Journal of Finance
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Family firms [статья]
Опубликовано на портале: 06-11-2008Mike Burkart, Fausto Panunzi, Andrei Shleifer Journal of Finance. 2003. Vol. 58. No. 5. P. 2167-2201 .
We present a model of succession in a firm owned and managed by its founder. The founder decides between hiring a professional manager or leaving management to his heir, as well as on what fraction of the company to float on the stock exchange. We assume that a professional is a better manager than the heir, and describe how the founder's decision is shaped by the legal environment. This theory of separation of ownership from management includes the Anglo-Saxon and the Continental European patterns of corporate governance as special cases, and generates additional empirical predictions consistent with cross-country evidence.
Опубликовано на портале: 05-06-2006Adolfo De Motta Journal of Finance. 2003. Vol. 58. No. 3. P. 1193-1220.
Capital budgeting in multidivisional firms depends on the external assessment of the whole firm, as well as on headquarters' assessment of the divisions. While corporate headquarters may create value by directly monitoring divisions, the external assessment of the firm is a public good for division managers who, consequently, are tempted to free ride. As the number of divisions increases, the free-rider problem is aggravated, and internal capital markets substitute for external capital markets in the provision of managerial incentives. The analysis relates the value of diversification to characteristics of the firm, the industry, and the capital market.
The value spread [статья]
Опубликовано на портале: 02-10-2003Randolph B. Cohen, Christopher Polk, Tuomo Vuolteenaho Journal of Finance. 2003. Vol. 58. No. 1. P. 609-641.
Authors decompose the cross-sectional variance of firms book-to-market ratios using both a long U.S. panel and a shorter international panel. In contrast to typical aggregate time-series results, transitory cross-sectional variation in expected 15-year stock returns causes only a relatively small fraction (20-25 percent) of the total cross-sectional variance. The remaining dispersion can be explained by expected 15-year profitability and persistence of valuation levels. Furthermore, this fraction appears stable across time and across types of stocks. They also showed that the expected return on value-minus-growth strategies is atypically high at times when the value spread (the difference between the book-to-market ratio of a typical value stock and a typical growth stock) is wide.