로고
    • Executive Compensation
    • edited by O. Ashenfelter and D. Card. North Holland
    • Murphy, Kevin J. (1999). "Executive Compensation." In Handbook of Labor Economics, Vol. 3, edited by O. Ashenfelter and D. Card. North Holland.
    • (1999) Handbook of Labor Economics , vol.3
    • Murphy, K.J.1
  • 45
    • 33646126086 scopus 로고    scopus 로고
    • Financial Innovations and Managerial Incentive Contracting
    • Ozerturk, Saltuk (2006). "Financial Innovations and Managerial Incentive Contracting. Canadian Journal of Economics, 39, 434-454.
    • (2006) Canadian Journal of Economics , vol.39 , pp. 434-454
    • Ozerturk, S.1
  • 46
    • 2642522076 scopus 로고    scopus 로고
    • Moral Hazard Contracting and Private Credit Markets
    • Park, In-Uck (2004). "Moral Hazard Contracting and Private Credit Markets." Econometrica, 72, 701-746.
    • (2004) Econometrica , vol.72 , pp. 701-746
    • Park, I.-U.1
  • 47
    • 0016366436 scopus 로고
    • Overisurance and Public Provision of Insurance: The Roles of Moral Hazard and Adverse Selection
    • Pauly, Mark V. (1974). "Overisurance and Public Provision of Insurance: The Roles of Moral Hazard and Adverse Selection." Quarterly Journal of Economics, 88, 44-62.
    • (1974) Quarterly Journal of Economics , vol.88 , pp. 44-62
    • Pauly, M.V.1
  • 49
    • 0002142565 scopus 로고
    • Pareto Optima and Competitive Equilibria with Adverse Selection and Moral Hazard
    • Prescott, Edward C., and Robert M. Townsend (1984). Pareto Optima and Competitive Equilibria with Adverse Selection and Moral Hazard." Econometrica, 52, 21-46.
    • (1984) Econometrica , vol.52 , pp. 21-46
    • Prescott, E.C.1    Townsend, R.M.2
  • 50
    • 40249104486 scopus 로고    scopus 로고
    • New Tools for the Options Crowd
    • 10 November
    • Puri, Shaifali (1997). "New Tools for the Options Crowd." Fortune, 10 November, 136, 308.
    • (1997) Fortune , vol.136 , pp. 308
    • Puri, S.1
  • 51
    • 0002037587 scopus 로고
    • Repeated Moral Hazard
    • Rogerson, William P. (1985). "Repeated Moral Hazard" Econometrica, 53, 69-76.
    • (1985) Econometrica , vol.53 , pp. 69-76
    • Rogerson, W.P.1
  • 52
    • 0001026456 scopus 로고    scopus 로고
    • A Survey of Corporate-Governance
    • Shleifer, Andrei, and Robert W. Vishny (1996). "A Survey of Corporate-Governance." Journal of Finance, 52, 737-783.
    • (1996) Journal of Finance , vol.52 , pp. 737-783
    • Shleifer, A.1    Vishny, R.W.2
  • 53
    • 0346684306 scopus 로고    scopus 로고
    • Executives and Hedging: The Fragile Fouddation of Incentive Compatibility
    • Schizer, David M. (2000). "Executives and Hedging: The Fragile Fouddation of Incentive Compatibility." Columbia Law Review, 100, 440-504.
    • (2000) Columbia Law Review , vol.100 , pp. 440-504
    • Schizer, D.M.1
  • 54
    • 40249116130 scopus 로고    scopus 로고
    • Internet Rich: Cashing in the Chips; For Internet Glitterati Is a Matter of Timing
    • 28 June, Cl
    • Smith, Randall (1999).: Internet Rich: Cashing in the Chips; For Internet Glitterati Is a Matter of Timing." Wall Street Journal, 28 June, Cl.
    • (1999) Wall Street Journal
    • Smith, R.1
  • 55
    • 0009424011 scopus 로고
    • Optimal Contracts and Competitive Markets with Costly State Verification
    • Townsend, Robert M. (1979). "Optimal Contracts and Competitive Markets with Costly State Verification." Journal of Economic Theory, 21, 265-293.
    • (1979) Journal of Economic Theory , vol.21 , pp. 265-293
    • Townsend, R.M.1
  • 56
    • 21844508258 scopus 로고
    • Costly State Verification and Multiple Investors: The Role of Seniority
    • Winton, Andrew (1995). "Costly State Verification and Multiple Investors: The Role of Seniority." Review of Financial Studies, 8, 91-123.
    • (1995) Review of Financial Studies , vol.8 , pp. 91-123
    • Winton, A.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.