메뉴 건너뛰기




Volumn 67, Issue 6, 2012, Pages 2187-2213

Agency Problems in Public Firms: Evidence from Corporate Jets in Leveraged Buyouts

(1)  Edgerton, Jesse a  

a NONE

Author keywords

[No Author keywords available]

Indexed keywords


EID: 84869860879     PISSN: 00221082     EISSN: 15406261     Source Type: Journal    
DOI: 10.1111/j.1540-6261.2012.01784.x     Document Type: Article
Times cited : (58)

References (38)
  • 1
    • 84869818572 scopus 로고    scopus 로고
    • Corporate governance and value creation: Evidence from private equity, CEPR Discussion Paper.
    • Acharya, Viral V., Mortiz Hahn, and Conor Kehoe, 2009, Corporate governance and value creation: Evidence from private equity, CEPR Discussion Paper.
    • (2009)
    • Acharya, V.V.1    Hahn, M.2    Kehoe, C.3
  • 5
    • 61849167209 scopus 로고    scopus 로고
    • The operating impact of buyouts in Sweden: A study of value creation
    • Bergstrom, Clas, Michael Grubb, and Sara Johnsson, 2007, The operating impact of buyouts in Sweden: A study of value creation, Journal of Private Equity 11, 22-39.
    • (2007) Journal of Private Equity , vol.11 , pp. 22-39
    • Bergstrom, C.1    Grubb, M.2    Johnsson, S.3
  • 9
    • 0012533538 scopus 로고    scopus 로고
    • Executive equity compensation and incentives: A survey
    • Core, John E., Wayne R. Guay, and David F. Larcker, 2003, Executive equity compensation and incentives: A survey, FRBNY Economic Policy Review 9, 27-50.
    • (2003) FRBNY Economic Policy Review , vol.9 , pp. 27-50
    • Core, J.E.1    Guay, W.R.2    Larcker, D.F.3
  • 11
    • 38249005067 scopus 로고
    • Managerial discretion, organizational structure, and corporate performance: A study of leveraged recapitalizations
    • Denis, David J., and Diane K. Denis, 1993, Managerial discretion, organizational structure, and corporate performance: A study of leveraged recapitalizations, Journal of Accounting and Economics 16, 209-236.
    • (1993) Journal of Accounting and Economics , vol.16 , pp. 209-236
    • Denis, D.J.1    Denis, D.K.2
  • 12
    • 73449137204 scopus 로고    scopus 로고
    • A multiplicative model of optimal CEO incentives in market equilibrium
    • Edmans, Alex, Xavier Gabaix, and Augustin Landier, 2009, A multiplicative model of optimal CEO incentives in market equilibrium, Review of Financial Studies 22, 4881-4917.
    • (2009) Review of Financial Studies , vol.22 , pp. 4881-4917
    • Edmans, A.1    Gabaix, X.2    Landier, A.3
  • 13
    • 84869859462 scopus 로고    scopus 로고
    • CEO compensation, NBER Working Paper 16585.
    • Frydman, Carola, and Dirk Jenter, 2010, CEO compensation, NBER Working Paper 16585.
    • (2010)
    • Frydman, C.1    Jenter, D.2
  • 14
    • 70350043333 scopus 로고    scopus 로고
    • Asset liquidity and financial contracts: Evidence from aircraft leases
    • Gavazza, Alessandro, 2010, Asset liquidity and financial contracts: Evidence from aircraft leases, Journal of Financial Economics 95, 62-84.
    • (2010) Journal of Financial Economics , vol.95 , pp. 62-84
    • Gavazza, A.1
  • 15
    • 74949129894 scopus 로고    scopus 로고
    • Has moral hazard become a more important factor in managerial compensation?
    • Gayle, George-Levi, and Robert A. Miller, 2009, Has moral hazard become a more important factor in managerial compensation? American Economic Review 99, 1740-1769.
    • (2009) American Economic Review , vol.99 , pp. 1740-1769
    • Gayle, G.-L.1    Miller, R.A.2
  • 16
    • 79952779476 scopus 로고    scopus 로고
    • Do buyouts (still) create value?
    • Guo, Shourun, Edith S. Hotchkiss, and Weihong Song, 2011, Do buyouts (still) create value? Journal of Finance 66, 479-517.
    • (2011) Journal of Finance , vol.66 , pp. 479-517
