English, Article, Journal or magazine article edition: Corporate Governance Over the Business Cycle Thomas Philippon

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Bookmark: http://trove.nla.gov.au/version/57332
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Corporate Governance Over the Business Cycle
Author
  • Thomas Philippon
Physical Description
  • preprint
Notes
  • I provide empirical evidence that badly governed firms respond more to aggregate shocks than do well governed firms. I build a simple model where managers are prone to over-invest and where shareholders are more willing to tolerate such a behavior in good times. The model successfully explains the average profit differences as well as the cyclical behavior of sales, employment and investment for firms with different governance qualities. The quantitative results suggest that governance conflicts can explain 30% of aggregate volatility
  • business cycles, corporate governance
  • RePEc:red:sed004:114
Language
  • English
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