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: 15-11-2004Nai-Fu Chen Journal of Finance. 1983. Vol. 38. No. 5. P. 1393-1414.
We estimate the parameters of Ross's Arbitrage Pricing Theory (APT). Using daily return data during the 1963-78 period, we compare the evidence on the APT and the Capital Asset Pricing Model (CAPM) as implemented by market indices and find that the APT performs well. The theory is further supported in that estimated expected returns depend on estimated factor loadings, and variables such as own variance and firm size do not contribute additional explanatory power to that of the factor loadings.