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Management ownership and project choice : = Theory and evidence.

紀錄類型:	書目-語言資料,手稿 : Monograph/item
正題名/作者:	Management ownership and project choice :/
其他題名:	Theory and evidence.
作者:	Ezrielev, Jay.
面頁冊數:	1 online resource (144 pages)
附註:	Source: Dissertations Abstracts International, Volume: 63-02, Section: A.
Contained By:	Dissertations Abstracts International63-02A.
標題:	Finance. -
電子資源:	click for full text (PQDT)
ISBN:	9780493187884

Management ownership and project choice : = Theory and evidence.
Ezrielev, Jay.

Management ownership and project choice :Theory and evidence. - 1 online resource (144 pages)

Source: Dissertations Abstracts International, Volume: 63-02, Section: A.

Thesis (Ph.D.)--New York University, 2001.

Includes bibliographical references

The dissertation examines managerial incentives to invest in risky in projects. It is composed of three chapters. The first chapter formulates a model of project choice and performs an empirical investigation of the effects of management ownership on the selection of risky projects. The results suggest that the holdings of options by the top manager in a firm are associated with greater risk-taking and greater profit growth. No relationship is found between managerial share holdings and risky decisions or profit growth. The findings also indicate that the extent to which the top manager of a firm is secure in his job is positively related to the selection of risky projects as well as to the growth of profits. The second chapter examines the recent rise in options compensation. This trend in compensation coincides with the exceptionally high stock market returns. The proposed theory of managerial compensation and risky project choice explains both facts. It is shown that there may be multiple project investment equilibria. In one equilibrium managers will receive few stock options and will refrain from investing in risky projects, while under other equilibria managers will receive greater stock option compensation and will invest in risky projects more frequently. It was shown in the first chapter of the dissertation that risky projects tend to be more profitable. Therefore, the rise in both the stock market and the options compensation may be due to a transition from a low-risk investment equilibrium to a high-risk equilibrium. The third chapter investigates the role of venture capital in financing new businesses. In the proposed model managers of large firms avoid investing in risky projects because of the adverse career consequences of project failure. Venture capital firms aim to maximize the average return on investment and are thus willing to invest in risky projects. The theory suggests that large firms invest in large but safe projects, and venture capitalists invest in small but risky projects. This is what is actually observed.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9780493187884Subjects--Topical Terms:

559073
Finance.
Subjects--Index Terms:

AgencyIndex Terms--Genre/Form:

554714
Electronic books.

Management ownership and project choice : = Theory and evidence.
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504 $a Includes bibliographical references
520 $a The dissertation examines managerial incentives to invest in risky in projects. It is composed of three chapters. The first chapter formulates a model of project choice and performs an empirical investigation of the effects of management ownership on the selection of risky projects. The results suggest that the holdings of options by the top manager in a firm are associated with greater risk-taking and greater profit growth. No relationship is found between managerial share holdings and risky decisions or profit growth. The findings also indicate that the extent to which the top manager of a firm is secure in his job is positively related to the selection of risky projects as well as to the growth of profits. The second chapter examines the recent rise in options compensation. This trend in compensation coincides with the exceptionally high stock market returns. The proposed theory of managerial compensation and risky project choice explains both facts. It is shown that there may be multiple project investment equilibria. In one equilibrium managers will receive few stock options and will refrain from investing in risky projects, while under other equilibria managers will receive greater stock option compensation and will invest in risky projects more frequently. It was shown in the first chapter of the dissertation that risky projects tend to be more profitable. Therefore, the rise in both the stock market and the options compensation may be due to a transition from a low-risk investment equilibrium to a high-risk equilibrium. The third chapter investigates the role of venture capital in financing new businesses. In the proposed model managers of large firms avoid investing in risky projects because of the adverse career consequences of project failure. Venture capital firms aim to maximize the average return on investment and are thus willing to invest in risky projects. The theory suggests that large firms invest in large but safe projects, and venture capitalists invest in small but risky projects. This is what is actually observed.
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