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Moral hazard and internal discipline...

Li, Meng.

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Moral hazard and internal discipline: Theory and evidence.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Moral hazard and internal discipline: Theory and evidence./
Author:	Li, Meng.
Description:	82 p.
Notes:	Source: Dissertation Abstracts International, Volume: 74-01(E), Section: A.
Contained By:	Dissertation Abstracts International74-01A(E).
Subject:	Business Administration, Accounting. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3526330
ISBN:	9781267601988

Moral hazard and internal discipline: Theory and evidence.
Li, Meng.

Moral hazard and internal discipline: Theory and evidence. - 82 p.

Source: Dissertation Abstracts International, Volume: 74-01(E), Section: A.

Thesis (Ph.D.)--The University of Chicago, 2012.

I model managerial diversion in the presence of an agency problem between a manager and her subordinate. I show that the subordinate's incentive pay serves as an internal disciplinary mechanism to curb the manager's diversion of firm resources. I demonstrate that this mechanism is more effective as the diversion becomes more observable to the subordinate. Furthermore, I show that the sensitivity of the manager's diversion to observability increases (i) as the agency problem between the manager and her subordinate intensifies and (ii) as other corporate governance mechanisms weaken. Using a series of tests, I find empirical results that are largely consistent with my theoretical predictions. Specifically, I find that my three proxies for top management diversion---CEO excess compensation, CEO perquisite consumption, and the market reaction to acquirer acquisition announcements---are associated with my observability proxies in a way that is consistent with my theoretical predictions.

ISBN: 9781267601988Subjects--Topical Terms:

1020666
Business Administration, Accounting.

Moral hazard and internal discipline: Theory and evidence.
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008 150210s2012 ||||||||||||||||| ||eng d
020 $a 9781267601988
035 $a (MiAaPQ)AAI3526330
035 $a AAI3526330
040 $a MiAaPQ $c MiAaPQ
100 1 $a Li, Meng. $3 1287012
245 1 0 $a Moral hazard and internal discipline: Theory and evidence.
300 $a 82 p.
500 $a Source: Dissertation Abstracts International, Volume: 74-01(E), Section: A.
500 $a Advisers: Haresh Sapra; Douglas J. Skinner.
502 $a Thesis (Ph.D.)--The University of Chicago, 2012.
520 $a I model managerial diversion in the presence of an agency problem between a manager and her subordinate. I show that the subordinate's incentive pay serves as an internal disciplinary mechanism to curb the manager's diversion of firm resources. I demonstrate that this mechanism is more effective as the diversion becomes more observable to the subordinate. Furthermore, I show that the sensitivity of the manager's diversion to observability increases (i) as the agency problem between the manager and her subordinate intensifies and (ii) as other corporate governance mechanisms weaken. Using a series of tests, I find empirical results that are largely consistent with my theoretical predictions. Specifically, I find that my three proxies for top management diversion---CEO excess compensation, CEO perquisite consumption, and the market reaction to acquirer acquisition announcements---are associated with my observability proxies in a way that is consistent with my theoretical predictions.
590 $a School code: 0330.
650 4 $a Business Administration, Accounting. $3 1020666
650 4 $a Business Administration, Management. $3 626628
690 $a 0272
690 $a 0454
710 2 $a The University of Chicago. $b Business. $3 1671506
773 0 $t Dissertation Abstracts International $g 74-01A(E).
790 $a 0330
791 $a Ph.D.
792 $a 2012
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3526330