Dynamic Agency and the q Theory of Investment
By Peter M. DeMarzo, Michael J. Fishman, Zhiguo He, Neng Wang. 2012
374 citations recorded by the source corpus.
Subfields: Accounting, Economics and Econometrics, Finance
View Paper: https://www.semanticscholar.org/paper/312bb86e7a06c8dde067690c28f0d8921eefa40f
How researchers see this paper
The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.
In Accounting
- René M. Stulz
- Mengxin Zhao
- R. D. McLean
- Yaron Leitner
- Yaniv Grinstein
- Martijn Cremers
- S. Viswanathan
- Bruno Biais
In Economics and Econometrics
- René M. Stulz
- Christine A. Parlour
- Yaron Leitner
- Amil Dasgupta
- David Skeie
- Guillaume Plantin
- Mengxin Zhao
- Stéphane Villeneuve
In Finance
- René M. Stulz
- Mengxin Zhao
- Yaron Leitner
- Amil Dasgupta
- Stéphane Villeneuve
- R. D. McLean
- David Skeie
- Guillaume Plantin
Citations in the corpus
- Large risks, limited liability, and dynamic moral hazard (2010, methodology): “For any such contract, the dynamics of the agent’s continuation utility W is given by (13), for a process H that satisfies the incentive compatibility condition (14).”
- Collateral, Risk Management, and the Distribution of Debt Capacity (2010, background): “…firm financing; see Bolton and Scharfstein (1990), Gromb (1994), and, more recently, Clementi and Hopenhayn (2006), DeMarzo and Sannikov (2006), DeMarzo and Fishman (2007a, 2007b), Biais et al. (2007), DeMarzo et al. (2007), and Atkeson and Cole (2008) in addition to the papers mentioned above.”
- Why Does the Law Matter? Investor Protection and Its Effects on Investment, Finance, and Growth (2012, positive): “1 Our two hypotheses are consistent with the theoretical model in DeMarzo et al. (2010), which predicts that agency problems cause investment to be less sensitive to q, and more sensitive to past profits.”
- Dynamic Investment, Capital Structure, and Debt Overhang (2015, neutral): “Dixit and Pindyck (1994) is a standard reference on real-options approach toward investment.”
- Does the Market for CEO Talent Explain Controversial CEO Pay Practices (2014, methodology): “14 DeMarzo et al. (2012) show in a dynamic agency problem that luck could optimally enter compensation contracts.”