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SUMMARY:A Simple Corporate Governance Asset Pricing Model: Theory and Evid
 ence.
DTSTART:20161118T103000
DTEND:20161118T120000
DTSTAMP:20260510T035635Z
UID:d37029f824e704cffc5c672d955656fae13a263d48618c965204c6fe
CATEGORIES:Conferences - Seminars
DESCRIPTION:Ernst-Ludwig von THADDEN (University of Mannheim)\nThis paper 
 extends the classic risk-return tradeoff of asset pricing to a risk-effort
  tradeoff\, by assuming that managerial effort is necessary to generate ca
 sh flows. Corporate governance standards influence the manager's return to
  effort\, her exposure to corporate risk\, and the dilution of shareholder
  value. In capital market equilibrium\, this tradeoff has implications for
  the firm's cash flows and stock returns\, and this in turn affects the en
 dogenous choice of governance standards. In equilibrium\, the stock's β\,
  the firm’s operating performance\, and the strictness of its governance
  standards are all predicted to co-move positively. Various empirical test
 s with U.S. data using the corporate governance index of Gompers\, Ishii\,
  and Metrick (2003) are consistent with our predictions.
LOCATION:UNIL\, Extranef\, room 126 https://planete.unil.ch/plan/?local=EX
 T-126
STATUS:CONFIRMED
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