13:15 - 14:45
A Corporate Governance Asset Pricing Model: Theory and some Evidence
This paper extends the classic risk-return tradeoff of asset pricing to a risk-effort tradeoff, by assuming that managerial effort is necessary to generate cash flows. Corporate governance standards influence the manager's return to effort, her exposure to corporate risk, and the dilution of shareholder value.
Who
Where
Personal details
Ernst-Ludwig von Thadden is a Professor of Microeconomics and Finance at the University of Mannheim. His research areas are Corporate Finance, Capital Markets, Financial Institutions, Theory of the Firm, Game Theory, Contract Theory, Industrial Economics, Political Economy, Law and Finance.
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Economist
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