L. (2008). Ownership, independent directors, agency costs and financial distress: evidence from Chinese listed companies. Corporate Government, 8 (5). 5Li, H.-x., Zong-jun, and Deng, X.-l. (2008), "Ownership, independent directors, agency costs and financial distress: evidence from ...
FinancialDistress 16.3FinancialDistressCostsandFirmValue 16.4OptimalCapitalStructure: TheTradeoffTheory Copyright©2007PearsonAddison-Wesley.Allrightsreserved.16-3 ChapterOutline(cont'd) 16.5ExploitingDebtHolders:TheAgencyCosts ofLeverage 16.6MotivatingManagers:TheAgencyBenefits ...
(2008), "Ownership, independent directors, agency costs and financial distress: evidence from Chinese listed companies", Corporate Governance, Vol. 8 No. 5, pp. 622-36.Li, H. X., Wang, Z. J., & Deng, X. L. 2008. Ownership, independent directors, agency costs and financial distress:...
The inside and outside environment are very different between companies with and without financial distress,which leads to the different influence of corporate governance to indirect costs of financial distress,as well as to the firm value.Based on the panel data of 193 financially distressed listed...
1996, Journal of Banking and Finance Show abstract Resolution of corporate financial distress: An empirical analysis of processes and outcomes 2012, Journal of Portfolio Management Ownership, independent directors, agency costs and financial distress: Evidence from Chinese listed companies 2008, Corporate ...
整篇论文的intuition来自于,在标准的委托代理模型里,潜在借方的资产净值越高,最优的金融合约里预期的代理成本就越低。因此出现财务困境(financial distress)的时期就是投资的代理成本高的时期,也就是投资量少的时期。这意味着资产净值是顺周期的,它的波动可以引发投资的波动和持续。
Financial distress is the situation whereby a person or an institution fails to generate income since it is not able to pay or meet its financial obligations. The non-liquid assets, revenues that are sensitive to the downturns of an economy, and high fixed costs cause it. Financial distre...
•Damagesreceivedforpersonalbodilyinjuryarenotincomeandnottaxable;othertypesofdamagesmaybetaxabledependingonwhattheyrepresent. •Damagesarerecoverableforemotionaldistress.Theadditionof aclaimforemotionaldis-tressisoftenenoughtotriggeraninsurancecompanydefenseof alawsuit.Althoughtheremaynotbeinsurancecoverageforanaward,...
Resource dependency theory assists in explaining how the interplay between agency costs, contracting, and the state of financial distress of firms varies based on the variability in capacity and resourcing of firms over time (DeAngelo et al., 2006). We conjecture that differences in cash flows,...
Commercial banks have been the following securities activities: a) underwriting U.S Treasury and U.S. agency securities, b) underwriting general obligation municipal securities, c) the private placement of bonds and equity securities, d) underwriting and dealing in securities offshore, e) mergers ...