This file is part of IDEAS , which uses RePEc data
[ Papers |
Articles |
Software |
Books |
Chapters |
Authors |
Institutions |
JEL Classification |
NEP reports |
Search |
New papers by email |
Author registration |
Rankings |
Volunteers |
FAQ |
Blog |
Help! ]
The Capital Budgeting Process: Incentives and Information Author info | Abstract | Publisher info | Download info | Related research | Statistics Harris, Milton
Raviv, Artur
Additional information is available for the following
registered author(s):
The authors study the capital allocation process within firms. Observed budgeting processes are explained as a response to decentralized information and incentive problems. It is shown that these imperfections can result in underinvestment when capital productivity is high and overinvestment when it is low. The authors also investigate how the budgeting process may be expected to vary with firm or division characteristics, such as investment opportunities and the technology for information transfer. Copyright 1996 by American Finance Association.
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page . Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Article provided by American Finance Association in its journal Journal of Finance .
Volume (Year): 51 (1996)
Issue (Month): 4 (September)
Pages: 1139-74
Download reference. The following formats are available: HTML
(with abstract ),
plain text
(with abstract ),
BibTeX ,
RIS (EndNote, RefMan, ProCite),
ReDIF
Handle: RePEc:bla:jfinan:v:51:y:1996:i:4:p:1139-74Contact details of provider: Web page: http://www.afajof.org/ More information through EDIRC
Order Information: Web: http://www.afajof.org/membership/join.asp
For technical questions regarding this item, or to correct its listing, contact: (Christopher F. Baum).
Keywords: Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Alonso, Ricardo & Matouschek, Niko, 2005.
"Relational Delegation ,"
IZA Discussion Papers
1454, Institute for the Study of Labor (IZA).
[Downloadable!]
Jeremy C. Stein, 2000.
"Information Production and Capital Allocation: Decentralized vs. Hierarchical Firms ,"
NBER Working Papers
7705, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Antle, Rick & Bogetoft, Peter & Stark, Andrew W., 2000.
"Information Systems, Incentives and the Timing of Investment ,"
Unit of Economics Working papers
24201, Royal Veterinary and Agricultural University, Food and Resource Economic Institute.
[Downloadable!]
Alonso, Ricardo & Matouschek, Niko, 2005.
"Optimal Delegation ,"
CEPR Discussion Papers
5289, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Steven R. Grenadier & Neng Wang, 2005.
"Investment Timing, Agency, and Information ,"
NBER Working Papers
11148, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions:
Grenadier, Steven R. & Wang, Neng, 2005.
"Investment timing, agency, and information ,"
Journal of Financial Economics ,
Elsevier, vol. 75(3), pages 493-533, March.
[Downloadable!] (restricted) Han, Bing & Hirshleifer, David & Persons, John, 2007.
"Promotion Tournaments and Capital Rationing ,"
MPRA Paper
6496, University Library of Munich, Germany.
[Downloadable!]
Other versions:
Han, Bing & Hirshleifer, David & Persons, John, 2005.
"Promotion Tournaments and Capital Rationing ,"
Working Paper Series
2005-20, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
[Downloadable!] Bing Han & David Hirshleifer & John C. Persons, 2009.
"Promotion Tournaments and Capital Rationing ,"
Review of Financial Studies ,
Oxford University Press for Society for Financial Studies, vol. 22(1), pages 219-255, January.
[Downloadable!] (restricted) Friebel, Guido & Raith, Michael, 2006.
"Resource Allocation and Firm Scope ,"
CEPR Discussion Papers
5763, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Other versions: Mitchell Berlin, 1999.
"Jack of all trades? Product diversification in nonfinancial firms ,"
Business Review ,
Federal Reserve Bank of Philadelphia, issue May, pages 15-29.
[Downloadable!]
Reichelstein, Stefan J. & Dutta, Sunil, 2001.
"Controlling Investment Decisions: Depreciation and Capital Charges ,"
Research Papers
1722, Stanford University, Graduate School of Business.
[Downloadable!]
Inderst, Roman & Mueller, Holger M & Muennich, Felix, 2006.
"Financing a Portfolio of Projects ,"
CEPR Discussion Papers
5711, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Szu-Wen Chou, 2002.
"Flattened Resource Allocation, Hierarch Design and the Boundaries of the Firm ,"
Levine's Working Paper Archive
618897000000000056, David K. Levine.
[Downloadable!]
Arnoud W.A. Boot & Anjolein Schmeits, 1996.
"Market Discipline in Conglomerate Banks: Is an Internal Allocation of Cost of Capital Necessary as an Incentive Device? ,"
Center for Financial Institutions Working Papers
96-39, Wharton School Center for Financial Institutions, University of Pennsylvania.
[Downloadable!]
Michael S. Gibson, 1998.
"The implications of risk management information systems for the organization of financial firms ,"
International Finance Discussion Papers
632, Board of Governors of the Federal Reserve System (U.S.).
[Downloadable!]
Godbillon-Camus, Brigitte & Godlewski, Christophe, 2005.
"Credit risk management in banks: Hard information, soft Information and manipulation ,"
MPRA Paper
1873, University Library of Munich, Germany.
[Downloadable!]
Sunil Dutta & Stefan Reichelstein, 2000.
"Controlling Investment Decisions: Hurdle Rates and Intertemporal Cost Allocation ,"
CESifo Working Paper Series
CESifo Working Paper No. , CESifo Group Munich.
[Downloadable!]
Jahnke, Hermann & Simons, Dirk, 2008.
"A rationale for the payback criterion ,"
Sonderforschungsbereich 504 Publications
08-15, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim.
[Downloadable!]
Claessens, Stijn & Djankov, Simeon & Fan, Joseph P.H. & Lang, Larry H.P., 2001.
"The Benefits and Costs of Internal Markets: Evidence from Asia's Financial Crisis ,"
CEI Working Paper Series
2001-15, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
[Downloadable!]
Stoughton, Neal & Zechner, Josef, 1999.
"Optimal Capital Allocation Using RAROC And EVA ,"
CEPR Discussion Papers
2344, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
M. Idriss GHODBANE, 2002.
"Centralization Versus Decentralization in Credit Lending ,"
Discussion Papers (IRES - Institut de Recherches Economiques et Sociales)
2002002, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
[Downloadable!]
Stoughton, Neal & Zechner, Josef, 2004.
"Optimal Capital Allocation Using RAROC(tm) and EVA ,"
CEPR Discussion Papers
4169, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Other versions: Mehari Mekonnen Akalu, 2002.
"Evaluating the Capacity of Standard Investment Appraisal Methods ,"
Tinbergen Institute Discussion Papers
02-082/1, Tinbergen Institute.
[Downloadable!]
Alonso, Ricardo & Matouschek, Niko, 2005.
"Relational Delegation ,"
CEPR Discussion Papers
4870, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Eva Ropero Moriones, 2005.
"Limited Liability In Business Groups ,"
Business Economics Working Papers
wb057617, Universidad Carlos III, Departamento de Economía de la Empresa.
[Downloadable!]
Access and
download statistics Did you know? RePEc encourages publishers to make their bibliographic data freely available to the public.
This page was last updated on 2009-11-12.
This information is provided to you by IDEAS at the Department of Economics , College of Liberal Arts and Sciences , University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics .