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Three Essays on Agency Conflictss.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Three Essays on Agency Conflictss./
Author:	Laydon, Betsy.
Description:	1 online resource (110 pages)
Notes:	Source: Dissertation Abstracts International, Volume: 79-04(E), Section: A.
Contained By:	Dissertation Abstracts International79-04A(E).
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9780355320534

Three Essays on Agency Conflictss.
Laydon, Betsy.

Three Essays on Agency Conflictss. - 1 online resource (110 pages)

Source: Dissertation Abstracts International, Volume: 79-04(E), Section: A.

Thesis (Ph.D.)

Includes bibliographical references

My dissertation examines how institutional and legal structures constrain and enable behavior that governs interactions between fund managers and investors, particularly how contracts shape business practices and agency conflicts within private equity and mutual fund firms. In the first essay, I study conflicts that arise due to the finite investment horizon of buyout funds. Funds with overlapping investment periods generate agency conflicts because the same manager is responsible for investment decisions across funds that serve different groups of investors. I find that it is not the absolute performance of the fund, but rather the optionality imbedded in managers' financial incentive contract that influences the likelihood of managing multiple funds. In the second essay, I examine whether conflicts of interest explain systematic patterns in mutual fund returns, and find that the mutual fund alphas are statistically and economically related to the variation in profit margins within the family that sold the fund. The third essay finds that deterioration in operating performance following a violation is concentrated in a sample of firms operating in relatively more competitive industries. In competitive industries, ex ante corporate policies are chosen to maximize profits. Therefore, creditor-influenced corporate policies changes may be suboptimal from the shareholders' perspective.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9780355320534Subjects--Topical Terms:

559073
Finance.
Index Terms--Genre/Form:

554714
Electronic books.

Three Essays on Agency Conflictss.
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100 1 $a Laydon, Betsy. $3 1180930
245 1 0 $a Three Essays on Agency Conflictss.
264 0 $c 2017
300 $a 1 online resource (110 pages)
336 $a text $b txt $2 rdacontent
337 $a computer $b c $2 rdamedia
338 $a online resource $b cr $2 rdacarrier
500 $a Source: Dissertation Abstracts International, Volume: 79-04(E), Section: A.
500 $a Advisers: Matt Billett; Charles Trzcinka.
502 $a Thesis (Ph.D.) $c Indiana University $d 2017.
504 $a Includes bibliographical references
520 $a My dissertation examines how institutional and legal structures constrain and enable behavior that governs interactions between fund managers and investors, particularly how contracts shape business practices and agency conflicts within private equity and mutual fund firms. In the first essay, I study conflicts that arise due to the finite investment horizon of buyout funds. Funds with overlapping investment periods generate agency conflicts because the same manager is responsible for investment decisions across funds that serve different groups of investors. I find that it is not the absolute performance of the fund, but rather the optionality imbedded in managers' financial incentive contract that influences the likelihood of managing multiple funds. In the second essay, I examine whether conflicts of interest explain systematic patterns in mutual fund returns, and find that the mutual fund alphas are statistically and economically related to the variation in profit margins within the family that sold the fund. The third essay finds that deterioration in operating performance following a violation is concentrated in a sample of firms operating in relatively more competitive industries. In competitive industries, ex ante corporate policies are chosen to maximize profits. Therefore, creditor-influenced corporate policies changes may be suboptimal from the shareholders' perspective.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Finance. $3 559073
655 7 $a Electronic books. $2 local $3 554714
690 $a 0508
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a Indiana University. $b Business. $3 1179133
773 0 $t Dissertation Abstracts International $g 79-04A(E).
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10633777 $z click for full text (PQDT)