    • Guo, S.1    Hotchkiss, E.S.2    Song, W.3
  • 18
    • 15944366899 scopus 로고    scopus 로고
    • Assessing the impact of management buyouts on economic efficiency: Plant-level evidence from the United Kingdom
    • Harris, Richard, Donald S. Siegel, and Mike Wright, 2005, Assessing the impact of management buyouts on economic efficiency: Plant-level evidence from the United Kingdom, Review of Economics and Statistics 87, 148-153.
    • (2005) Review of Economics and Statistics , vol.87 , pp. 148-153
    • Harris, R.1    Siegel, D.S.2    Wright, M.3
  • 19
    • 84869789558 scopus 로고    scopus 로고
    • Incentive pay and the market for CEOs: An analysis of pay-for-performance sensitivity, Working paper, Columbia University.
    • Himmelberg, Charles P., and Robert G. Hubbard, 2000, Incentive pay and the market for CEOs: An analysis of pay-for-performance sensitivity, Working paper, Columbia University.
    • (2000)
    • Himmelberg, C.P.1    Hubbard, R.G.2
  • 20
    • 0000706823 scopus 로고
    • The effects of management buyouts on operating performance and value
    • Kaplan, Steven N., 1989, The effects of management buyouts on operating performance and value, Journal of Financial Economics 24, 217-254.
    • (1989) Journal of Financial Economics , vol.24 , pp. 217-254
    • Kaplan, S.N.1
  • 21
    • 77951241930 scopus 로고    scopus 로고
    • Wall Street and Main Street: what contributes to the rise in the highest incomes?
    • Kaplan, Steven N., and Joshua Rauh, 2010, Wall Street and Main Street: what contributes to the rise in the highest incomes? Review of Financial Studies 23, 1004-1050.
    • (2010) Review of Financial Studies , vol.23 , pp. 1004-1050
    • Kaplan, S.N.1    Rauh, J.2
  • 23
    • 84977733537 scopus 로고
    • Free cash flow and stockholder gains in going private transactions
    • Lehn, Kenneth, and Annette Poulsen, 1989, Free cash flow and stockholder gains in going private transactions, Journal of Finance 44, 771-787.
    • (1989) Journal of Finance , vol.44 , pp. 771-787
    • Lehn, K.1    Poulsen, A.2
  • 24
    • 79952797771 scopus 로고    scopus 로고
    • Private equity and long-run investment: The case of innovation
    • Lerner, Josh, Morten Sorensen, and Per Stromberg, 2011, Private equity and long-run investment: The case of innovation, Journal of Finance 66, 445-477.
    • (2011) Journal of Finance , vol.66 , pp. 445-477
    • Lerner, J.1    Sorensen, M.2    Stromberg, P.3
  • 25
    • 0001121113 scopus 로고
    • The effects of leveraged buyouts on productivity and related aspects of firm behavior
    • Lichtenberg, Frank R., and Donald Siegel, 1990, The effects of leveraged buyouts on productivity and related aspects of firm behavior, Journal of Financial Economics 27, 165-194.
    • (1990) Journal of Financial Economics , vol.27 , pp. 165-194
    • Lichtenberg, F.R.1    Siegel, D.2
  • 26
    • 84978566126 scopus 로고
    • An empirical investigation of the characteristics of publicly-quoted corporations which change to closely-held ownership through management buyouts
    • Maupin, Rebekah J., Clinton M. Bidwell, and Alan K. Ortegren, 1984, An empirical investigation of the characteristics of publicly-quoted corporations which change to closely-held ownership through management buyouts, Journal of Business Finance & Accounting 11, 435-450.
    • (1984) Journal of Business Finance & Accounting , vol.11 , pp. 435-450
    • Maupin, R.J.1    Bidwell, C.M.2    Ortegren, A.K.3
  • 27
    • 80053061380 scopus 로고    scopus 로고
    • Are incentive contracts rigged by powerful CEOs?
    • Morse, Adair, Vikram Nanda, and Amit Seru, 2011, Are incentive contracts rigged by powerful CEOs? Journal of Finance 66, 1779-1821.
