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2,033
The Dark Side of Internal Capital Markets: Divisional Rent-Seeking and Inefficient Investment
- Journal of Finance
, 1999
"... We develop a two-tiered agency model that shows how rent-seeking behavior on the part of division managers can subvert the workings of an internal capital market. By rent-seeking, division mangers can raise their bargaining power and extract greater overall compensation from the CEO. And because the ..."
Abstract
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Cited by 331 (12 self)
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the CEO is herself an agent of outside investors, this extra com- pensation may take the form not of cash wages, but rather of preferential capital budgeting allocations. One interesting feature of our model is that it implies a kind of "socialism" in internal capital allocation, whereby weaker
Sustainable competitive advantage: Combining institutional and resource-based views
- Strategic Management Journal
, 1997
"... This article suggests that the context and process of resource selection have an important influence on firm heterogeneity and sustainable competitive advantage. It is argued that a firm’s sustainable advantage depends on its ability to manage the institutional context of its resource decisions. A f ..."
Abstract
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Cited by 299 (2 self)
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firm’s institutional context includes its internal culture as well as broader influences from the state, society, and interfirm relations that define socially acceptable economic behavior. A process model of firm heterogeneity is proposed that combines the insights of a resourcebased view
Agency, information, and corporate investment
- STULZ (EDS), HANDBOOK OF THE ECONOMICS OF FINANCE
, 2001
"... This essay surveys the body of research that asks how the efficiency of corporate investment is influenced by problems of asymmetric information and agency. I organize the material around two basic questions. First, does the external capital market channel the right amount of money to each firm? Tha ..."
Abstract
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Cited by 141 (0 self)
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capital budgeting process get withinfirm allocations right, so that the marginal return to investment in firm i’s division A is the same as the marginal return to investment in firm i’s division B? In addition to discussing the theoretical and empirical work that bears most directly on these questions
A theory of urban growth,
- Journal of Political Economy
, 1999
"... In an economy experiencing endogenous economic growth and exogenous population growth, we explore two main themes: how urbanization affects efficiency of the growth process and how growth affects patterns of urbanization. Localized information spillovers promote agglomeration and human capital accu ..."
Abstract
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Cited by 235 (12 self)
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In an economy experiencing endogenous economic growth and exogenous population growth, we explore two main themes: how urbanization affects efficiency of the growth process and how growth affects patterns of urbanization. Localized information spillovers promote agglomeration and human capital
Organizing of Capital Budgeting Process and Financial Theory
"... The purpose of this study is to find the capital budgeting process which are used by large firms and grasp the reality by getting the information from efficient organizations. Capital budgeting is known as investment appraisal. There are required big amount of funds for capital budgeting (Holmes, 19 ..."
Abstract
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four sections. In first section paper describe about the capital budgeting process, in second there are definitions of endogenous variables, i.e. variables that defines configuration of process and those variables are internal structural variables; in third section about the exogenous variables
CAPITAL BUDGETING
"... In order to examine the decision process and to answer the question: 'How do we make a decision?', we ..."
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In order to examine the decision process and to answer the question: 'How do we make a decision?', we
Investigating aspects of the capital budgeting process used in the evaluation of investment projects
- South African Journal of Economic and Management Sciences
"... Given the importance of capital investment, not only for the country as a whole but the creation of shareholder wealth by individual firms, it is vital to investigate the practices used to evaluate these projects. The findings of this study suggest that the most important stages in the capital budge ..."
Abstract
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Cited by 3 (1 self)
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budgeting process are project definition and cash flow estimation, not financial analysis. Further, in the evaluation of capital investment projects, South African companies seem to prefer Return on Investment and Internal Rate of Return as methods to determine the feasibility of a project. The use
CAPITAL BUDGETING AND MANAGEMENT OF INVESTMENT PROCESSES
"... Abstract: The goal of our paper is to show how a firm should set its capital budget. Here we discuss how this is done in practice. We give particular attention to how capital budgeting is organized and to the administrative problems that inevitably crop up. ..."
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Abstract: The goal of our paper is to show how a firm should set its capital budget. Here we discuss how this is done in practice. We give particular attention to how capital budgeting is organized and to the administrative problems that inevitably crop up.
Social capital, household welfare, and poverty
- in Indonesia, Local Level Institutions Study. (draft), Social Development Department, Environmentally and Socially Sustainable Development Network
, 1998
"... Woolcock, and Manfred Zeller for helpful comments on an earlier draft of this paper. Thanks are also due to the participants of seminars at Cornell University, the International Food Policy Research Institute (IFPRI), and the IRIS Center at the University of Maryland. Management and processing of th ..."
Abstract
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Cited by 111 (7 self)
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Woolcock, and Manfred Zeller for helpful comments on an earlier draft of this paper. Thanks are also due to the participants of seminars at Cornell University, the International Food Policy Research Institute (IFPRI), and the IRIS Center at the University of Maryland. Management and processing
1 MODELLING STOCHASTIC POLITICAL RISK FOR CAPITAL BUDGETING
"... Running title: Modeling stochastic political risk In this paper we model political risk for international capital budgeting as the value of a hypothetical insurance policy that pays the holder any and all losses arising from political events. We address three important aspects of political risk that ..."
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Running title: Modeling stochastic political risk In this paper we model political risk for international capital budgeting as the value of a hypothetical insurance policy that pays the holder any and all losses arising from political events. We address three important aspects of political risk
Results 1 - 10
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2,033
