Cash Flow Rights
Working Paper
Venture Capital Meets Contract Theory: Risky Claims or Formal Control?
This paper develops a theory of the joint allocation of control and cash-flow rights in venture capital deals. When the need for VC advice and support calls for a highpowered outside claim, the entrepreneur should optimally retain control in...Read more
Executive Compensation: When a Firm is a Business Group Member
This paper examines how executive pay is set when a firm is a business group member. Using Korea as a laboratory setting, we find that member firm?s cash compensation for its executives is positively linked to the stock performance of other...Read more
Is the American Public Corporation in Trouble?
We examine the current state of the American public corporation and how it has evolved over the last forty years. There are fewer public corporations now than forty years ago, but they are much older and larger. They invest differently, as the...Read more