    • (2011) Journal of Finance , vol.66 , pp. 1779-1821
    • Morse, A.1    Nanda, V.2    Seru, A.3
  • 28
    • 0001042527 scopus 로고    scopus 로고
    • Executive compensation
    • Orley C. Ashenfelter, and David Card, eds.: ( North Holland, Amsterdam).
    • Murphy, Kevin J., 1999, Executive compensation, in Orley C. Ashenfelter, and David Card, eds.: Handbook of Labor Economics, Chapter 38, Volume 3, Part 2 ( North Holland, Amsterdam).
    • (1999) Handbook of Labor Economics, Chapter 38, Volume 3, Part 2
    • Murphy, K.J.1
  • 29
    • 84993915282 scopus 로고
    • The determinants of leveraged buyout activity: Free cash flow vs. financial distress costs
    • Opler, Tim, and Sheridan Titman, 1993, The determinants of leveraged buyout activity: Free cash flow vs. financial distress costs, Journal of Finance 48, 1985-1999.
    • (1993) Journal of Finance , vol.48 , pp. 1985-1999
    • Opler, T.1    Titman, S.2
  • 32
    • 58149417330 scopus 로고
    • Estimating causal effects of treatments in randomized and nonrandomized studies
    • Rubin, Donald B., 1974, Estimating causal effects of treatments in randomized and nonrandomized studies, Journal of Educational Psychology 55, 688-701.
    • (1974) Journal of Educational Psychology , vol.55 , pp. 688-701
    • Rubin, D.B.1
  • 33
    • 21344497370 scopus 로고
    • Do takeover targets overinvest?
    • Servaes, Henri, 1994, Do takeover targets overinvest? Review of Financial Studies 7, 253-277.
    • (1994) Review of Financial Studies , vol.7 , pp. 253-277
    • Servaes, H.1
  • 34
    • 84869824386 scopus 로고    scopus 로고
    • Do public and private firms behave differently? An examination of investment in the chemical industry, Working paper, Harvard University.
    • Sheen, Albert, 2009, Do public and private firms behave differently? An examination of investment in the chemical industry, Working paper, Harvard University.
    • (2009)
    • Sheen, A.1
  • 35
    • 77952671892 scopus 로고    scopus 로고
    • Board interlocks and the propensity to be targeted in private equity transactions
    • Stuart, Toby E., and Soojin Yim, 2010, Board interlocks and the propensity to be targeted in private equity transactions, Journal of Financial Economics 97, 174-189.
    • (2010) Journal of Financial Economics , vol.97 , pp. 174-189
    • Stuart, T.E.1    Yim, S.2
  • 36
    • 27844492397 scopus 로고    scopus 로고
    • Incentive effects, monitoring mechanisms and the market for corporate control: An analysis of the factors affecting public to private transactions in the UK
    • Weir, Charlie, David Laing, and Mike Wright, 2005, Incentive effects, monitoring mechanisms and the market for corporate control: An analysis of the factors affecting public to private transactions in the UK, Journal of Business Finance & Accounting 32, 909-943.
    • (2005) Journal of Business Finance & Accounting , vol.32 , pp. 909-943
    • Weir, C.1    Laing, D.2    Wright, M.3
  • 37
    • 0040238831 scopus 로고    scopus 로고
    • Good timing: CEO stock option awards and company news announcements
    • Yermack, David, 1997, Good timing: CEO stock option awards and company news announcements, Journal of Finance 52, 449-476.
    • (1997) Journal of Finance , vol.52 , pp. 449-476
    • Yermack, D.1
  • 38
    • 33644986230 scopus 로고    scopus 로고
    • Flights of fancy: Corporate jets, CEO perquisites, and inferior shareholder returns
    • Yermack, David, 2006, Flights of fancy: Corporate jets, CEO perquisites, and inferior shareholder returns, Journal of Financial Economics 80, 211-242.
    • (2006) Journal of Financial Economics , vol.80 , pp. 211-242
    • Yermack, D.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.