Agency conflicts, investment, and asset pricing
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Author
Contributions
- Wang, Neng. - Contributor
- National Bureau of Economic Research. - Contributor
Publication
2007 - National Bureau of Economic Research, Cambridge, Mass, Massachusetts
Language
English
Word Count
17,500 words, Guess
Page Count
70 pages
Identifiers
- OCLC Control Number163598823
- Open LibraryOL17634808M
Description
The separation of ownership and control allows controlling shareholders to pursue private benefits. We develop an analytically tractable dynamic stochastic general equilibrium model to study asset pricing and welfare implications of imperfect investor protection. Consistent with empirical evidence, the model predicts that countries with weaker investor protection have more incentives to overinvest, lower Tobin's q, higher return volatility, larger risk premium, and higher interest rate. Calibrating the model to the Korean economy reveals that perfecting investor protection increases the stock market's value by 22 percent, a gain for which outside shareholders are willing to pay 11 percent of their capital stock.
Subjects
Topics
Places
Times
Series Statement
- NBER working paper series -- no. 13251.
- Working paper series (National Bureau of Economic Research) -- working paper no. 13251.
Links
Other Editions
- Agency conflicts, investment, and asset pricing
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