Influence and Inefficiency in the Internal Capital Market: Theory and Evidence

Keywords

Inefficiency, Capital allocation line, Incentive, Proxy (statistics), Economics

References

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Cited by

• Do Multinational Banks Use Internal Capital Markets and How?: Evidence from Bank-Level Panel Data in Emerging EconomiesBang Nam Jeon, Ji Wu — 2013
• CEO overconfidence and dominance in bank financial decisions : the US evidenceWeiling Song — 2012
• Information Asymmetry, Budget Constraints, and Efficiency and Profitability of Internal Capital MarketsXiangkang Yin — 2003
• Work hard, not smart : stock options as compensationJohn M. Barron, Glen R. Waddell — 2003
• Polityka inwestycyjna w kontekście wewnętrznego rynku kapitałowegoGrzegorz Borkowski — 2013
• On the Merit of Equal Pay: When Influence Activities Interact with Incentive SettingBrice Corgnet, Ludivine Martin, Peguy Ndodjang — 2015
• Internal capital markets and analysts' earnings forecast errorsAmandeep Sahota — 2015
• Licht und Schatten zentralisierter Kapitalallokation: die Wirkung Interner Kapitalmärkte auf den UnternehmenswertStephan Eberl — 2008
• Diversification Discount or Premium? New evidence from BITS Establishment-Level DataBelén Villalonga — 2000
• Initiative, Incentives and Soft Information. How Does Delegation Impact The Role of Bank Relationship Managers?José María Liberti — 2003
• Influence Activity And Allocation Of Firms' Internal Capital: Evidence From AustraliaVinod Mishra, Rajabrata Banerjee, Tania Dey — 2011
• Looking Inside a Conglomerate: Efficiency of Internal Capital Allocation and Managerial Power Within a FirmMarkus Glaser, Florencio López de Silanes, Zacharias Sautner — 2008
• On the Value of Influence Activities for Capital BudgetingVolker Laux — 2008
• Internal capital markets: The bright side of corporate politicsMartijn Cremers, Rocco Huang, Zacharias Sautner — 2008
• Return Sensitivity to Industry Shocks: Evidence on the (In-)Efficient Use of Internal Capital MarketsJoão F. Cocco, Jan Mahrt‐Smith — 2001
• The Post-Announcement Performance of Diversifying FirmsJ. David David Diltz, David C. Hyland — 2001
• Understanding Internal Capital Markets and Corporate PoliciesMartijn Cremers, Rocco Huang, Zacharias Sautner — 2009
• Two Puzzles about the Diversification Discount: SFAS No. 131 and 'Pseudo-Conglomerates'Sergey V. Sanzhar — 2006
• Conglomeration: Good, Bad, or Unavoidable?Martin Hellwig, Christian Laux, Holger M. Müller — 2002
• Internal Capital Markets and Corporate Politics in a Banking GroupMartijn Cremers, Rocco Huang, Zacharias Sautner — 2009

Related papers

• The Cost of Diversity: The Diversification Discount and Inefficient InvestmentRaghuram G. Rajan, Henri Servaes, Luigi Zingales — 2000
• The Dark Side of Internal Capital Markets: Divisional Rent-Seeking and Inefficient InvestmentDavid Scharfstein, Jeremy C. Stein — 2000
• Diversification's effect on firm valuePhilip G. Berger, Eli Ofek — 1995
• Are Internal capital Markets EfficientHyun Han Shin, René M. Stulz — 1998
• Internal Capital Markets and the Competition for Corporate ResourcesJeremy C. Stein — 1997
• Tobin's q, Corporate Diversification, and Firm PerformanceRené M. Stulz — 1993
• Agency Costs of Free Cash Flow, Corporate Finance, and TakeoversMichael C. Jensen — 1986
• The Value of Diversification During the Conglomerate Merger WaveHenri Servaes — 1996
• Is It Inefficient Investment that Causes the Diversification DiscountToni M. Whited — 2001