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Understanding the Determinants of Mangerial Ownership and the Link Between Ownership and Performance

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Author Info

  • Himmelberg, C.P.
  • Hubbard, R.G.
  • Palia, D.

Abstract

Firms are governed by a network of relationships representing contractual arangements for financing, capital structure, and managerial ownership and compensation, among others. For any of these contracted arrangements, it is difficult to identify the correpondence between the contractual choice and firm performance (e.g., measured by accounting rates of return or Tobin's Q), because contractual choices and performance outcomes are endogenously determined by exogenous and only partly observed changes in the firm's contracting environment.

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Bibliographic Info

Paper provided by Columbia - Graduate School of Business in its series Papers with number 97-21.

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Length: 47 pages
Date of creation: 1997
Date of revision:
Handle: RePEc:fth:colubu:97-21

Contact details of provider:
Postal: U.S.A.; COLUMBIA UNIVERSITY, GRADUATE SCHOOL OF BUSINESS, PAINE WEBBER , New York, NY 10027 U.S.A
Phone: (212) 854-5553
Web page: http://www.columbia.edu/cu/business/
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Keywords: OWNERSHIP ; CONTRACTS;

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References

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